The combined market capitalisation of Nigeria’s five biggest banks fell to N11.7 trillion as investors offloaded shares in First Holdco following a sharp decline in earnings.
Trading data from the Nigerian Exchange showed that all tier-1 banks closed the week on a positive note, except for First Holdco, which experienced heavy selling pressure.
Top Nigerian banks led by billionaire investor Femi Otedola lost an estimated N178 billion in market value after a reported 93 per cent drop in profitability in 2025. The loss erased the combined gains recorded by GTCO, Zenith Bank, United Bank for Africa (UBA), and Access Holdings Plc over the same period.
As a result, the aggregate market value of tier-1 banks declined by N112.716 billion week-on-week, coinciding with the release of earnings updates. GTCO listed additional shares during the week, pushing the market value of the orange-branded financial services group to N3.618 trillion, according to its trading update on the Nigerian Exchange.
Zenith Bank Plc also recorded gains, adding about N18.5 billion to its market capitalisation over the five trading sessions. The lender ended the week valued at N2.934 trillion on the local bourse.
By contrast, First Holdco Plc saw its market value slide sharply as weaker profitability, driven largely by bad loans, weighed on investor sentiment. The Marina-based, elephant-branded financial services group lost N117.814 billion in market value, bringing its capitalisation down to N2 trillion.
UBA Plc closed the week stronger, posting an estimated N18 billion increase in market value. The pan-African lender, which still has significant upside potential relative to its 52-week high, was valued at N1.957 trillion at the close of trading on Friday.
Access Holdings Plc, Nigeria’s largest lender by assets with operations across key African markets, gained N10.663 billion week on week to close at a market value of N1.204 trillion, according to stock market data.
Market watchers expect the leading banks to begin releasing their earnings scorecards in the coming days, following First Holdco’s early submission to the regulator, which has set the tone for the current reporting season.
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