Zenith Bank Plc has become the first Nigerian lender to surpass the ₦5 trillion market capitalisation mark, reinforcing its status as the country’s most valuable banking group.
The milestone follows a sustained rally in the bank’s shares on the Nigerian Exchange Limited (NGX), driven by strong earnings performance and growing investor confidence, particularly around its planned listing on the London Stock Exchange (LSE) by 2027.
Market data show the bank’s shares climbed to ₦124 at midweek trading, pushing its valuation to ₦5.09 trillion from ₦4.72 trillion. The rally has since held, with market capitalisation rising further to ₦5.22 trillion as the share price touched ₦127.
The development places Zenith ahead of key rivals such as Guaranty Trust Holding Company (GTCO), which currently holds a market value of ₦4.75 trillion, despite having a slightly higher share price. Meanwhile, Stanbic IBTC Holdings continues to command the highest per-share price among banking stocks.
Zenith’s market surge is underpinned by robust financial performance. The bank recently reported a profit after tax of ₦1.04 trillion for 2025, maintaining its position as Nigeria’s most profitable lender.
Growth was broad-based across core income lines. Net interest income rose by 53% to ₦2.64 trillion, supported by an increase in customer deposits to ₦24.33 trillion from ₦21.96 trillion. Loans and advances also expanded to ₦10.45 trillion, reflecting continued credit growth in the economy.
Investor optimism has also been buoyed by Zenith’s plans to deepen its international footprint through a potential London listing. The move is expected to unlock access to global capital, enhance visibility, and strengthen the bank’s competitiveness in cross-border banking.
The strategy aligns with a broader trend among African financial institutions seeking international listings to support expansion and facilitate trade flows. Zenith already maintains a presence in global markets through its Global Depository Receipts (GDRs), listed in London since 2013.
As part of its international growth plan, the bank is also expanding its UK operations, including the opening of a new branch in Manchester, its first outside London, targeting corporate banking, trade finance, and treasury services along the UK–Africa corridor.
With strong earnings, rising investor confidence, and a clear global strategy, Zenith’s record-breaking valuation signals a new phase of growth for Nigeria’s banking sector, and raises the bar for its peers.
