Nigerians are putting more of their hard-earned money into the stock market than ever before. But what has that money actually earned them?
Between January and May 2026, retail participation in the Nigerian Exchange (NGX) grew by 138.76% year-on-year, with ₦2.86 trillion ($2.13 billion) in equities traded. Much of the renewed interest in the market has coincided with a strong run in banking stocks, as investors bet on what newly recapitalised banks can earn from their larger balance sheets.
But the rally has not rewarded every bank investor equally. A ₦100,000 ($74.43) investment in First HoldCo at the start of 2026 would have become ₦269,000 ($200.21) by August 26, while the same investment in UBA would be worth just ₦106,000 ($78.89).
Between March 2024 and March 2026, Nigerian banks raised ₦3.37 trillion ($2.51 billion) in fresh capital from domestic investors. Much of that capital has gone into the country’s biggest lenders, including Access Holdings Plc, Guaranty Trust Holding Company Plc (GTCO), United Bank for Africa (UBA), First HoldCo Plc, and Zenith Bank.
With fresh capital, these banks now have greater capacity to grow their loan books, expand payments and other fee-generating businesses, and compete for larger corporate and retail opportunities. Investors are betting that stronger earnings will translate into higher share prices and dividends.
So, how much would ₦100,000 ($74.43) invested in each of the five banks at the start of the year be worth now?
Methodology: The calculations use each stock’s first trading price of 2026 and its August 26 price. They measure share-price appreciation only and exclude dividends, brokerage fees, taxes, and other transaction costs.