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Nigerian (NSE) Financials Sector Analysis

UpdatedDec 30, 2025
DataAggregated Company Financials
Companies43
  • 7D2.3%
  • 3M-1.1%
  • 1Y40.5%
  • YTD39.1%

The Financials industry is up 2.5% in the last week, with First HoldCo up 15%. This takes the industry's 12 month performance to a gain of 41%. As for the next few years, earnings are expected to grow by 17% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 30 Dec 2025₦17.5t₦16.8t₦5.3t7.3x3.3x1x
Thu, 27 Nov 2025₦16.3t₦16.8t₦5.3t7.2x3.1x1x
Sat, 25 Oct 2025₦17.8t₦16.1t₦5.2t9.2x3.4x1.1x
Mon, 22 Sep 2025₦16.6t₦16.3t₦5.5t9x3x1x
Wed, 20 Aug 2025₦17.2t₦16.5t₦5.6t9x3.1x1x
Fri, 18 Jul 2025₦16.8t₦16.1t₦5.6t6.1x3x1x
Sun, 15 Jun 2025₦12.9t₦16.1t₦5.6t5x2.3x0.8x
Tue, 13 May 2025₦12.0t₦16.4t₦5.8t4.7x2.1x0.7x
Thu, 10 Apr 2025₦11.1t₦15.7t₦5.9t3.6x1.9x0.7x
Sat, 08 Mar 2025₦10.7t₦15.5t₦5.9t4.3x1.8x0.7x
Mon, 03 Feb 2025₦11.1t₦15.4t₦5.9t4.2x1.9x0.7x
Wed, 01 Jan 2025₦9.5t₦15.1t₦5.8t3.5x1.6x0.6x
Fri, 29 Nov 2024₦8.7t₦15.3t₦5.8t3x1.5x0.6x
Sun, 27 Oct 2024₦8.6t₦14.1t₦5.3t2.6x1.6x0.6x
Tue, 24 Sep 2024₦7.9t₦13.4t₦5.2t2.9x1.5x0.6x
Thu, 22 Aug 2024₦7.3t₦12.5t₦4.8t2.8x1.5x0.6x
Sat, 20 Jul 2024₦7.3t₦12.2t₦4.7t3.2x1.5x0.6x
Mon, 17 Jun 2024₦7.0t₦12.0t₦4.7t3.1x1.5x0.6x
Wed, 15 May 2024₦7.0t₦11.7t₦4.5t4.2x1.5x0.6x
Fri, 12 Apr 2024₦7.9t₦9.9t₦3.7t5x2.1x0.8x
Sun, 10 Mar 2024₦7.2t₦9.2t₦3.0t4.4x2.4x0.8x
Tue, 06 Feb 2024₦8.1t₦8.9t₦2.9t5.3x2.8x0.9x
Thu, 04 Jan 2024₦8.1t₦7.7t₦2.7t4.3x3x1.1x
Sat, 02 Dec 2023₦6.7t₦7.6t₦2.7t4.4x2.5x0.9x
Mon, 30 Oct 2023₦6.2t₦7.4t₦2.5t4.4x2.5x0.8x
Wed, 27 Sep 2023₦6.2t₦7.0t₦2.4t4.1x2.6x0.9x
Fri, 25 Aug 2023₦6.0t₦6.0t₦1.6t4.5x3.9x1x
Sun, 23 Jul 2023₦6.3t₦5.8t₦1.4t5.8x4.4x1.1x
Tue, 20 Jun 2023₦5.4t₦5.5t₦1.3t5.8x4.1x1x
Thu, 18 May 2023₦4.2t₦5.2t₦1.3t4.6x3.2x0.8x
Sat, 15 Apr 2023₦4.0t₦4.9t₦1.3t4.6x2.9x0.8x
Mon, 13 Mar 2023₦4.1t₦4.8t₦1.3t4x3.1x0.9x
Wed, 08 Feb 2023₦4.1t₦4.8t₦1.3t4x3.1x0.8x
Fri, 06 Jan 2023₦3.8t₦4.7t₦1.3t4.1x3x0.8x
Price to Earnings Ratio

3x


Total Market Cap: ₦3.8tTotal Earnings: ₦1.3tTotal Revenue: ₦4.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Financials Sector Price to Earnings3Y Average 2.6x20242025
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 Market1.50%
Financials2.32%
Banks2.68%
Capital Markets1.74%
Insurance1.11%
Diversified Financial0.50%
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
FIRSTHOLDCO First HoldCo₦49.307.2%
+₦138.2b		74.8%PB0.6x
ETI Ecobank Transnational₦41.8010.0%
+₦90.2b		49.3%PB0.4x
UBA United Bank for Africa₦41.005.1%
+₦82.1b		19.5%PB0.4x
GTCO Guaranty Trust Holding₦89.551.6%
+₦46.0b		57.1%PB0.9x
ACCESSCORP Access Holdings₦21.002.4%
+₦25.9b		-12.5%PB0.3x

Latest News

FCMB
₦10.90
FCMB Group
7D
3.3%
1Y
17.2%

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.
ACCESSCORP
₦21.00
Access Holdings
7D
2.4%
1Y
-12.5%

Access Holdings Plc Secures Shareholder Approval for N40 Billion Private Placement to Strengthen Capital Base

Key Highlights Offer Size: Up to N40 billion (or foreign currency equivalent) Offer Structure: Private placement of newly created ordinary shares Offer Price: N20.25 per share (or as determined by the board) New Shares to be Issued: 1.98 billion ordinary shares of 50 kobo each Post-Transaction Share Capital: Increase from N26.66 billion to N27.65 billion Post-Transaction Total Issued Shares: From ~53.32 billion to ~55.29 billion Approval Date: December 18, 2025 Regulatory Approvals Required: CBN, SEC, NGX Overview Access Holdings Plc, a leading financial holding company in Nigeria, has received shareholder approval to raise up to N40 billion through a private placement. The approval, granted at a virtual Extraordinary General Meeting (EGM) on December 18, 2025, empowers the board to execute the capital raise, restructure share capital, and engage selected strategic or institutional investors.
ETI
₦41.80
Ecobank Transnational
7D
10.0%
1Y
49.3%
STANBIC
₦96.00
Stanbic IBTC Holdings
7D
0.8%
1Y
66.7%
GTCO
₦89.55
Guaranty Trust Holding
7D
1.6%
1Y
57.1%

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.
AIICO
₦3.70
AIICO Insurance
7D
-5.9%
1Y
158.7%
FIRSTHOLDCO
₦49.30
First HoldCo
7D
7.2%
1Y
74.8%
ZENITHBANK
₦62.70
Zenith Bank
7D
-0.5%
1Y
36.5%

ZENITHBANK: Future Earnings Momentum Will Drive Upside As Margins Improve

Analysts have raised their price target for Zenith Bank by approximately 7 percent to align with an updated fair value estimate of about $84. This change reflects slightly stronger expected revenue growth and a marginally lower discount rate, which more than offset a small reduction in projected profit margins and a modestly higher future price-to-earnings multiple.
STERLINGNG
₦7.00
Sterling Financial Holdings
7D
-4.1%
1Y
23.9%
SOVRENINS
₦3.80
Sovereign Trust Insurance
7D
-4.5%
1Y
272.5%
FIDELITYBK
₦19.00
Fidelity Bank
7D
-0.3%
1Y
9.8%
CUSTODIAN
₦39.00
Custodian Investment
7D
11.1%
1Y
128.1%
UBA
₦41.00
United Bank for Africa
7D
5.1%
1Y
19.5%

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
68.1%
MANSARD
₦13.00
AXA Mansard Insurance
7D
-7.1%
1Y
58.5%
CORNERST
₦5.60
Cornerstone Insurance
7D
-3.3%
1Y
69.7%