Nigerian Banks See Investor Interest Amid Valuation Gaps

Access Holdings Plc and United Bank for Africa (UBA) Plc are attracting investor attention as Nigerian banking stocks experience significant gains. Analysts note the disparity between some lenders’ market valuations and their underlying assets and earnings potential.

Access Holdings, Nigeria’s largest banking group by total assets, reported gross earnings of N5.53 trillion and profit after tax of N743.05 billion in 2025. Despite its operational scale, market assessments suggest the group trades at a substantial discount to its net asset value.

The NGX Banking Index has seen sharp increases in 2026, although investors remain cautious about earnings sustainability, credit risks and regulatory capital requirements. Analysts warn that seemingly low share prices do not necessarily equate to investment gains.