Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Nigerian (NSE) Financials Sector Analysis

UpdatedJan 15, 2026
DataAggregated Company Financials
Companies42
  • 7D2.4%
  • 3M8.5%
  • 1Y50.5%
  • YTD6.8%

The Financials industry has gained 1.1% in the last week and First HoldCo up 4.2%. In the last 12 months, the industry was up 50%. Looking forward, 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, 15 Jan 2026₦19.5t₦16.8t₦5.3t8.9x3.7x1.2x
Sat, 13 Dec 2025₦16.7t₦16.8t₦5.3t7.2x3.1x1x
Mon, 10 Nov 2025₦16.6t₦16.7t₦5.4t7.4x3.1x1x
Wed, 08 Oct 2025₦15.3t₦16.2t₦5.2t8.6x2.9x0.9x
Fri, 05 Sep 2025₦16.7t₦16.5t₦5.6t8.3x3x1x
Sun, 03 Aug 2025₦17.4t₦16.5t₦5.6t6.5x3.1x1.1x
Tue, 01 Jul 2025₦13.7t₦16.1t₦5.6t5.4x2.5x0.9x
Thu, 29 May 2025₦12.3t₦16.1t₦5.6t4.7x2.2x0.8x
Sat, 26 Apr 2025₦11.8t₦15.7t₦5.6t4.1x2.1x0.8x
Mon, 24 Mar 2025₦10.8t₦15.5t₦5.9t4.2x1.8x0.7x
Wed, 19 Feb 2025₦11.6t₦15.4t₦5.9t4.3x2x0.8x
Fri, 17 Jan 2025₦9.8t₦15.1t₦5.8t3.7x1.7x0.7x
Sun, 15 Dec 2024₦9.0t₦15.1t₦5.8t3x1.6x0.6x
Tue, 12 Nov 2024₦8.7t₦15.2t₦5.8t2.3x1.5x0.6x
Thu, 10 Oct 2024₦8.0t₦13.6t₦5.1t2.6x1.6x0.6x
Sat, 07 Sep 2024₦7.5t₦12.9t₦4.9t2.8x1.5x0.6x
Mon, 05 Aug 2024₦7.1t₦12.5t₦4.8t2.7x1.5x0.6x
Wed, 03 Jul 2024₦7.1t₦12.0t₦4.7t3.4x1.5x0.6x
Fri, 31 May 2024₦6.8t₦11.7t₦4.6t4.3x1.5x0.6x
Sun, 28 Apr 2024₦6.6t₦10.0t₦3.7t4.2x1.8x0.7x
Tue, 26 Mar 2024₦8.3t₦8.9t₦2.9t4.8x2.8x0.9x
Thu, 22 Feb 2024₦7.5t₦9.2t₦3.0t4.9x2.5x0.8x
Sat, 20 Jan 2024₦9.0t₦7.7t₦2.7t6.4x3.4x1.2x
Mon, 18 Dec 2023₦7.3t₦7.6t₦2.7t4x2.8x1x
Wed, 15 Nov 2023₦6.6t₦7.7t₦2.7t3.3x2.5x0.9x
Fri, 13 Oct 2023₦6.2t₦7.0t₦2.4t4.4x2.6x0.9x
Sun, 10 Sep 2023₦6.4t₦6.2t₦1.8t4.9x3.7x1x
Tue, 08 Aug 2023₦6.2t₦6.0t₦1.5t4.8x4x1x
Thu, 06 Jul 2023₦6.0t₦5.7t₦1.3t5.8x4.5x1.1x
Sat, 03 Jun 2023₦4.7t₦5.2t₦1.3t5x3.6x0.9x
Mon, 01 May 2023₦4.0t₦5.1t₦1.3t4.6x3.1x0.8x
Wed, 29 Mar 2023₦4.0t₦4.8t₦1.3t4.1x3x0.8x
Fri, 24 Feb 2023₦4.0t₦4.8t₦1.3t4x3x0.8x
Sun, 22 Jan 2023₦3.9t₦4.7t₦1.3t4.3x3x0.8x
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 3.6x which is higher than its 3-year average PE of 2.6x.
  • The 3-year average PS ratio of 0.83x is lower than the industry's current PS ratio of 1.2x.
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 52% 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 Market4.10%
Financials2.41%
Banks2.81%
Diversified Financial2.07%
Capital Markets1.62%
Mortgage Finance0%0
Insurance-1.22%
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
FIRSTHOLDCO First HoldCo₦50.004.2%
+₦88.9b		72.4%PB0.7x
JAIZBANK Jaiz Bank₦7.4635.9%
+₦87.8b		155.5%PB4.9x
ZENITHBANK Zenith Bank₦69.003.0%
+₦82.1b		47.0%PB0.6x
ETI Ecobank Transnational₦45.007.1%
+₦71.2b		48.0%PB0.4x
ETRANZACT eTranzact International₦19.9560.2%
+₦69.0b		206.9%PE50.1x

Latest News

ETRANZACT
₦19.95
eTranzact International
7D
60.2%
1Y
206.9%
WAPIC
₦3.31
Coronation Insurance
7D
-17.3%
1Y
59.1%
FIDELITYBK
₦19.70
Fidelity Bank
7D
3.4%
1Y
12.9%
JAIZBANK
₦7.46
Jaiz Bank
7D
35.9%
1Y
155.5%
PRESTIGE
₦1.63
Prestige Assurance
7D
-11.4%
1Y
52.3%
NEM
₦31.00
NEM Insurance
7D
-5.9%
1Y
158.3%
SUNUASSUR
₦4.90
Sunu Assurances Nigeria
7D
-10.9%
1Y
-27.0%
ZENITHBANK
₦69.00
Zenith Bank
7D
3.0%
1Y
47.0%

ZENITHBANK: Future Dividend And Earnings Strength Will Drive Share Price Upside

Analysts have nudged their price target on Zenith Bank slightly higher to reflect modest adjustments in the discount rate and future price-to-earnings assumptions, while maintaining broadly unchanged views on fair value and underlying growth and profitability. What's in the News Board meeting scheduled for January 29, 2026, to review the Group's audited financial statements for the year ending December 31, 2025 (Key Developments) Directors to consider a proposal for recommendation of the full-year dividend to shareholders at the same January 29, 2026 board meeting (Key Developments) Valuation Changes Fair Value: Unchanged at NGN 84.02 per share, indicating no revision to the analyst central valuation view.
UBA
₦45.20
United Bank for Africa
7D
3.0%
1Y
32.9%
FIRSTHOLDCO
₦50.00
First HoldCo
7D
4.2%
1Y
72.4%
ETI
₦45.00
Ecobank Transnational
7D
7.1%
1Y
48.0%

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
₦11.20
FCMB Group
7D
-4.3%
1Y
7.7%

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
₦107.00
Stanbic IBTC Holdings
7D
-1.8%
1Y
79.8%
LASACO
₦2.50
LASACO Assurance
7D
-9.1%
1Y
-22.8%

Lasaco Assurance Plc – Shareholders Approve Capital Raise to ₦36 Billion Ahead of Industry Recapitalisation

Lasaco Assurance Plc has secured shareholder approval to increase its capital base to ₦36 billion , positioning the company strongly ahead of the insurance industry recapitalisation deadline scheduled for July 2026. The approval was granted at an Extraordinary General Meeting (EGM) held in Ikeja, Lagos, convened in line with the Nigerian Insurance Industry Reform Act 2025.
STERLINGNG
₦7.80
Sterling Financial Holdings
7D
4.7%
1Y
38.1%
SOVRENINS
₦3.56
Sovereign Trust Insurance
7D
-5.8%
1Y
235.8%