Tier-One Nigerian Banks’ Assets Hit N161.4 Trillion Amid Strong Earnings Growth (FUGAZ Banks 2025 Report)

Nigeria’s five biggest lenders—commonly known as FUGAZ—ended 2025 on a stronger footing, with combined total assets climbing to N161.4 trillion. This represents a 12.9% increase from N143 trillion recorded in 2024, despite ongoing macroeconomic pressures that continued to shape the country’s financial landscape.

The banks, which include First HoldCo, United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO), Access Holdings, and Zenith Bank, recorded the growth on the back of higher interest income, foreign exchange revaluation gains, improved pricing of risk assets, and stronger non-interest revenue from digital and fee-based services.

A breakdown of performance shows mixed but positive momentum across the group. Access Holdings maintained the largest asset base at N51.6 trillion, followed by UBA at N33.2 trillion. Zenith Bank rose to N31.5 trillion, First HoldCo grew to N27.3 trillion, while GTCO posted the fastest growth rate at 20.3%, expanding to N17.8 trillion.

Beyond asset growth, the FUGAZ banks also reinforced their dominance on the Nigerian Exchange (NGX), where they collectively controlled a market capitalisation of about N16.57 trillion as of May 8. GTCO and Zenith Bank led in valuation strength, while Access Holdings, UBA, and First HoldCo maintained solid positions among the country’s most traded financial stocks.

Analysts say the sector’s performance reflects a shifting environment where banks are increasingly relying on stronger core operations and digital revenue channels rather than windfalls from foreign exchange gains or unusually high lending spreads. They also note that institutions with diversified income streams, strong risk controls, and efficient cost structures are best positioned to sustain long-term growth as market conditions gradually normalise.

source: The Guardian