At the conclusion of Tuesday's trading on the Nigerian Exchange Limited, Access Holdings Plc and First Bank of Nigeria Holdings achieved a significant milestone by surpassing N1 trillion in market capitalization. This accomplishment follows United Bank for Africa's achievement of the N1 trillion market cap on the previous day.
Both Access Holdings and FBNH witnessed substantial gains, with approximately N82 billion and N93 billion added to their market caps, reaching N1.055 trillion and N1.026 trillion, respectively.
While FBNH had previously crossed the N1 trillion market cap mark in December, it experienced a drop in the next trading session. UBA, which entered the elite N1 trillion club with a market cap of N1.022 trillion, further appreciated to N1.114 trillion by the close of Tuesday's trading.
With this development, all tier-1 banks in the country now boast capitalizations exceeding N1 trillion. This achievement comes in the wake of the Central Bank of Nigeria's (CBN) recent announcement of plans for a recapitalization exercise, aligned with the goal of driving a $1 trillion economy as projected by President Bola Tinubu.
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