A recent surge in share prices has propelled Wema Bank, Fidelity Bank, Ecobank, and Dangote Sugar Refinery past the N1 trillion market capitalization threshold, elevating them into the exclusive group of large-cap stocks on the Nigerian Exchange (NGX).
As of trading on 17 February 2026, Wema Bank was valued at N1.09 trillion, Fidelity Bank at N1.04 trillion, Ecobank at N1.02 trillion, and Dangote Sugar at N1.01 trillion. The addition of these four companies brings the total number of “Stocks Worth Over One Trillion Naira” (SWOOTs) on the NGX to 26, up from 22 in October 2025, highlighting strong investor appetite for top-tier equities.
Market Performance Driving Valuation Gains
NGX data show that the rally in these counters has been steep over recent weeks:
- Wema Bank shares rose from N23.95 on 2 February to over N27 by 17 February, lifting its market value from N960.8 billion to N1.09 trillion, with 40.1 billion shares outstanding.
- Fidelity Bank climbed above N20 per share mid-February, boosting its market value from N964.07 billion to N1.04 trillion across 50.2 billion shares.
- Ecobank shares closed at N43 on 17 February, up from N994.3 billion at the end of 2025, giving it a market cap of N1.02 trillion.
- Dangote Sugar Refinery shares rose from N82 on 13 February to a market value of N1.01 trillion by 17 February, with 12.1 billion shares in circulation.
Mid-day trading on 18 February showed Wema Bank shares up over 15%, bringing its year-to-date gain to 32%. Fidelity is up 7% for the month and over 5% year-to-date, Dangote Sugar is up 28% this month and 39% year-to-date, while Ecobank has dipped 6% for the month but remains up 7% year-to-date.
Strong Financial Results Fuel Investor Confidence
The rally follows robust financial performances in 2025, building on gains from 2024:
- Wema Bank (FY2025) reported pre-tax profit of N222.07 billion, up 116% from 2024, with profit after tax rising 123% to N193.19 billion, supported by a 51% increase in gross earnings from interest income.
- Ecobank Transnational Incorporated (FY2025) posted pre-tax profit of N1.27 trillion, a 30% increase from 2024, with net interest income up 22% to N2.13 trillion and non-interest revenue up 13% to N1.53 trillion.
- Fidelity Bank Plc (Q3 2025) recorded gross earnings of N366.1 billion, up 8% from Q3 2024, with interest income rising 33% to N285.6 billion, while other interest income more than doubled to N34.2 billion.
- Dangote Sugar Refinery Plc (Q3 2025) rebounded with a pre-tax profit of N13.38 billion, recovering from a N64.16 billion loss in Q3 2024, reducing its nine-month cumulative loss to N8.7 billion from N275.5 billion in 2024.
Capitalisation Milestones Support Market Confidence
The four companies have also strengthened their capital bases in line with regulatory requirements. Wema Bank, Fidelity Bank, and Ecobank have completed recapitalisation ahead of the Central Bank of Nigeria’s (CBN) March 2026 deadline, while Dangote Sugar’s return to profitability reflects improved revenue generation and cost management.
Analysts say the combination of solid financials, regulatory compliance, and renewed investor interest in large-cap stocks has driven the surge in valuations, signaling continued confidence in Nigeria’s blue-chip equities.