Three Nigerian Banks Reaches N1trn Market Cap Milestone

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This year, three of Nigeria’s largest banks achieved the N1 trillion market capitalization milestone, marking substantial gains in the first six trading days.

The exclusive club of companies with at least N1 trillion market cap has expanded, growing from five members before President Bola Tinubu’s reforms to 11 as of Tuesday.

United Bank of Africa Plc (UBA) led the way, becoming the first to join the club with a market value of N1.02 trillion on Monday. Following closely, Access Holdings Plc and FBN Holdings Plc achieved market caps of N1.06 trillion and N1.03 trillion, respectively, on Tuesday.

As of Wednesday, the elite club comprised three banks, two cement makers, two telecommunications companies, one energy producer, and one food company. However, the number of banks in the club decreased to three on Wednesday as Access and FBN saw their valuations fall below N1 trillion.

Source: Business Day

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