Two Days to Recapitalisation Deadline, 13 Banks’ Valuation Crosses N20trn from N8.08trn

. GTCO, Zenith Bank most valuable at N4trn

. Jaiz, Wema recorded highest percentage growth 

Kayode Tokede

The market value of 13 banks listed on the Nigerian Exchange Limited (NGX), has quadrupled as new capital raising and capital gains lifted banks’ market value above N20 trillion two days to end of the recapitalisation exercise directed by the Central Bank of Nigeria (CBN).

THISDAY analysis of trading numbers showed that the 13 banks’ valuation, which stood at N8.08 trillion before the recapitalisation exercise, which commenced April 1, 2024, closed March 27, 2026  at N20.83 trillion.

While the structure of the banks’ positions on the capitalisation table remained largely unchanged, most banks have seen three-digit growth in capitalisation, with Jaiz Bank Plc and  Wema Bank Plc recording the highest percentage growth of 335.4 per cent and 211.76 per cent  to close at N10.45 per share and N26.50 per share during the period, respectively. 

At the beginning of the exercise, Zenith Bank Plc, Guaranty Trust Holding Company Plc (GTCO), First Holdco Plc,  were the only three banks above the N1 trillion market value mark.

Currently, the market value of  GTCO and Zenith Bank has moved above N4trillion, while United Bank for Africa Plc (UBA), First Holdco and Stanbic IBTC Holdings Plc are above the N2trillion threshold.  

Wema Bank  Plc, Access Holdings Plc and Ecobank Transnational Incorporated joined the list of banks with N1 trillion market valuation as of March 27, 2026.  

The breakdown revealed revealed GTCO with N4.24 trillion market value; Zenith Bank, N4.23 trillion; First HoldCo, N2.24 trillion; Stanbic IBTC Holdings, N2.12 trillion; UBA, N2.06 trillion; Access Holdings, N1.39 trillion Ecobank Transnational Incorporated,N1.09 trillion and Wema Bank, N1.06 trillion.

Others are:  Fidelity Bank,  N971.37 billion; Sterling Financial Holdings Company. N419.5billion;  FCMB Group, N511.12 billion; Jaiz Bank,  N465.96billion and Unity Bank, N17.65billion from N24. 2 billion when the exercise commenced April 1, 2024. 

At the beginning exercise,  GTCO, Zenith Bank, First HoldCo, UBA, Stanbic IBTC Holdings, Access Holdings and Ecobank Transnational Incorporated were valued at N1.54 trillion, N1.4 trillion, N1.28trillion, N957.58 billion, N725.59 billion, N870.86 billion and N449.56 billion respectively.

Wema Bank, which had seen the highest rise in capitalisation, grew from N109.29 billion to N1.06 trillion. 

Fidelity Bank has also risen from N320.12 billion to N971.377 billion. FCMB Group, which was initially valued at N168.32 billion as  of  March 28, 2024, currently has a market value of N511.12 billion.

The increase in market capitalisation comes from both new capital raisings and sustained price appreciation due to positive sentiments for banking stocks.

Analysts believe the remarkable change in banks’ capitalisation underlined the success of the recapitalisation exercise.

The Vice President, Highcap Securities Limited, Mr. David Adnori said the sector-wide improvements in value showed the resilience of the banking sector as banks of all cadres were able to successfully increase their capital base.

He added that the data reflected investors’ confidence in the banking sector and the overall outlook of the financial services sector and the economy.

He said: “Such a high increase in minimum capital base could have played out in two ways- investors bailing out for fears of bank failing or investors digging in to increase their stakes. For most banks, investors were willing to increase stakes, even at higher prices. That’s how to measure confidence.”

In March 2024, the CBN released a circular on review of minimum capital requirement for commercial, merchant and non-interest banks. The apex bank increased the new minimum capital for commercial banks with international affiliations, otherwise known as mega banks, to N500 billion; commercial banks with national authorisation, N200 billion and commercial banks with regional license, N50 billion.

Others included merchant banks, N50 billion; non-interest banks with national license, N20 billion and non-interest banks with regional license will now have N10 billion minimum capital. The 24-month timeline for compliance ends on March 31, 2026.    

Under the new minimum capital base, CBN uses a distinctive definition of the new minimum capital base for each category of banks as the addition of share capital and share premium, as against the previous use of shareholders’ funds.

The Governor of the CBN, Olayemi Cardoso, had disclosed that 32 banks have already met the new capital requirements under the ongoing recapitalisation programme, ahead of the March 31, 2026 deadline.

Cardoso said, “The banking sector recapitalisation programme has recorded commendable progress, with 32 banks having already met the revised capital requirements. This achievement has significantly strengthened the resilience and capacity of the Nigerian banking system, positioning it to effectively mobilise long-term capital, support productive investment, and play its critical role in enabling the transition towards a $1 trillon economy.”

He noted that the forum theme was timely as Nigeria seeks to consolidate macroeconomic stability amid global and domestic challenges, stressing that stability “is a shared responsibility” involving monetary and fiscal authorities, financial institutions, and the private sector.

Nigeria currently has 44 deposit-taking banks across various licence categories.