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The combined market capitalisation of 13 banks listed on the Nigerian Exchange Limited (NGX) has risen sharply to over N20 trillion, reflecting strong investor confidence and sustained capital inflows as the Central Bank of Nigeria’s recapitalisation deadline approaches.
Analysis of market data shows that the banks’ total valuation climbed from N8.08 trillion at the start of the recapitalisation programme in April 2024 to N20.83 trillion as of March 27, 2026—highlighting a significant expansion driven by fresh capital raising and bullish sentiment in banking stocks.
While the overall ranking of banks by market value has remained relatively stable, several institutions recorded remarkable growth. Notably, Jaiz Bank Plc and Wema Bank Plc posted the highest percentage gains, with increases of over 300 per cent and 200 per cent respectively during the period.
At the onset of the exercise, only three banks—Zenith Bank Plc, Guaranty Trust Holding Company Plc, and First Holdco Plc—had market capitalisations above N1 trillion. Today, that landscape has expanded significantly.
Both GTCO and Zenith Bank now exceed N4 trillion in market value, while United Bank for Africa Plc, First Holdco, and Stanbic IBTC Holdings Plc have crossed the N2 trillion threshold.
In addition, Access Holdings Plc, Ecobank Transnational Incorporated, and Wema Bank have joined the league of trillion-naira institutions, underscoring the broad-based impact of the recapitalisation drive.
Other banks also recorded strong gains, with institutions such as Fidelity Bank Plc, FCMB Group Plc, and Sterling Financial Holdings Company significantly improving their market positions. Meanwhile, Unity Bank Plc experienced a decline in valuation over the same period.
Market analysts attribute the surge in valuations to a combination of successful capital raises and positive investor sentiment toward the banking sector, driven by expectations of stronger balance sheets and improved capacity to support economic growth.
According to industry experts, the outcome reflects growing confidence in Nigeria’s financial system, as investors opted to increase their stakes rather than exit positions despite higher capital requirements.
The recapitalisation programme, introduced by the Central Bank of Nigeria in March 2024, raised minimum capital thresholds across different banking categories and gave institutions a 24-month window to comply through equity injections, mergers, or restructuring.
Under the revised framework, capital requirements for banks with international operations were set at N500 billion, while national and regional banks were required to meet thresholds of N200 billion and N50 billion respectively.
The apex bank has since confirmed that 32 banks have met the new requirements ahead of the March 31, 2026 deadline, marking a significant milestone in efforts to strengthen the resilience and capacity of Nigeria’s banking sector.
With valuations rising and compliance levels improving, the recapitalisation exercise is increasingly seen as a turning point for the industry—positioning banks to play a more active role in mobilising long-term capital and supporting Nigeria’s broader economic ambitions.
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