What ₦100,000 in Nigeria’s biggest bank stocks became in 8 months
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.
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What your investment became
Original Investment
Gain
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Access Holdings
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Access Holdings: ₦100,000 grew to ₦131,190
Access Holdings shares rose from ₦21 in January to ₦27.55 on 26 August 2026. Enter an investment amount to see what that meant for your money.
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Access Holdings, with a market capitalisation of ₦1.46 trillion ($1.09 billion), started the year trading at ₦21 ($0.016) per share. A ₦100,000 ($74.43) investment in the stock at the time would have bought 4,761.91 shares. At ₦27.55 ($0.021) on August 26, those shares would be worth ₦131,190.48 ($97.64).
This represents a 31.2% share-price gain in eight months.
First HoldCo
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First HoldCo: ₦100,000 more than doubled
Driven by renewed dividend expectations, First HoldCo shares surged from ₦47.90 in January to ₦129 on 26 August 2026. Enter an investment amount to see what that meant for your money.
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First HoldCo, with a market capitalisation of ₦5.71 trillion ($4.25 billion), started the year trading at ₦47.90 ($0.036) per share.
A ₦100,000 ($74.43) investment would have bought 2,087.68 shares. At ₦129 ($0.096) on August 26, the investment would be worth ₦269,311.07 ($200.44).
This represents a 169.3% share-price gain, the largest among the five banks.
The rally has come as investors renewed their expectations for dividends. In July, First HoldCo said it would distribute at least 60% of its annual post-tax profit as dividends after failing to declare a full-year dividend for 2025.
In August, its market capitalisation crossed ₦6 trillion ($4.47 billion) after its share price hit ₦136.65.
GTCO
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GTCO: ₦100,000 grew by over ₦40,000
GTCO shares rose from ₦90.70 in January to ₦127.60 on 26 August 2026. Enter an investment amount to see what that meant for your money.
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GTCO, with a market capitalisation of ₦4.69 trillion ($3.49 billion), started the year trading at ₦90.70 ($0.068) per share.
A ₦100,000 ($74.43) investment at the start of the year would have bought 1,102.54 shares. At ₦127.60 ($0.095) on August 26, those shares would be worth ₦140,683.57 ($104.71), a 40.7% gain in share price.
GTCO was one of six Nigerian-listed banks to pay a dividend for the 2025 financial year. It paid ₦12.76 ($0.009) per share.
UBA
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.tc-uv-desc { font-size: 0.875rem; color: #555; margin: 0 0 24px 0; line-height: 1.5; }
/* Input Section */
.tc-uv-input-box { background: #F6F6F6; padding: 16px; border-radius: 8px; margin-bottom: 32px; }
.tc-uv-label { display: block; font-size: 0.875rem; font-weight: 600; margin-bottom: 8px; color: #151515; }
.tc-uv-input-wrapper { position: relative; }
.tc-uv-currency { position: absolute; left: 12px; top: 50%; transform: translateY(-50%); font-weight: 600; color: #151515; }
.tc-uv-input { width: 100%; padding: 12px 12px 12px 32px; font-size: 1.125rem; font-weight: 600; border: 1px solid #ccc; border-radius: 8px; font-family: inherit; background: #fff; color: #151515; transition: border-color 0.2s; }
.tc-uv-input:focus { outline: none; border-color: #EA2D2E; }
/* Static Annotation Banner (Fixes Overlap) */
.tc-uv-annotation-wrapper { display: flex; justify-content: center; margin-bottom: 16px; }
.tc-uv-annotation { text-align: center; background: #FFF; padding: 8px 20px; border-radius: 24px; box-shadow: 0 2px 8px rgba(0,0,0,0.08); border: 1px solid #E3E8EF; width: max-content; }
.tc-uv-anno-val { font-weight: 700; color: #EA2D2E; font-size: 1.25rem; line-height: 1.2; }
.tc-uv-anno-pct { font-size: 0.8rem; font-weight: 600; color: #555; }
/* Vertical Chart Area */
.tc-uv-chart-area { display: flex; justify-content: center; align-items: flex-end; height: 180px; gap: 60px; border-bottom: 1px solid #E3E8EF; }
/* Individual Bars */
.tc-uv-bar-group { display: flex; flex-direction: column; align-items: center; justify-content: flex-end; height: 100%; width: 80px; }
.tc-uv-bar-top-val { font-size: 0.875rem; font-weight: 700; margin-bottom: 8px; color: #151515; text-align: center; }
.tc-uv-bar { width: 100%; border-radius: 4px 4px 0 0; transition: all 0.2s ease; }
/* True scale heights based on common zero baseline: 41.65 / 44.15 = 94.33% */
.tc-uv-bar.jan { background-color: #24292F; height: 94.33%; }
.tc-uv-bar.aug { background-color: #EA2D2E; height: 100%; }
/* X-Axis Labels */
.tc-uv-x-axis { display: flex; justify-content: center; gap: 60px; margin-top: 8px; margin-bottom: 24px; }
.tc-uv-label-group { width: 80px; text-align: center; }
.tc-uv-date { font-size: 0.75rem; font-weight: 700; color: #151515; line-height: 1.3; }
.tc-uv-price { font-size: 0.7rem; color: #555; }
/* Footer Note */
.tc-uv-note { font-size: 0.75rem; color: #777; text-align: center; line-height: 1.4; border-top: 1px dashed #E3E8EF; padding-top: 12px; }
/* Strict Mobile Fixes */
@media (max-width: 480px) {
#tc-uba-vertical-widget { padding: 16px; }
.tc-uv-title { font-size: 1.15rem; }
.tc-uv-input-box { margin-bottom: 24px; }
.tc-uv-chart-area { gap: 30px; height: 160px; }
.tc-uv-x-axis { gap: 30px; }
.tc-uv-bar-group, .tc-uv-label-group { width: 70px; }
.tc-uv-bar-top-val { font-size: 0.8rem; margin-bottom: 6px; }
.tc-uv-anno-val { font-size: 1.125rem; }
.tc-uv-anno-pct { font-size: 0.75rem; }
}
UBA: ₦100,000 became just ₦106,002
UBA shares rose from ₦41.65 in January to ₦44.15 on 26 August 2026. Enter an investment amount to see what that meant for your money.
(function(){var i=document.getElementById(‘tc-uv-input’),vJ=document.getElementById(‘tc-uv-val-jan’),vA=document.getElementById(‘tc-uv-val-aug’),aV=document.getElementById(‘tc-uv-anno-val’);var rate=44.15/41.65;function fmt(n){return ‘₦’+Math.round(n).toString().replace(/B(?=(d{3})+(?!d))/g,’,’);}function fInp(v){var c=v.replace(/D/g,”);return c===”?”:parseInt(c,10).toString().replace(/B(?=(d{3})+(?!d))/g,’,’);}function calc(){var r=i.value.replace(/,/g,”),pr=parseFloat(r)||0;if(pr<=0){vJ.innerText='₦0';vA.innerText='₦0';aV.innerText='+₦0';return;}var fv=pr*rate,pf=fv-pr;vJ.innerText=fmt(pr);vA.innerText=fmt(fv);aV.innerText='+'+fmt(pf);}i.addEventListener('input',function(evt){evt.target.value=fInp(evt.target.value);calc();});calc();})();
UBA, with a market capitalisation of ₦1.97 trillion ($1.47 billion), started the year trading at ₦41.65 ($0.031) per share.
A ₦100,000 ($74.43) investment would have bought 2,400.96 shares. At ₦44.15 ($0.033) on August 26, the investment would be worth ₦106,002.40 ($78.89).
This is a 6% share-price gain, the smallest among the five banks.
UBA’s weaker performance comes amid investor disappointment over the bank’s decision not to pay a dividend for the 2025 financial year because of regulatory-driven provisioning. Two days after UBA released its full-year 2025 results in April, its share price fell to ₦44.60 ($0.033) from ₦55 ($0.041).
The bank has said it aims to resume dividend payments in 2026.
Zenith Bank
#tc-zenith-vertical-widget * { box-sizing: border-box; }
.tc-zv-title { font-size: 1.35rem; font-weight: 700; margin: 0 0 6px 0; line-height: 1.25; color: #151515; }
.tc-zv-desc { font-size: 0.875rem; color: #555; margin: 0 0 24px 0; line-height: 1.5; }
/* Input Section */
.tc-zv-input-box { background: #F6F6F6; padding: 16px; border-radius: 8px; margin-bottom: 32px; }
.tc-zv-label { display: block; font-size: 0.875rem; font-weight: 600; margin-bottom: 8px; color: #151515; }
.tc-zv-input-wrapper { position: relative; }
.tc-zv-currency { position: absolute; left: 12px; top: 50%; transform: translateY(-50%); font-weight: 600; color: #151515; }
.tc-zv-input { width: 100%; padding: 12px 12px 12px 32px; font-size: 1.125rem; font-weight: 600; border: 1px solid #ccc; border-radius: 8px; font-family: inherit; background: #fff; color: #151515; transition: border-color 0.2s; }
.tc-zv-input:focus { outline: none; border-color: #EA2D2E; }
/* Static Annotation Banner */
.tc-zv-annotation-wrapper { display: flex; justify-content: center; margin-bottom: 16px; }
.tc-zv-annotation { text-align: center; background: #FFF; padding: 8px 20px; border-radius: 24px; box-shadow: 0 2px 8px rgba(0,0,0,0.08); border: 1px solid #E3E8EF; width: max-content; }
.tc-zv-anno-val { font-weight: 700; color: #EA2D2E; font-size: 1.25rem; line-height: 1.2; }
.tc-zv-anno-pct { font-size: 0.8rem; font-weight: 600; color: #555; }
/* Vertical Chart Area */
.tc-zv-chart-area { display: flex; justify-content: center; align-items: flex-end; height: 180px; gap: 60px; border-bottom: 1px solid #E3E8EF; }
/* Individual Bars */
.tc-zv-bar-group { display: flex; flex-direction: column; align-items: center; justify-content: flex-end; height: 100%; width: 80px; }
.tc-zv-bar-top-val { font-size: 0.875rem; font-weight: 700; margin-bottom: 8px; color: #151515; text-align: center; }
.tc-zv-bar { width: 100%; border-radius: 4px 4px 0 0; transition: all 0.2s ease; }
/* True scale heights based on common zero baseline: 61.80 / 119.40 = 51.75% */
.tc-zv-bar.jan { background-color: #24292F; height: 51.75%; }
.tc-zv-bar.aug { background-color: #EA2D2E; height: 100%; }
/* X-Axis Labels */
.tc-zv-x-axis { display: flex; justify-content: center; gap: 60px; margin-top: 8px; margin-bottom: 24px; }
.tc-zv-label-group { width: 80px; text-align: center; }
.tc-zv-date { font-size: 0.75rem; font-weight: 700; color: #151515; line-height: 1.3; }
.tc-zv-price { font-size: 0.7rem; color: #555; }
/* Footer Note */
.tc-zv-note { font-size: 0.75rem; color: #777; text-align: center; line-height: 1.4; border-top: 1px dashed #E3E8EF; padding-top: 12px; }
/* Strict Mobile Fixes */
@media (max-width: 480px) {
#tc-zenith-vertical-widget { padding: 16px; }
.tc-zv-title { font-size: 1.15rem; }
.tc-zv-input-box { margin-bottom: 24px; }
.tc-zv-chart-area { gap: 30px; height: 160px; }
.tc-zv-x-axis { gap: 30px; }
.tc-zv-bar-group, .tc-zv-label-group { width: 70px; }
.tc-zv-bar-top-val { font-size: 0.8rem; margin-bottom: 6px; }
.tc-zv-anno-val { font-size: 1.125rem; }
.tc-zv-anno-pct { font-size: 0.75rem; }
}
Zenith: ₦100,000 nearly doubled to ₦193,204
Zenith Bank shares surged from ₦61.80 in January to ₦119.40 on 26 August 2026. Enter an investment amount to see what that meant for your money.
(function(){var i=document.getElementById(‘tc-zv-input’),vJ=document.getElementById(‘tc-zv-val-jan’),vA=document.getElementById(‘tc-zv-val-aug’),aV=document.getElementById(‘tc-zv-anno-val’);var rate=119.40/61.80;function fmt(n){return ‘₦’+Math.round(n).toString().replace(/B(?=(d{3})+(?!d))/g,’,’);}function fInp(v){var c=v.replace(/D/g,”);return c===”?”:parseInt(c,10).toString().replace(/B(?=(d{3})+(?!d))/g,’,’);}function calc(){var r=i.value.replace(/,/g,”),pr=parseFloat(r)||0;if(pr<=0){vJ.innerText='₦0';vA.innerText='₦0';aV.innerText='+₦0';return;}var fv=pr*rate,pf=fv-pr;vJ.innerText=fmt(pr);vA.innerText=fmt(fv);aV.innerText='+'+fmt(pf);}i.addEventListener('input',function(evt){evt.target.value=fInp(evt.target.value);calc();});calc();})();
Zenith Bank, with a market capitalisation of ₦4.84 trillion ($3.60 billion), started the year trading at ₦61.80 ($0.046) per share.
A ₦100,000 ($74.43) investment would have bought 1,618.12 shares. At ₦119.40 ($0.089) on August 26, the investment would be worth ₦193,203.88 ($143.79).
This is a 93.2% share-price gain, second only to First HoldCo among the five banks.
Zenith has also remained a major dividend payer. The bank paid ₦10 ($0.007) per share for the 2025 financial year.
Editor’s note: This is not financial advice.
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