Guaranty Trust Holding Company (GTCO) Plc, Access Holdings Plc, Zenith Bank Plc, and United Bank for Africa (UBA) Plc took the center stage of record-breaking supplementary listings on the Nigerian Exchange (NGX) in nine months of 2025, accounting for the largest share of equity listings with a combined market value exceeding N2.1 trillion, according to official NGX data made available to Nairametrics at the weekend.
In the equity segment, the data of listings showed that the NGX recorded a total of N3.67 trillion of corporate equity value in the nine-month period of 2025, of which bank listings accounted for over 90%.
Apart from Legend Internet Plc, which was a new listing by introduction valued at N11.28 billion, all other listings during the period under review were supplementary listings by Multi-Trex Integrated Foods Plc (N3.24 billion), Ellah Lakes Plc (N3.09 billion), Lasaco Assurance Plc (N11.10 billion).
The NGX also listed 11,500,000 ordinary shares of Seplat Energy Plc’s Employee Share-Based Payment Scheme, but no amount of money was ascribed to the total units.
The surge, driven primarily by rights issues and public offers, reflects the financial sector’s renewed capital-raising drive amid tightening regulatory requirements and recapitalization pressures from the Central Bank of Nigeria (CBN).
Top three banks raised N1.071 trillion through public and rights offers
Banking sector shares accounted for more than 90% of total market capitalization from supplementary listings, with Guaranty Trust Holding Company (GTCO) Plc emerging as the top listed banking entity, having raised N369.58 billion in two major public offers.
The first, conducted in January 2025, generated N209.41 billion through the issuance of 4.71 billion shares priced at N44.50 per share. A second offering in July 2025 added another N160.17 billion, resulting from the sale of 2.29 billion shares at N70 per share.
Following closely was Access Holdings Plc, which raised N351.01 billion via a rights issue. The offer involved 17.77 billion ordinary shares sold at N19.75 each, on the basis of one new share for every two held. The shares were listed on the NGX on January 17, 2025.
Zenith Bank Plc also made a strong showing, securing a combined N350.46 billion through two major equity transactions listed on February 10, 2025. The bank raised N188.38 billion via a rights issue involving 5.23 billion shares at N36 each, and an additional N162.08 billion from a public offer of 4.44 billion shares priced at N36.50.
Other Tier 1 and mid-tier banks raised N1.03 trillion
Beyond the top three institutions, several other Tier-1 and mid-tier banks made notable contributions to market capitalization through significant equity issuances.
First HoldCo Plc raised N149.56 billion from the sale of 5.98 billion shares at N25 each, with the listing completed on April 7, 2025. Wema Bank Plc followed with a capital raise of N147.80 billion from 14.14 billion shares sold at N10.45 per share on September 30, 2025. Stanbic IBTC Holdings Plc secured N148.71 billion through the issuance of 2.94 billion shares at N50.50 per share on June 25, 2025.
Other major banks also expanded their market footprint. United Bank for Africa (UBA) raised N239.40 billion via a rights issue of 6.83 billion shares at N35 per share, listed on May 23, 2025. FCMB Group Plc undertook a dual-capital strategy: a public offer in January 2025 that raised N144.56 billion from 19.80 billion shares at N7.30 each, followed by a debt-to-equity conversion worth N23.11 billion in September 2025, bringing its total capital raise to N167.67 billion for the year.
Fidelity Bank Plc also executed a multi-tranche capital raise. In March 2025, it completed a N146.25 billion public offer involving 15 billion shares at N9.75 each, alongside a N29.60 billion rights issue comprising 3.2 billion shares at N9.25. Combined, the bank raised a total of N175.85 billion.
Sterling Financial Holdings Company Plc raised a total of N101.64 billion through a combination of offers. The first was a N75 billion private placement involving 16.67 billion shares at N4.50, completed in March 2025. This was followed by a N26.64 billion rights issue of 6.66 billion shares at N4.00 in June 2025.
Altogether, the banking sector’s total equity issuance in 2025 exceeded N2.1 trillion, representing more than 90 percent of all capital raised in the Nigerian market that year. The scale of these transactions reflects not only the sector’s pivotal role in the economy but also its aggressive positioning ahead of regulatory reforms, particularly the Central Bank of Nigeria’s recapitalization deadline.
Strategic implications and market outlook
Market analysts at Financial Derivatives Company (FDC) suggest that the banking sector’s active capital-raising efforts are poised to deliver long-term benefits. Chief among these are stronger capital buffers in compliance with new CBN regulations, improved investor sentiment toward Nigerian financial institutions, and enhanced liquidity across the capital market.
In his weekly LBS Breakfast Session published at the weekend, FDC Chief Executive, Mr. Bismarck Rewane, noted that large banks that have recently undergone recapitalization are projected to capture a greater share of investor flows and trading volumes. These stronger financial institutions are poised to consolidate market share, often at the expense of weaker peers.
“There’s a clear divergence happening in the banking sector,” said the financial analyst. “Stronger, recapitalized banks will lead the market while smaller, undercapitalized ones may either be acquired or exit.”
The publication titled “IS NIGERIA’S ECONOMIC RECOVERY AUTHENTIC?? YES, IT IS!” stated that as the Central Bank of Nigeria (CBN) begins to lower interest rates, valuation multiples for interest-rate-sensitive stocks will expand. This is expected to create significant upside potential for equities, particularly in sectors that have been under pressure due to high borrowing costs.
“Early easing from the CBN could be a turning point, especially for consumer-facing and capital-intensive industries,” the market strategist noted. “It will likely reprice stocks upward and encourage inflows into equities.”
Summary of major bank listings in 2025
- GTCO Plc raised N369.58 billion
- Access Holdings Plc raised N351.01 billion
- Zenith Bank Plc raised N350.46 billion
- UBA Plc raised N239.40 billion
- Fidelity Bank Plc raised N175.85 billion
- FCMB Group Plc raised N167.67 billion
- First HoldCo Plc raised N149.56 billion
- Stanbic IBTC Holdings Plc raised N148.71 billion
- Wema Bank Plc raised N147.80 billion
- Sterling Financial Holdings Company Plc raised N101.64 billion
Combined total raised by the 10 banks: approximately N2.14 trillion