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MTN Nigeria closed with total market capitalization of N5.068 trillion … more valuable than all Nigerian Banks

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Nigeria’s telecommunication giant, MTN Nigeria is now worth N5 trillion making it more valuable than all banks, insurance companies, and the entire financial services companies listed on the Nigerian Stock Exchange combined.

This is according to market valuation data as of May 20th, 2022, tracked and compiled by Nairametrics from the Nigerian Exchange.

As of Friday, MTN Nigeria closed with a total market capitalization of N5.068 trillion making it the third most capitalized stock on the Nigerian Exchange. MTN Nigeria now joining Airtel and Dangote Cement, all members of the SWOOT to be worth more than the financial services sector.

MTN was briefly the most capitalized stock two weeks ago when the share price was trading at N264 per share valuing it at N5.3 trillion. However, Airtel and Dangote Cement prices have since risen while MTN shed some of its gains.

MTN Nigeria belongs to a category of companies termed SWOOTs by Nairametrics which means Stocks Worth Over One Trillion Naira. Other members of the group include Airtel Africa (N5.5 trillion) Dangote Cement (N5.1 trillion), BUA Cement (N2.5 trillion), Nestle (N1.1 trillion), and BUA Food (N1 trillion).

MTN now more Valuable than all Financial Services Companies
Shares of MTN have been on the rise since the beginning of the year starting from about N197 to as high as N270 last week.

The share spike which is also largely driven by MTN’s blistering 2021 FY results and 2022 first-quarter results took it past N5 trillion during the week joining Airtel and Dangote Cement as the only three stocks worth over N5 trillion in Nigeria.
The entire Nigerian Financial Services sector which includes banks, insurance companies, and other financial institutions is valued at a combined N4 trillion.

With an over N1 trillion gap between MTN’s valuation and that of Financial services companies, the telecom giant is now firmly more valued than all of them and will have to experience a 20% dip in share price to fall below.

MTN’s share price has risen 51.38% in the last year.
While Airtel, valued at over N5.5 trillion is also more valuable than all the financial services firms, MTN is more significant as the company’s financials represent income generated from Nigeria alone, excluding other African countries.

Airtel’s income includes that of other sub-Saharan African countries even though the income of Nigeria is dominant with about 40% of revenues.

Why are telcos more valuable
A combination of factors explains why MTN and even Airtel are more valuable than the Nigerian financial services sector including banks.

While banks have been declaring impressive profits telcos have gone further by not just declaring profits but achieving double-digit growth projections for other sectors of their market, especially data.

With over 199 million active mobile subscribers, telcos have the customer base and demand that will continue to drive up revenues and profits in years to come.
Apart from data, Telcos also have the capacity and funding to veer into other sectors of the economy starting with banking. The recent MOMO license obtained by MTN opens up a new source of revenue for the organization.

Asides, from their growth prospects, telcos also have better control of their margins and returns. Unlike the financial services sector, Telcos deliver over 100% return on average equity of about 20%. MTN reported a return on average equity of 134% in 2021.
Apart from fundamentals, Nigerian banks also have billions in shares trading with much higher liquidity when compared to telcos.
This is due to the high proportion of single owners of the shares of the banks compared to telcos. For example, Zenith has about 643, 965 shareholders compared to MTN’s 10,931 as of the end of 2021. Also, whilst 2 shareholders own 15% of Zenith Bank, one shareholder owns 76% of MTN.
The shift in the size of Nigeria’s economy
We are also not surprised that MTN has now eclipsed the entire financial service sector in market valuation.

According to Nigeria’s GDP data, the telecommunications sector had a nominal GDP of N14.1 trillion as of December 2021 compared to N5.3 trillion for the entire financial services sector.
10 years ago (2021), Telecommunication Sector has a nominal GDP of N5.3 trillion while banks had a GDP nominal size of N1.49 trillion.
This was not the case before the advent of Telcos.
Telcos are also now 12.6% of the country’s GDP.

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Body of Bank CEOs Delivers Critical Relief to Flood Victims in Niger State, Pledges Continued Support

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Pix 1 L-R: Registrar & Chief Executive of the Chartered Institute of Bankers of Nigeria (CIBN) Akin Morakinyo; Managing Director and Chief Executive Officer of Keystone Bank Limited, Mr. Hassan Imam; Group Managing Director/Chief Executive, Zenith Bank, Dame (Dr.) Adaora Umeoji; The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago; Chairman, Body of Bank CEOs and Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Oliver Alawuba; Managing Director Taj Bank Mr. Hamid Joda; and Secretary to the Government of Niger State (SSG), Alhaji Abubakar Usman during the donation of relief materials from the Body of Bank CEOs in Nigeria, aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area held at the Niger State House in Abuja at the weekend.

The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago; Chairman, Body of Bank CEOs and Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Oliver Alawuba during the donation of relief materials from the Body of Bank CEOs in Nigeria, aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area held at the Niger State House in Abuja at the weekend

Pix 3: L-R: Managing Director and Chief Executive Officer of Keystone Bank Limited, Mr. Hassan Imam; Group Managing Director/Chief Executive, Zenith Bank, Dame (Dr.) Adaora Umeoji; The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago; Chairman, Body of Bank CEOs and Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Oliver Alawuba; and Managing Director Taj Bank Mr. Hamid Joda, during the donation of relief materials from the Body of Bank CEOs in Nigeria, aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area held at the Niger State House in Abuja at the weekend.

In a heartwarming display of corporate social responsibility and solidarity, a consortium of Nigerian Bank CEOs, has pledged significant support to alleviate the suffering of flood victims in Niger State

The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago on Saturday in Abuja received relief materials from the Body of Bank CEOs led by its Chairman, Mr Oliver Alawuba.

The gesture is aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area of the state.

Oliver Alawuba who is also the Group Managing Director/CEO of United Bank for Africa(UBA), led the delegation to the Niger State Government house Abuja, where they presented essential relief items, including bags of rice, beverages, vegetable oil, and mattresses, valued at millions of naira.

The devastating floods, which have affected thousands of families in the region, have prompted the banking community to come together in a show of empathy and support to those displaced and affected by the disaster.

In his address, Alawuba expressed the banking industry’s deep sympathy for the affected communities and reaffirmed their dedication to sustainable support while pointing out that the gesture underscores the banking sector’s commitment to corporate social responsibility and humanitarian intervention especially in times of crisis.

He said, “Today, we stand with the people of Niger State in their time of need. We want you to know that we feel your pain and we give you our firm resolve to assist in rebuilding lives. This donation is just the beginning; we pledge continued collaboration with the Niger State Government to ensure long-term recovery and resilience.”

Other top CEOs and executives at the presentation included by the Group Managing Director/Chief Executive of Zenith Bank, Dame (Dr.) Adaora Umeoji, the Registrar and Chief Executive of the Chartered Institute of Bankers of Nigeria (CIBN), Mr. Akin Morakinyo, Managing Director and Chief Executive Officer of Keystone Bank Limited, Mr. Hassan Imam; Managing Director Taj Bank Mr. Hamid Joda; Secretary to the Government of Niger State (SSG), Alhaji Abubakar Usman senior government officials, banking executives, and media representatives, marking a significant step in public-private collaboration for humanitarian relief.

Governor Bago, who received the relief materials on behalf of the state, commending the banking sector for its timely intervention.

“This gesture reinforces the critical role of private-sector partnerships in disaster response,” Governor Bago stated. “We are grateful for this support and look forward to deeper collaboration in safeguarding our communities against future challenges. On behalf of the good people of Niger State, particularly the affected families in Mokwa, I extend our sincerest thanks for this timely and compassionate intervention,” Bago stated.

“The recent floods in the state brought immense hardship to the people, displacing families, destroying livelihoods, and disrupting communities and the banking sector, under the leadership of Alawuba and his esteemed colleagues, has demonstrated that beyond financial stewardship, they are true partners in national development and humanitarian service.

This donation is not just about the physical items; it is a symbol of hope, resilience, and the unwavering support of Nigeria’s financial institutions in times of need. It reassures our people that they are not forgotten, the governor stated.

 

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FirstBank Wins Gold for Best Corporate University in Social & Climate Change Impact

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 FirstBank, the West Africa premier bank and financial inclusion services provider, is thrilled to announce that its Corporate University, FirstAcademy, has been awarded the Gold Award for Best Corporate University in Social & Climate Change at the Global Council of Corporate Universities (GlobalCCU) Awards 2025.

This highly acclaimed award recognises FirstAcademy’s outstanding commitment to driving social and climate change learning initiatives, aligning its learning and development programs with internal stakeholder needs, and promoting Corporate Social Responsibility (CSR).

The GlobalCCU Awards is a prestigious, biannual recognition of excellence in corporate universities, setting the highest standard for the industry. With a rich 12-year history dating back to its inaugural ceremony in Paris in 2013, the awards have consistently honoured outstanding Corporate Universities, learning and development structures worldwide. The GlobalCCU Awards celebrate institutions that create remarkable value for people, businesses, society and the planet.

FirstBank’s FirstAcademy exemplifies this mission by earning the Gold Award for Best Corporate University in Social & Climate Change at the 2025 ceremony in Paris, France. This distinction reflects FirstAcademy’s dedication to fostering sustainability and environmental responsibility; developing impactful learning initiatives that transcends traditional corporate training, with broader societal goals; integrating climate action into its portfolio and operations;  expanding climate finance offerings and developing a climate action capacity building training program.

FirstAcademy was inaugurated in 2012 as the Bank’s designated corporate academy designed to provide structured talent development, knowledge management and culture change initiatives. One major objective of the academy is to equip staff with the requisite knowledge and skills required to deliver on the Bank’s strategic aspirations and to thrive in an ever-evolving work environment while contributing to social and environmental responsibility.

According to the Founder and Chairman of the GlobalCCU Awards, Annick Renaud-Coulon, “FirstAcademy is an outstanding Corporate University that is clearly the Best Corporate University globally for driving social and climate change learning initiatives.”

Congratulating FirstAcademy, the Founder and Chairman of the GlobalCCU Awards, Annick Renaud-Coulon, said “FirstAcademy is a very mature Corporate University which demonstrates a strong alignment with FirstBank’s vision of responsible banking and sustainable development, with clear support from senior leadership and a governance model that strategically connects learning to business priorities. Congratulations to FirstAcademy for setting a visionary standard in advancing meaningful social and climate change impact through learning and inclusive capacity building!”

In the words of Olayinka Ijabiyi, the Acting Group Head, Marketing and Corporate Communications, FirstBank “We are delighted to receive this international recognition for our efforts in promoting social responsibility and climate action. This award serves as a testament to our belief that businesses can be a force for good, driving transformation that extends beyond profit to create sustainable and equitable futures for all.  FirstAcademy’s programs have not only enhanced employee skills but also contributed to the well-being of society and the environment.”

As FirstBank’s FirstAcademy continues to bridge the gap between corporate initiatives and community needs, it sets a leading example for corporate universities around the globe, inspiring others to follow suit in the quest for meaningful change.

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Access Holdings Topsin Asset Qualityin Proshare’s 2025Tier1 Banking Rankings

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Access Holdings PLC has been ranked the Tier 1 bank
withthebestassetqualityinNigeria,havingpostedthelowestNon-PerformingLoan
Ratio(NPLR)at2.76percent,accordingtoProshare’s2025Tier1BankingReport
released, recently. This marks a significant achievement for Access Holdings, reinforcing
its leadership in credit discipline, risk management, and sustainable lending practices.
The report, titled “The Class of 2025: Getting Bigger, Bolder, and Dominant”, ranks
AccessHoldingssecondoverallintheTier1category,placingjustbehindEcobank
TransnationalIncorporated(ETI),whichledwithapercentilescoreof100.Access
Holdingsfollowedcloselywitha91stpercentileranking,aheadofZenithBankat73
percent, FirstHoldco at 82 percent, UBA at 64 percent, and GTCO at 55 percent.
In terms of NPLR performance, Access Holdings maintained a remarkable 2.76 percent,
outperforming Zenith Bank at 3.54 percent, GTCO at 4.07 percent, UBA at 3.80 percent,
ETI at 6.25 percent, and FirstHoldco at 6.70 percent. This places Access Holdings at the
forefrontofassetqualitymanagementamongNigeria’stopbanksandreaffirmsits
reputation for operational discipline amid market volatility.
Commenting on the achievement, Bolaji Agbede, Acting Group Chief Executive Officer of
Access Holdings PLC, said: “This ranking is not just a measure of our financial health; it
reflects the strength of our governance, thequality of our decision-making, and the focus
we place on long-term value creation. It is a testament to the discipline of our people and
the effectiveness of our pan-African strategy.”
She added: “At Access Holdings, we believe that sustainable success lies in balancing
growthwith resilience.Wewill continuetoexecutewith precision,buildwithpurpose, and
innovate with integrity as we expand our presence across Africa and beyond.”
The 2025 edition of the Proshare Bank Strength Index (PBSI) introduces a recalibrated
framework that reflects the realities of the ongoing recapitalisation exercise in Nigeria’s
bankingsector. Thisedition goesbeyond traditionalfinancialmetrics andincorporates
broaderdeterminantsofprofitability,stability,andstakeholdervalue.ThePBSImodel
emphasisescapitaladequacyandscale,assetqualityandsustainablegrowth,digital
transformation andearnings diversification,governance qualityand boarddiversity, as
well as profitability and cost-efficiency.
  • www.accessbankplc.com
    AccessHoldingsdemonstratedstrongfundamentalsacrossalltheseparameters.It
    closed Full Year 2024 with total assets of 41.5 trillion and a loan book of 13.1 trillion.₦ ₦
    The Group’scapitaladequacyratiostoodat20.46percent,whileassetgrowthforthe
    periodreached55.49percent.Itscostofriskwasheldat1.25percent,netinterest
    margin recorded at 6.80 percent, and earnings growth was an impressive 88.05 percent,
    all indicators of a business built on financial soundness and execution excellence.
    Speaking at the launch event, Olufemi Awoyemi, Chairman of Proshare, described the
    report as a vital mirror into the shifting dynamics of Nigeria’s financial services industry.
    “AccessHoldingshasprovenitselfasastrong,adaptiveinstitution.Itsrobustcapital
    base, successful fundraising, and continental expansion efforts show a group that is not
    onlygrowingbutevolving.Asrecapitalisationreshapesthebankinglandscape,
    institutions like Access Holdings will continue to define the future of finance in Africa.”
    He further remarked on the nuance behind E
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