Nigerian banks dominate NGX’s N3.67 trillion fairness listings with over N2.1 trillion in 2025

Guaranty Trust Holding Firm (GTCO) Plc, Entry Holdings Plc, Zenith Bank Plc, and United Bank for Africa (UBA) Plc took the middle stage of record-breaking supplementary listings on the Nigerian Trade (NGX) in 9 months of 2025, accounting for the most important share of fairness listings with a mixed market worth exceeding N2.1 trillion, in accordance with official NGX information made accessible to Nairametrics on the weekend.

Within the fairness phase, the information of listings confirmed that the NGX recorded a complete of N3.67 trillion of company fairness worth within the nine-month interval of 2025, of which bank listings accounted for over 90%.

Other than Legend Web Plc, which was a brand new itemizing by introduction valued at N11.28 billion, all different listings throughout the interval beneath assessment had been supplementary listings by Multi-Trex Built-in Meals Plc (N3.24 billion), Ellah Lakes Plc (N3.09 billion), Lasaco Assurance Plc (N11.10 billion).

The NGX additionally listed 11,500,000 bizarre shares of Seplat Power Plc’s Worker Share-Primarily based Fee Scheme, however no amount of cash was ascribed to the entire items.

The surge, pushed primarily by rights points and public affords, displays the monetary sector’s renewed capital-raising drive amid tightening regulatory necessities and recapitalization pressures from the Central Bank of Nigeria (CBN).

Prime three banks raised N1.071 trillion by public and rights affords

Banking sector shares accounted for greater than 90% of complete market capitalization from supplementary listings, with Guaranty Trust Holding Firm (GTCO) Plc rising as the highest listed banking entity, having raised N369.58 billion in two main public affords.

The primary, performed in January 2025, generated N209.41 billion by the issuance of 4.71 billion shares priced at N44.50 per share. A second providing in July 2025 added one other N160.17 billion, ensuing from the sale of two.29 billion shares at N70 per share.

Following intently was Entry Holdings Plc, which raised N351.01 billion by way of a rights challenge. The provide concerned 17.77 billion bizarre shares bought at N19.75 every, on the premise of 1 new share for each two held. The shares had been listed on the NGX on January 17, 2025.

Zenith Bank Plc additionally made a powerful displaying, securing a mixed N350.46 billion by two main fairness transactions listed on February 10, 2025. The bank raised N188.38 billion by way of a rights challenge involving 5.23 billion shares at N36 every, and an extra N162.08 billion from a public provide of 4.44 billion shares priced at N36.50.

Different Tier 1 and mid-tier banks raised N1.03 trillion

Past the highest three establishments, a number of different Tier-1 and mid-tier banks made notable contributions to market capitalization by important fairness issuances.

First HoldCo Plc raised N149.56 billion from the sale of 5.98 billion shares at N25 every, with the itemizing accomplished on April 7, 2025. Wema Bank Plc adopted with a capital increase of N147.80 billion from 14.14 billion shares bought at N10.45 per share on September 30, 2025. Stanbic IBTC Holdings Plc secured N148.71 billion by the issuance of two.94 billion shares at N50.50 per share on June 25, 2025.

Different main banks additionally expanded their market footprint. United Bank for Africa (UBA) raised N239.40 billion by way of a rights challenge of 6.83 billion shares at N35 per share, listed on Could 23, 2025. FCMB Group Plc undertook a dual-capital technique: a public provide in January 2025 that raised N144.56 billion from 19.80 billion shares at N7.30 every, adopted by a debt-to-equity conversion value N23.11 billion in September 2025, bringing its complete capital increase to N167.67 billion for the yr.

Fidelity Bank Plc additionally executed a multi-tranche capital increase. In March 2025, it accomplished a N146.25 billion public provide involving 15 billion shares at N9.75 every, alongside a N29.60 billion rights challenge comprising 3.2 billion shares at N9.25. Mixed, the bank raised a complete of N175.85 billion.

Sterling Monetary Holdings Firm Plc raised a complete of N101.64 billion by a mixture of affords. The primary was a N75 billion non-public placement involving 16.67 billion shares at N4.50, accomplished in March 2025. This was adopted by a N26.64 billion rights challenge of 6.66 billion shares at N4.00 in June 2025.

Altogether, the banking sector’s complete fairness issuance in 2025 exceeded N2.1 trillion, representing greater than 90 % of all capital raised within the Nigerian market that yr. The size of those transactions displays not solely the sector’s pivotal position within the financial system but in addition its aggressive positioning forward of regulatory reforms, notably the Central Bank of Nigeria’s recapitalization deadline.

Strategic implications and market outlook

Market analysts at Monetary Derivatives Firm (FDC) counsel that the banking sector’s lively capital-raising efforts are poised to ship long-term advantages. Chief amongst these are stronger capital buffers in compliance with new CBN rules, improved investor sentiment towards Nigerian monetary establishments, and enhanced liquidity throughout the capital market.

In his weekly LBS Breakfast Session revealed on the weekend, FDC Chief Government, Mr. Bismarck Rewane, famous that giant banks which have just lately undergone recapitalization are projected to seize a higher share of investor flows and buying and selling volumes. These stronger monetary establishments are poised to consolidate market share, typically on the expense of weaker friends.

“There’s a transparent divergence taking place within the banking sector,” mentioned the monetary analyst. “Stronger, recapitalized banks will lead the market whereas smaller, undercapitalized ones could both be acquired or exit.”

The publication titled “IS NIGERIA’S ECONOMIC RECOVERY AUTHENTIC?? YES, IT IS!” said that because the Central Bank of Nigeria (CBN) begins to decrease rates of interest, valuation multiples for interest-rate-sensitive shares will broaden. That is anticipated to create important upside potential for equities, notably in sectors which have been beneath stress on account of excessive borrowing prices.

“Early easing from the CBN may very well be a turning level, particularly for consumer-facing and capital-intensive industries,” the market strategist famous. “It is going to probably reprice shares upward and encourage inflows into equities.”