The combined market capitalization of Nigeria’s Tier-1 banks declined to ₦11.7 trillion, driven largely by intense selling pressure on First Holdco shares following a sharp drop in the group’s earnings performance.
Data from the Nigerian Exchange (NGX) showed that while most top-tier lenders ended the trading week on a positive footing, First Holdco experienced a pronounced selloff that erased significant value from the banking sector.
Banks under the leadership of billionaire investor Femi Otedola collectively shed about ₦178 billion in market value after First Holdco posted a staggering 93% decline in profitability for the 2025 financial year. The loss more than offset gains recorded by GTCO, Zenith Bank, United Bank for Africa (UBA), and Access Holdings Plc.
As earnings season gathered momentum, the aggregate market value of Tier-1 banks fell by ₦112.716 billion on a week-on-week basis. GTCO’s listing of new shares boosted its valuation, lifting the orange-branded lender’s market capitalization to ₦3.618 trillion, according to its latest trading update on the NGX.
Zenith Bank Plc also recorded positive movement, gaining approximately ₦18.5 billion over the last five trading sessions. The bank’s market value settled at ₦2.934 trillion, reflecting sustained investor confidence in its balance sheet strength.
In contrast, First Holdco Plc bore the brunt of investor caution. The Marina-based financial services group saw its market capitalization plunge by ₦117.814 billion to around ₦2 trillion. The decline followed weaker earnings, largely attributed to bad loans that weighed heavily on profitability.
UBA Plc delivered a stronger weekly performance, adding roughly ₦18 billion in market value. The pan-African lender, which continues to trade below its 52-week high, closed the week valued at ₦1.957 trillion on the local exchange.
Access Holdings Plc, Nigeria’s largest lender by asset base with operations across key African markets, also ended the week higher. Its market value rose by ₦10.663 billion to ₦1.204 trillion, according to NGX trading data.
Market participants expect more volatility in the coming sessions as leading banks begin releasing their full earnings scorecards. The early disclosure by First Holdco has set the tone, highlighting the impact of asset quality and profitability pressures on investor sentiment across the banking sector.
