The strong rally witnessed on the Nigerian stock market in 2025 translated into significant value creation for shareholders of tier-one banks, with four of the five leading lenders collectively recording market capitalization gains of about N3.04 trillion during the year.
The banks, commonly referred to as the FUGAZ group FBN Holdings Plc, United Bank for Africa Plc, Guaranty Trust Holding Company Plc and Zenith Bank Plc benefited from renewed investor confidence in the banking sector, improved earnings outlook and sustained demand for financial stocks. However, Access Holdings Plc emerged as the only tier-one bank to close the year with a negative share price performance.
At the end of trading in 2025, FBN Holdings Plc posted the strongest performance among its peers, recording a 70.77 per cent appreciation in its share price.
The stock opened the year at N28.05 and closed at N47.90, representing a gain of N19.85 per share. With a total of 41.88 billion shares outstanding, the rally translated into an estimated N831.28 billion increase in shareholder value over the year. Guaranty Trust Holding Company Plc followed closely, delivering a 59.12 per cent gain in its share price.
The stock advanced from N57.00 at the start of the year to N90.70 at yearend, adding N33.70 per share. Based on its 36.43 billion shares outstanding, GTCO’s cumulative gain for shareholders in 2025 stood at approximately N1.23 trillion, the highest in absolute value among the tier-one banks.
Zenith Bank Plc ranked third, recording a 35.82 per cent increase in its share price during the year. The lender’s stock rose from N45.50 to N61.80, reflecting a gain of N16.30 per share. With 41.07 billion shares outstanding, Zenith Bank generated an estimated N669.44 billion in shareholder gains in 2025. United Bank for Africa Plc came fourth, posting a 22.5 per cent appreciation.
UBA’s share price moved from N34.00 at the beginning of the year to N41.65 at the close, representing a gain of N7.65 per share. With 41.04 billion shares outstanding, the bank delivered substantial value to investors during the period. In contrast, Access Holdings Plc recorded a 11.95 per cent decline in its share price, making it the only tier-one bank to end 2025 in negative territory.
The stock fell from N23.85 to N21.00, a loss of N2.85 per share. Combined with its 53.32 billion shares outstanding, the decline resulted in an estimated N151.96 billion loss in shareholder value.
Meanwhile, Access Holdings Plc, GTCO Plc, UBA Plc and Zenith Bank Plc are among the 16 banks that have successfully met the Central Bank of Nigeria’s recapitalization requirements, while FBN Holdings Plc is still working towards full compliance.
