Nigerian banks have taken over the Nigerian Exchange with record supplementary equity listings worth over N2.1 trillion in the first nine months of 2025. Major players like Guaranty Trust Holding Company, Access Holdings, Zenith Bank, and United Bank for Africa drove this boom through rights issues and public offers to meet new capital rules from the Central Bank of Nigeria.
Banking Powerhouses Drive Record Listings
This surge marks a key shift in Nigeria’s stock market. Banks accounted for more than 90 percent of the total N3.67 trillion in equity listings on the NGX during this period. The push comes as lenders raise funds to strengthen their balance sheets amid rising inflation and regulatory demands.
Official data shows ten banks led the charge with supplementary listings. These moves not only boosted their market presence but also signaled confidence in Nigeria’s economic recovery. Investors responded positively, with share prices climbing for many of these institutions.
The trend ties into broader financial sector reforms. The Central Bank of Nigeria set higher capital requirements earlier in 2025, prompting banks to seek fresh equity. This has led to a wave of offerings that could reshape the banking landscape.
Top Performers and Their Contributions
Guaranty Trust Holding Company topped the list with two major public offers. In January, it raised N209.41 billion by issuing 4.71 billion shares at N44.50 each. A follow-up in July added N160.17 billion from 2.29 billion shares at N70 per share, totaling N369.58 billion.
Access Holdings followed closely, pulling in N351.01 billion through a rights issue. It offered 17.77 billion shares at N19.75 each, based on one new share for every two held. This listing hit the NGX in January and helped solidify its position.
Zenith Bank and United Bank for Africa also played big roles. Together with the top two, they accounted for over N2.1 trillion in combined value. Zenith focused on expanding its international footprint, while UBA targeted growth in African markets.
Other banks like Stanbic IBTC and Fidelity contributed smaller but notable amounts. These efforts reflect a sector wide strategy to build resilience against economic headwinds.
Market Impact and Investor Sentiment
The listings have pumped new life into the NGX All Share Index, which is on track for its strongest gains since 2020 at around 51 percent. Banking stocks now dominate with a combined market capitalization nearing N10.5 trillion as of mid 2025.
Here is a breakdown of recent market valuations for key banks:
| Bank | Market Valuation (N Trillion) | Key Listing Amount (N Billion) |
|---|---|---|
| GTCO | 3.5 | 369.58 |
| Zenith | 2.4 | Not specified in totals, part of combined |
| UBA | 1.7 | Not specified in totals, part of combined |
| Access | 0.95 | 351.01 |
| Stanbic | 1.3 | Supplementary contributions |
These figures highlight how banks have grown bolder and more dominant. Investor posts on social media show excitement, with many noting the gap between similar sized banks like GTCO and Zenith in pricing.
The boom has not been without challenges. Regulators fined GTCO and Zenith N1.86 billion in the first half for compliance issues. Yet, overall sentiment remains upbeat, with dividends flowing to shareholders.
Experts point to this as a sign of maturity in Nigeria’s financial markets. Compared to regional peers, one South African bank alone outvalues the entire Nigerian sector, but the gap is closing fast.
Challenges and Broader Economic Ties
Not all listings were massive. Smaller ones from firms like Multi Trex Integrated Foods and Ellah Lakes added N3.24 billion and N3.09 billion respectively. A new entrant, Legend Internet, listed by introduction at N11.28 billion.
The banking dominance overshadows these, but it raises questions about sector balance. Some worry over reliance on finance could expose the market to shocks if interest rates spike or loans sour.
Tied to this is Nigeria’s push for economic diversification. Recent events, like the shift to high end SUVs in the car market due to import costs, show how currency fluctuations affect multiple sectors. Banks are stepping in with financing, linking their growth to national trends.
On the positive side, these listings support job creation and infrastructure. Banks like Zenith reported total assets of N30.99 trillion by mid 2025, up from the previous year.
Looking Ahead for Nigerian Banking
Analysts predict more listings in the final quarter as banks chase full compliance. The Proshare Bank Strength Index ranks GTCO, Zenith, UBA, and Access among top tier players for 2025 based on full year 2024 results.
This could lead to mergers or expansions, especially with international ambitions. UBA and Zenith are eyeing more African operations, potentially boosting foreign exchange earnings.
Investors should watch for dividend announcements. Recent payouts include GTCO at N1.00 per share and Zenith at N1.25, rewarding those who bet on the sector.
What do you think about this banking boom? Share your thoughts in the comments and pass this article along to fellow investors for more discussion.
