• The list of Nigerian most valuable banks after the first quarter of 2023 has been revealed based on their market capitalization
• Zenith Bank and GT Bank are the most valued commercial banks on the Nigerian market maintaining their position from the start of the year
• First Bank is the only bank that saw its market value drop during the first quarter of 2023

Zenith Bank and Guaranty Trust Bank have emerged as Nigeria’s most valuable commercial banks for the first quarter of 2023 (January-March), based on their market capitalization.

As per data collected by Legit.ng from the Nigerian Exchange Group (NGX), Zenith Bank concluded March 2023 with a market capitalization of N811.60bn, an increase of N43 billion from its starting value of N767.64 billion.

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This makes Zenith Bank’s market cap the highest among the 13 commercial banks listed on the Nigerian Stock Exchange.

Market capitalization is a measure of how much a company is worth, as determined by the stock market.

Guaranty Trust Bank, with a market capitalization of N750.50 billion, retains its second-place position.

During the first quarter of the year, GT Bank’s market cap increased by N44.16bn, compared to N706.34 billion in January 2023.

Banks’ valuation starting the new year vs the end of March 2023

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First Bank’s top director, Shobo resigns

Meanwhile in another report, First Bank of Nigeria’s deputy managing director, Gbenga Shobo, also resigned in a similar development.

The guidelines limit executive directors, deputy managing directors, and managing directors to a maximum tenure of 10 years.

The new guidelines are expected to affect many other bank executive and non-executive board members.

Source: Legit.ng