Ecobank Transnational Incorporated (ETI) has crossed the ₦1 trillion market capitalisation mark for the first time since listing on the Nigerian Exchange (NGX), marking a historic milestone for the pan-African lender more than two decades after its debut on the bourse.
ETI’s valuation surged beyond the ₦1 trillion threshold on Monday, January 5, 2026, following a sustained rally in its share price. By the close of trading on Monday, January 12, the stock had risen 7.4 per cent to ₦45 per share, bringing its four-week gain to about 23 per cent and ranking it as the 40th best-performing stock on the NGX over that period.
According to data from African Stock Exchange, a market analytics platform, Ecobank Transnational Incorporated is now the 23rd most valuable listed company on the NGX, with a market capitalisation of approximately ₦1.07 trillion. This represents about 1.02 per cent of the total equity market value.
Bond Repayment Boosts Investor Confidence
Market analysts link the rally in ETI’s shares to improved investor confidence following the bank’s early repayment of a significant portion of its Eurobond obligations. The group recently repaid $245 million of its $300 million Eurobond issuance to bondholders who validly tendered their notes ahead of the February 2026 maturity date.
The move appears to have strengthened sentiment around the bank’s balance sheet and operational resilience, coming after a volatile 2025 in which ETI’s stock faced sell-offs. Despite that turbulence, the lender’s shares gained about 61 per cent over the past year, underscoring renewed optimism around its long-term outlook.
Banking Sector Momentum Builds
Ecobank’s entry into the trillion-naira valuation bracket adds to a growing list of Nigerian lenders benefiting from renewed investor interest, particularly as the banking sector undergoes a major recapitalisation exercise. The trend suggests increasing confidence in the sector’s ability to absorb higher capital requirements and deliver stronger earnings over the medium term.
GTCO remains the most valuable bank on the NGX, with a market capitalisation of ₦3.62 trillion as of January 12. It is followed by Zenith Bank at ₦2.75 trillion, First Bank of Nigeria at ₦2.16 trillion, United Bank for Africa at ₦1.94 trillion, Stanbic IBTC at ₦1.7 trillion, and Access Bank at ₦1.23 trillion. With its latest valuation, Ecobank now joins this group of Nigeria’s largest lenders by market value.
Fidelity Bank briefly crossed the ₦1 trillion mark on April 4, 2025, becoming the first tier-2 bank to achieve the feat. However, its valuation fell below the threshold on May 20 after a Supreme Court ruling weighed on its share price. The bank is currently valued at about ₦957 billion.
Trillion-Naira Club Expands
Data from Nigerian Exchange Limited shows that the number of listed companies with market capitalisation of at least ₦1 trillion has risen to 24, up from 17 a year earlier, reflecting broader strength in select sectors of the equity market.
The five most valuable listed companies on the NGX remain BUA Foods, with a market capitalisation of ₦14.38 trillion, MTN Nigeria Communications at ₦12.70 trillion, Dangote Cement at ₦10.71 trillion, Airtel Africa at ₦8.53 trillion, and BUA Cement at ₦6.2 trillion.
Ecobank’s milestone underscores its growing stature in Nigeria’s capital market and highlights the banking sector’s increasing prominence within the expanding trillion-naira club.