Tier-1 banks in Nigeria have significantly contributed to the year-to-date (YTD) growth of the Nigerian Exchange Limited (NGX) market capitalization, which reached N5.93 trillion as of December 6, 2024. These banks, including GTCO, UBA, Zenith Bank, Access Holdings, and FBN Holdings, have driven a 20% YTD increase in market value. Their recapitalization efforts, mandated by the Central Bank of Nigeria (CBN), led to significant fundraising initiatives, amounting to approximately N1.3 trillion, fueling growth and reinforcing investor confidence in the NGX.
GTCO emerged as the top performer, adding N373.776 billion to its market cap and achieving a total of N1.566 trillion, supported by robust financial results, including a pre-tax profit of N1.219 trillion in the first nine months of 2024. UBA followed with a market cap of N1.161 trillion, while Zenith Bank and FBN Holdings recorded substantial growth, reaching N1.38 trillion and N944.046 billion, respectively. These achievements underscored the banks’ operational strength and strategic importance within the Nigerian economy.
Market analysts noted that the strong fundamentals, consistent profitability, and effective regulatory management of Tier-1 banks have attracted both local and foreign investors. This performance highlights their resilience and critical role in driving Nigeria’s financial sector, with the FUGAZ group serving as a reliable investment choice for long-term growth and stability on the NGX.
