The roles of financial institutions in a country’s economic development cannot be overemphasized. Over the years the Banks have aided economic development and growth through various forms to enhance economic growth.
These include offering credit facilities to large-sized capitalized companies and Small and Medium-Sized Enterprises (SMEs), they also facilitate local and international trades, they aid foreign exchange transactions between two or more countries and others too numerous to mention.
In this article, we are going to narrow down our searchlight on these listed banks based on Market Capitalization. The data used for this research was obtained from the Nigerian Stock Exchange (NSE) database. Leading tier-one Banks in Nigeria such as GTBank, Zenith Bank, Access Bank all made the list, others such as; Fidelity Bank, Sterling Bank, Jaiz Bank amongst others.
Nigerian Top Ten Most Capitalized Banks
Guaranty Trust Bank: GTBank is the most capitalized Bank listed on the nation’s local bourse market. The company has Market Capitalization of N868.22bn.
Guaranty Trust Bank is the overall fifth most capitalized company in Nigeria. The group is behind Dangote Cement Plc, MTN Nigeria Communications Plc, Airtel Africa Plc, and Nestle Nigeria Plc.
GTBank has the value of an outstanding share of 29.43 billion. The company’s shares price currently stands at N29.5. The Pan-African Bank has Segun Agbaje, Babatunde Soyoye, and Ibrahim Hassan as part of its Board of Directors.
Guaranty Trust Bank is listed on the NSE Premium Board alongside Dangote Cement, MTN Nigeria, and Airtel Africa amongst other top groups’. The company was incorporated on September 9th, 1996 and was listed on the Nigerian Stock Exchange on July 20th, 1990.
Zenith Bank Plc: Zenith Bank has a Market Capitalization of N588.68bn. The lender’s shares price currently stands at N18.75.
Zenith Bank has the value of an outstanding share of 31.40 billion. The group is also listed on the NSE Premium Board. Zenith listed on Nigeria’s local bourse market on October 21st, 2004 whilst it was incorporated on May 30th, 1990.
Access Bank Plc: Access Bank is the third most capitalized bank in Nigeria. The lender has been pulling major strings in the financial services industry and its not too recent merger and acquisition of Diamond Bank Plc is a great prove to that claim.
Access Bank has over the years acquired or merged with tier one or tier two banks in Nigeria. These include FinBank though they existed later and Intercontinental Bank. The group shares price is currently trading at N9.8.
Access Bank Plc has a Market Capitalization of N334.43bn and outstanding shares of 35.55 billion. Dr. Ernest Ndukwe, Herbert Wigwe, and Ojinika Olaghere (Mrs) form part of the group’s Board of Directors.
United Bank for Africa (UBA) Plc: UBA shares price currently stands at N7.0. The group has a Market Capitalization of N239.40bn and outstanding shares value of 34.20 billion. UBA is listed on the NSE Premium Board. The company trades on the Nigeria Stock Exchange with UBA as a ticker symbol.
UBA was incorporated on February 23rd, 1961 and was listed on the Nigerian Stock Exchange on March 31st, 1970. Tony Elumelu, Kennedy Uzoka, and High Chief Samuel Oni are part of the company’s Board of Directors.
Union Bank Nigeria Plc: Union Bank shares price stands at N6.5. The group has a Market Capitalization of N189.28bn. Union Bank trades on the NSE with UBN as a trade moniker.
The company is listed on the Main Board of the Nigerian stock market. Union Bank Nigeria Plc outstanding shares value stands at 29.12 billion.
Ecobank Transnational Incorporated (ETI) Plc: Ecobank has a Market Capitalization of N128.45bn. The company shares price is currently trading at N7 on the floor of the Nigerian Stock Exchange. Ecobank has the value of an outstanding share of 18.35 billion.
The group is listed on the NSE Main Board. Ecobank trading symbol on the local stock market is ETI. Dolika Banda, Ade Ayeyemi, and David O’Sullivan are members of the group’s Board of Directors. Ecobank was incorporated on October 3rd, 1985 and was listed on the NSE on September 11th, 2006.
Fidelity Bank Plc: Fidelity Bank Plc has a Market Capitalization of N60.56n. The tier-two lender has the value of an outstanding share of 28.97 billion. The group is listed on the NSE’s Main Board. Fidelity Bank trades as FIDELITYBK on the NSE. The company’s shares price stands at N2.09.
Nnamdi Okonkwo, Micheal Ezechukwu Okeke, and Otunba Seni Adetu serve as part of the group’s Board of Directors.
Sterling Bank Plc: Sterling Bank is a leading tier-two bank in Nigeria. The lender was incorporated on November 25th, 1960. The group’s Market Capitalization stands at N57.58bn. The financial institution has outstanding shares of 28.79 billion.
Sterling Bank trades as STERLNBANK as its trading symbol and was listed on the NSE on August 17th, 1993. The lender’s shares price is currently trading at N2.
Wema Bank Plc: Wema Bank is trading at 68 Kobo on the NSE. The group is listed on the NSE’s Main Board. The lender has a Market Capitalization of N26.23bn. The company’s trading symbol is WEMABANK. The group’s outstanding shares value is 38.57bn.
Wema Bank was incorporated on May 2nd, 1945. The lender listed on the NSE on February 13th, 1991.
Jaiz Bank Plc: Jaiz Bank trades on the NSE at 68 Kobo per share. The group’s trading symbol is JAIZBANK. The lender has the value of an outstanding share of 29.46bn. Jaiz Bank Plc has Market Capitalization of N20.04bn.
The company listed on the Nigerian local bourse market on January 9th, 2017. Jaiz Bank is part of the new generation Bank. Alhaji (DR.) Aminu Alhassan Dantata, H.R.H. Engr. Muhammad Sanni, and Nafiu Baba-Ahmed are part of the group’s Directors.
Unity Bank Plc: Unity Bank is currently trading at 7 Kobo. The group is listed on the NSE’s Main Board. Unity Bank was incorporated on April 27th, 1987. The company has the value of an outstanding share of 11.69bn. The group trades as UNITYBNK on the Nigerian Stock Exchange.
Unity Bank Plc Board of Directors includes Hakeem Shagaya, Ahmed Yusuf, and Dr. Oluwafunsho Obasanjo. The lender’s Market Capitalization stands at N8.18bn.
Disclaimer: This article was written by Financial Metrics Nigeria (FMN) research team as a guide to investors and potential investors. We are not in any way advocating for investors to buy these companies’ shares. Investors are strongly advised to seek professional advise from stockbrokers or any other professional expert(s). This article is strictly for information purpose sake only.