Zenith Bank Plc has become the first Nigerian bank to exceed a N5 trillion market capitalisation, reaching N5.09 trillion following a 0.9 percent rise in its share price to N124 on Wednesday, according to data from the Nigerian Exchange Limited (NGX). The value increased further to N5.22 trillion by Monday, with shares at N127. The milestone places Zenith ahead of Guaranty Trust Holding Company (GTCO), which had a market value of N4.75 trillion, despite GTCO's higher share price of N129.9. Stanbic IBTC Holdings Plc holds the highest share price in the sector at N169.7.
The growth follows Zenith Bank's announcement of a profit after tax of N1.04 trillion for the previous year, up from N1.03 trillion in 2024. This performance was driven by a 53 percent increase in net interest income to N2.64 trillion, rising customer deposits to N24.33 trillion from N21.96 trillion, and an expansion in loans and advances to N10.45 trillion from N9.96 trillion. Investor confidence has also been boosted by the bank's plan to list on the London Stock Exchange (LSE) by 2027, a move intended to broaden access to global capital and support cross-border banking.
Zenith Bank has maintained a presence on the London market since 2013 through its Global Depository Receipts (GDRs), traded under the ticker ZENB.L. The listing plans coincide with the expansion of its UK operations, including the opening of a new branch in Manchester—the first outside London—set to create about 30 direct jobs. The branch will focus on corporate banking, trade finance, and treasury services for businesses on the UK–Africa trade corridor. Group Managing Director Adaora Umeoji stated the expansion supports the bank's long-term strategy to strengthen its global footprint, noting the UK's role in deepening client relationships and enhancing Africa-Europe market connectivity.
Zenith Bank touts a N5.22 trillion valuation while its UK expansion creates just 30 jobs in Manchester, raising questions about the scale of direct benefit to Nigerian workers. The bank's focus on London listings and European corporate clients contrasts with its domestic footprint, where job creation and financial inclusion remain uneven. Profit after tax rose to N1.04 trillion, yet the link between such gains and broader economic impact in Nigeria is not addressed. The priorities appear aligned more with global capital than local economic transformation.
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