UBA, FBNH comeback lifts trillion-naira valuation club membership to record high
The United Bank for Africa and FBN Holdings, the parent of First Bank of Nigeria, are the latest entities to rejoin the club of listed companies with a market value of at least N1 trillion.
Their comeback has seen the club’s membership hit a record high of 15, representing almost 10 percent of the companies listed on the Nigerian Exchange Limited.
A total of four companies including Transcorp Hotels and Oando have again crossed the N1 trillion market capitalisation mark this week.
UBA, whose valuation rose to N1.03 trillion on Friday, reported earlier in the week that its profit before tax rose 20.2 percent to N603.48 billion for the third quarter of this year compared to the same period of 2023.
FBN Holdings’ market value stood at N1.03 trillion. The holding company announced last week the appointment of Wale Oyedeji as its new group managing director to replace Nnamdi Okonkwo following his retirement.
Other members of the trillion-naira valuation club are Airtel Africa, Dangote Cement, BUA Foods, MTN Nigeria, BUA Foods, Seplat Energy, Geregu Power, Aradel Holdings, Transcorp Power, GTCO and Zenith Bank.
