Access Holdings Plc and First Bank of Nigeria Holdings have both surpassed the N1 trillion market capitalization mark, achieving this milestone at the close of Tuesday’s trading on the Nigerian Exchange Limited. This comes just a day after United Bank for Africa (UBA) hit the N1 trillion market cap milestone.
On Tuesday, Access Holdings and First Bank gained approximately N82 billion and N93 billion, respectively, bringing their market caps to N1.055 trillion and N1.026 trillion. Notably, FBN Holdings had crossed the N1 trillion market cap mark in December but experienced a drop in the next trading session.
UBA, which entered the elite N1 trillion club with N1.022 trillion, further appreciated to N1.114 trillion at the close of Tuesday’s trading. This development means that all tier-1 banks in Nigeria now boast capitalizations exceeding N1 trillion.
The achievement comes in the wake of the Central Bank of Nigeria’s recent announcement of plans for a recapitalization exercise, aiming to support a $1 trillion economy as projected by President Bola Tinubu. This suggests that Nigerian banks are positioning themselves to meet the regulatory requirements and contribute to the country’s economic growth objectives.