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Nigerian (NSE) Financials Sector Analysis

UpdatedJan 01, 2026
DataAggregated Company Financials
Companies43
  • 7D0.8%
  • 3M-0.2%
  • 1Y42.2%
  • YTD40.7%

Over the last 7 days, the Financials industry has remained flat, although notably Ecobank Transnational gained 10%. As for the the longer term, the industry is up 40% over the past 12 months. Earnings are forecast to grow by 17% annually.

Sector Valuation and Performance

Has the Nigerian Financials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 01 Jan 2026₦17.7t₦16.8t₦5.3t7.6x3.3x1.1x
Sat, 29 Nov 2025₦16.3t₦16.8t₦5.3t7.3x3.1x1x
Mon, 27 Oct 2025₦17.8t₦16.2t₦5.2t9.2x3.4x1.1x
Wed, 24 Sep 2025₦16.5t₦16.2t₦5.2t8.6x3.2x1x
Fri, 22 Aug 2025₦17.0t₦16.5t₦5.6t7.6x3x1x
Sun, 20 Jul 2025₦16.6t₦16.1t₦5.6t6.1x3x1x
Tue, 17 Jun 2025₦12.4t₦16.1t₦5.6t4.8x2.2x0.8x
Thu, 15 May 2025₦12.1t₦16.3t₦5.8t4.7x2.1x0.7x
Sat, 12 Apr 2025₦11.5t₦15.7t₦5.9t3.7x2x0.7x
Mon, 10 Mar 2025₦10.7t₦15.5t₦5.9t4.3x1.8x0.7x
Wed, 05 Feb 2025₦11.1t₦15.4t₦5.9t4.1x1.9x0.7x
Fri, 03 Jan 2025₦9.7t₦15.1t₦5.8t3.6x1.7x0.6x
Sun, 01 Dec 2024₦8.8t₦15.3t₦5.8t3x1.5x0.6x
Tue, 29 Oct 2024₦8.5t₦14.1t₦5.3t2.5x1.6x0.6x
Thu, 26 Sep 2024₦8.2t₦13.5t₦5.2t3x1.6x0.6x
Sat, 24 Aug 2024₦7.4t₦12.5t₦4.8t2.7x1.5x0.6x
Mon, 22 Jul 2024₦7.3t₦12.2t₦4.7t3.2x1.5x0.6x
Wed, 19 Jun 2024₦7.0t₦12.0t₦4.7t3.1x1.5x0.6x
Fri, 17 May 2024₦6.7t₦11.7t₦4.5t4.2x1.5x0.6x
Sun, 14 Apr 2024₦7.5t₦9.8t₦3.6t4.8x2.1x0.8x
Tue, 12 Mar 2024₦7.4t₦9.2t₦3.0t4.5x2.5x0.8x
Thu, 08 Feb 2024₦7.9t₦8.9t₦2.9t4.8x2.7x0.9x
Sat, 06 Jan 2024₦8.2t₦7.8t₦2.7t4.8x3.1x1.1x
Mon, 04 Dec 2023₦6.7t₦7.6t₦2.7t4.4x2.5x0.9x
Wed, 01 Nov 2023₦6.5t₦7.6t₦2.6t3.8x2.5x0.8x
Fri, 29 Sep 2023₦6.2t₦7.0t₦2.4t4.3x2.6x0.9x
Sun, 27 Aug 2023₦5.9t₦6.0t₦1.6t4.5x3.8x1x
Tue, 25 Jul 2023₦6.5t₦5.8t₦1.5t5.7x4.5x1.1x
Thu, 22 Jun 2023₦5.5t₦5.5t₦1.3t5.7x4.2x1x
Sat, 20 May 2023₦4.3t₦5.2t₦1.3t4.6x3.3x0.8x
Mon, 17 Apr 2023₦3.9t₦4.9t₦1.3t4.6x2.9x0.8x
Wed, 15 Mar 2023₦4.0t₦4.8t₦1.3t4.1x3x0.8x
Fri, 10 Feb 2023₦4.1t₦4.8t₦1.3t4.1x3.1x0.8x
Sun, 08 Jan 2023₦3.9t₦4.7t₦1.3t4.1x3x0.8x
Price to Earnings Ratio

3x


Total Market Cap: ₦3.9tTotal Earnings: ₦1.3tTotal Revenue: ₦4.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Financials Sector Price to Earnings3Y Average 2.6x202420252026
Current Industry PE
  • Investors are optimistic on the Nigerian Financials industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 3.3x which is higher than its 3-year average PE of 2.6x.
  • The 3-year average PS ratio of 0.82x is lower than the industry's current PS ratio of 1.0x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 60% per year over the last three years.
  • Revenues for these companies have grown 53% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Nigerian Financials sector?

NG Market1.57%
Financials0.84%
Insurance4.63%
Capital Markets3.73%
Diversified Financial2.90%
Banks0.15%
Mortgage Finance0%0
Industry PE
  • Investors are most optimistic about the Capital Markets industry even though it's trading below its 3-year average PE ratio of 14.5x.
    • It looks like they are confident that earnings will grow faster in the future than they have historically.
  • Investors are most pessimistic about the Banks industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 2.2x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Financial industry, expecting annual earnings growth of 26% over the next 5 years.
  • However this is lower than its past earnings growth rate of 49% per year.
  • In contrast, the Banks industry is expected to see its earnings grow by 16% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ETI Ecobank Transnational₦41.9010.3%
+₦92.6b		49.6%PB0.4x
GTCO Guaranty Trust Holding₦90.702.3%
+₦65.0b		59.1%PB0.9x
STANBIC Stanbic IBTC Holdings₦100.004.2%
+₦63.6b		73.6%PE5x
FCMB FCMB Group₦12.0513.7%
+₦62.1b		28.2%PB0.6x
WEMABANK Wema Bank₦20.407.1%
+₦54.2b		124.2%PB1.6x

Latest News

ACCESSCORP
₦21.00
Access Holdings
7D
2.4%
1Y
-11.9%
FIRSTHOLDCO
₦47.90
First HoldCo
7D
-9.6%
1Y
70.8%
ZENITHBANK
₦61.80
Zenith Bank
7D
-1.9%
1Y
35.8%
ETI
₦41.90
Ecobank Transnational
7D
10.3%
1Y
49.6%

Ecobank Group – Strategic Partnership with Bank of China Strengthens China–Africa Trade and Payments Corridor

Author: Qudus Adebara (Founder of Wane Investment House) Executive Summary Ecobank Group has signed a Memorandum of Understanding (MoU) with Bank of China (Mauritius) Limited on December 22, 2025, reinforcing a long-standing partnership that dates back over 15 years. The agreement is designed to deepen cooperation in trade finance, cross-border payments, and financial services that support the rapidly expanding economic relationship between China and Africa.
FCMB
₦12.05
FCMB Group
7D
13.7%
1Y
28.2%

FCMB Group Plc Secures Shareholder Approval to Raise N400 Billion to Strengthen Capital and Support Strategic Growth

Key Highlights Offer Size: Up to N400 billion Offer Structure: Fresh equity capital through public/private placement Share Capital Increase: From N30.00 billion to reflect new share issuance Existing Shares: 60,004,339,565 ordinary shares of 50 kobo each Eligibility: Existing and potential investors, subject to regulatory approvals Regulatory Approvals: SEC, CBN, and NGX Strategic Objective: Align with CBN minimum capital requirements for international banks Overview FCMB Group Plc, a leading Nigerian financial services conglomerate, has obtained shareholder approval to raise up to N400 billion in fresh equity capital. The approval was granted during an Extraordinary General Meeting (EGM) held in Lagos, reflecting strong shareholder confidence in the Group’s leadership and growth ambitions.
STANBIC
₦100.00
Stanbic IBTC Holdings
7D
4.2%
1Y
73.6%
GTCO
₦90.70
Guaranty Trust Holding
7D
2.3%
1Y
59.1%

GTCO Margins Are Expected To Support Higher Future Share Price

Analysts have raised their price target on Guaranty Trust Holding from ₦121.05 to ₦130.00, citing expectations of structurally higher profit margins and a modestly richer valuation multiple that more than offsets slightly slower projected revenue growth. What's in the News Board meeting scheduled for January 27, 2026, to review audited financial statements for the year ending December 31, 2025 (company filing) Full year dividend considerations are expected to be tabled at the January 27, 2026, board meeting (company filing) Directors will also discuss other strategic and operational business matters during the upcoming board session (company filing) Valuation Changes The fair value estimate has risen modestly from NGN 121.05 to NGN 130.00, reflecting a higher assessed intrinsic value per share.
STERLINGNG
₦7.05
Sterling Financial Holdings
7D
-0.7%
1Y
25.9%
SOVRENINS
₦3.82
Sovereign Trust Insurance
7D
-5.0%
1Y
241.1%
MBENEFIT
₦3.10
Mutual Benefits Assurance
7D
-2.8%
1Y
408.2%
NEM
₦26.80
NEM Insurance
7D
11.2%
1Y
144.7%
CUSTODIAN
₦43.00
Custodian Investment
7D
10.3%
1Y
151.5%
VFDGROUP
₦11.00
VFD Group
7D
-4.3%
1Y
48.6%

VFD GROUP PLC Q3– Strong Earnings Growth and Solid Balance Sheet Strength amid Strategic Portfolio Expansion

Executive Summary VFD Group Plc (VFD or “the Group”) reported a resilient performance for the nine months ended 30 September 2025, reflecting strong growth across its core income lines and continued diversification of its investment portfolio. The Group delivered a gross earnings increase of 34.9% year-on-year to ₦60.72 billion (9M 2024: ₦45.01 billion), driven by sustained momentum in investment income and fair value gains on financial assets.
WEMABANK
₦20.40
Wema Bank
7D
7.1%
1Y
124.2%

Wema Bank Plc (H1 2025) - Solid Earnings Momentum and Balance Sheet Expansion Support Upside Potential

recent valuation
UBA
₦41.65
United Bank for Africa
7D
-0.8%
1Y
22.5%

United Bank for Africa Plc (H1 2025 Results)

WaneInvestmentHouse made no meaningful changes to valuation assumptions.
ETRANZACT
₦11.35
eTranzact International
7D
-9.9%
1Y
74.6%