CBN Reforms: GTCO, Zenith, 10 Others’ Market Capitalisation Hit N25.6tn

Kayode Tokede 

Following the Central Bank of Nigeria (CBN) reforms, which boosted investors’ interest in bank shares, the market capitalisation of 12 deposit money banks listed on the Nigerian Exchange Limited (NGX), increased to N25.6 trillion as of July 17, 2026, about 58.6 per cent or N9.45 trillion increase when compared to N16.12 trillion in December 2025.

Top on CBN’s  reforms include the sector’s recapitalisation, stability in the foreign exchange, tightening monetary policy, strengthening corporate governance, among others. 

With the overall market capitalisation at N157.057 trillion as of July 17, 2026, the 12 banks contributed about 16.28 per cent or N25.6 trillion. 

The 12 banks include: Access Holdings Plc, First Holdco Plc, Ecobank Transnational Incorporated (ETI), Guaranty Trust Holding Company Plc ( GTCO ), Zenith Bank Plc.

Others are: Fidelity Bank Plc, Sterling Financial Holdings Company Plc, Wema Bank Plc,FCMB Group Plc, Stanbic IBTC Holdings Plc, and Jaiz Bank Plc. 

The   breakdown of the N25.6 trillion market capitalisation revealed that GTCO recorded the highest with N4.72 trillion from N3.3 trillion in 2025, followed by Zenith Bank with market capitalisation of N4.68 trillion from N2.54 trillion posted in 2025. 

GTCO , Zenith Bank and First Holdco have market capitalisation over N4 trillion while UBA and Stanbic IBTC Holdings  came next with market capitalization  in excess of N2 trillion as of July 17, 2026.  

In its Year till Date (YtD) performance, the stock price of GTCO has appreciated by  42.45 per cent to close at N129.20 per share on the bourse. On the other hand, the stock price of  Zenith Bank  has gained 84.47 per cent in its YtD  performance.

Both banks have sustained impressive corporate earnings for 2025FY and first quarter ended March 31, 2026 that impacted on their stock prices

First Holdco’s stock price grew by 100.31 per cent lifting its market capitalisation from N2.01 trillion in 2025 to N4.36 trillion as of July 17 2026. 

Stanbic IBTC Holdings’s market capitalisation moved from N1.59 trillion in 2025 to  N2.65 trillion as of July 2026,  UBA saw its market capitalisation move to N2.01 trillion from N1.71 trillion in 2025.  

The N1 trillion market capitalisation category includes Access Holdings, ETI,  Fidelity Bank and Wema Bank. 

ETI’s market capitalisation has moved from N994.34 billion in 2025 to N1.56 trillion as of July 17, 2026, while that of Fidelity Bank closed July 17, 2026 at N1.38 trillion from N954.03billion in 2025.  

Access Holdings saw its market capitalisation at N1.37 trillion as of July 17, 2026 from N1.12 trillion in 2025, while Wema Bank’s market capitalisation rose significantly to N1.22 trillion from N818.43 billion in 2025. 

Following a regulatory directive mandating banks to raise their capital base in March 2024, the new listings through Initial Public Offer and Rights issue,  attracted investors to these banking stocks on NGX.  

The regulator had pegged the minimum capital requirements for commercial banks with international licences at N500 billion. Those of national and regional financial institutions were fixed at N200 billion and N50 billion, respectively.

The banks’ capital-raising efforts were bolstered by NGX Invest, a digital platform launched by the Exchange, which facilitated a seamless process for selling their offerings. The NGX Invest is designed to significantly enhance the efficiency of public offering subscriptions and rights issue processes, streamlining operational workflows to better support issuers’ capital-raising efforts.

Commenting, Vice President, Highcap Securities Limited, Mr. David Adnori stated that the Nigerian banking sector in 2025 emerged as one of the standout performers on the NGX following the CBN recapitalisation directive, which has spurred demand for bank stocks. 

He also expressed that Nigerian banks have continued to show strong market performance so far in 2025, with oversubscriptions on capital raising offers from major banks.

“Several banks have led the way in stock price growth in 2026. ETI, Jaiz Bank, Wema Bank, First Holdco, and Stanbic IBTC Holdings have seen impressive stock prices to reflect positive market sentiment toward the banking sector’s continued growth and stability,” he said.