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Just in: FBNH, UBA, GTCO, Access Bank, drop out of trillion market cap club

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By Kayode Sanni-Arewa

Nigerian banks experienced a challenging April, as all major banking stocks posted losses month-to-date.

This downturn coincided with the first month-to-date decline in the NGX All Share Index of the year, which lost 6% in April this year.

The most impacted were the FUGAZ banks—First Bank, UBA, GTCO, Access Bank, and Zenith—although Zenith was the only one to maintain its position in the SWOOT (Stocks Worth Over One Trillion Naira) index.

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As of December 2023, Nigeria’s largest banks had a total net asset value of N9.7 trillion but only a combined market capitalization of N4.2 trillion ($ billion), translating to a price-to-book ratio of 0.43, or 43%.

This indicates that investors significantly undervalue banks compared to their book values.

Amid this, challenger banks like Opay and Kuda Bank are valued above $1 billion, despite their smaller operational scales.

According to the Nairametrics SWOOT Index, as of April, FBN Holdings, UBA, GTCO, and Access Bank each fell below the trillion naira market cap, a level they last exceeded in January when they briefly hit this milestone.

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Access Bank: Since January, these banks have seen substantial declines in market capitalization.

For instance, Access Bank, Nigeria’s largest bank by assets, last reached the N1 trillion mark in late January.

By the end of April, its market cap had fallen to about N598.9 billion, despite having over N32 trillion in total assets and N2.5 trillion in net assets.

Similarly, UBA, with total assets and net assets of N20.6 trillion and N2 trillion respectively, saw its market cap drop from over N1 trillion in January to N817.3 billion at April’s end.

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FBN Holdings, Nigeria’s oldest bank, saw its market cap peak just above N1 trillion in early April but fell to N857.8 billion by April 30th, 2024.

GTCO also experienced a dip; valued above N1 trillion as recently as April 26th, it ended the month with a market capitalization of N962.3 billion.

Zenith Bank, however, remained in the SWOOT, though it risks dropping below if the sell-offs continue into May 2024. It has total and net assets of N20.3 trillion and N2.3 trillion, respectively

Why Nigerian banks are undervalued
Several factors contribute to these low valuations relative to net assets, despite consistent dividend payouts.

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Some analysts attribute it to the high liquidity of bank stocks, while others point to a general disinterest in the Nigerian stock market, suggesting that intrinsic stock values are seldom reached.
A more recent factor is the banking recapitalization announcement by the apex bank, which requires banks to raise over N4 trillion in new capital.

This has likely prompted a sell-off, as lower share prices benefit bank shareholders when the capital increase is through a rights issue.

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‘I Am Very Sorry’: Madugu Apologises To Nigerians After Super Falcons’ World Cup Miss

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Super Falcons head coach Justin Madugu has apologised to Nigerians and accepted responsibility after the team failed to qualify for the World Cup.

Nigeria lost 2-1 to South Africa in the play-off. After a goalless first half, Thembi Kgatlana and Refiloe Jane scored for Banyana Banyana. Christy Ucheibe pulled one back from the penalty spot. But her goal was not enough to send the Super Falcons through.

Speaking after the match, Madugu accepted responsibility for the outcome, which ended Nigeria’s 2027 Women’s World Cup dreams.

“I am very sorry,” the Adamawa-born coach said during a post-match interview after the team’s disappointing exit, admitting that although the Super Falcons gave their best, it was not enough.

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“We came, did the best that we could, but our best was not good enough, and we’re very sorry for that, and we take full responsibility for everything that happened,” he said.

Madugu said the 10 times Women’s Africa Cup of Nations (WAFCON) champions approached the game determined to win but were punished for failing to convert their chances and for making costly mistakes at the back.

“We had chances. Still, the conversion was another problem, and we made some little errors at the back. They capitalised on that, and they got the goals,” he said.

The coach said the defensive problems were largely the result of poor decision-making and lapses in concentration rather than sustained pressure from the opposition.

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“We had the game under control,” Madugu said. “Momentary loss of concentration and then trying to do something that was unnecessary always results in the kind of goals that we tend to concede.”

He admitted that the repeated defensive lapses had become a major concern, especially for a team that has traditionally been difficult to score against.

“All of a sudden, I don’t know, it could be complacency, it could also be, you know, sort of overconfidence, and then we end up making mistakes,” he said.

Madugu also acknowledged that Nigeria’s inability to finish chances proved costly.

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“We have not been clinical. We create several chances, but we are very wasteful with the opportunities that always come our way,” he said.

According to him, the Super Falcons had enough opportunities to put the game beyond their opponents but failed to take advantage of them.

“This was a game we would have finished in the first half, based on the opportunities that we had, but we couldn’t utilise them,” Madugu added.

“How many chances did South Africa get? But because they were more clinical, they converted the chances that came their way. Today, they are the ones that won the match.”

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On his tactical decisions and substitutions, Madugu defended the changes made during the game, explaining that some were forced by injuries.

He revealed that Deborah Abiodun had been playing through pain and repeatedly signalled that she needed to leave the pitch.

“She was in pain and kept giving signals that she wants to go out,” he said, adding that the player had to be protected to avoid worsening the injury.

Addressing calls for his dismissal on social media, Madugu said he understood the anger and disappointment among Nigerians.

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“It’s within their right because I can understand the pains that everybody is going through,” he said.

Madugu added that he was prepared to accept whatever decision the football authorities eventually make about his future.

“As a coach, you must always live with the consequences of whatever it is that comes your way. I am not afraid of being sacked,” he said.

He pointed to his record with the team, saying he had managed almost 28 matches, winning 19, losing four and drawing four.

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However, he acknowledged that the timing of the defeats mattered, particularly when they came at crucial stages.

“Nigerians… you are always judged as a coach based on your last result,” Madugu said.

Despite the disappointment, Madugu maintained that the team had prepared extensively and analysed its opponents before the match.

He said the Falcons had a clear game plan but failed to consistently execute it, with anxiety and individual mistakes ultimately proving costly.

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“We said they do the same thing we’re going to do because now the normal trend everywhere,” he said, stressing that sticking to simple instructions could have prevented some of the problems.

With the World Cup dream now over, Madugu accepted that the team must learn from the painful outcome.

“If our best is not good enough, it’s not for me to decide what happens,” he said, while thanking Nigerians for the opportunity to lead the national team.

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INEC Fixes Date for Ughelli South II, Abraka, Isoko North II Constituencies Primary Elections

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The Independent National Electoral Commission (INEC) has officially restored three more constituencies in Delta and one more in Kogi State.

INEC has fixed 21st–25th August 2026 for the conduct of party primaries for the restored constituencies.

This was contained in a statement signed by Mohammed Kudu Haruna, National Commissioner and Chairman, Information and Voter Education Committee, on 14th August 2026.

According to the statement, “INEC wishes to notify the public that it has restored four more previously suppressed State House of Assembly constituencies, three more in Delta and one more in Kogi State, pursuant to the judgment of the courts directing the restoration of the additional constituencies in the two states.

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“The restored constituencies are: Delta State – Abraka, Isoko North II and Ughelli South II State Constituencies; and Kogi State – Yagba West II State Constituency.

“The Commission has fixed 21st–25th August 2026 for the conduct of party primaries for the restored constituencies.

“This coincides with the period for the conduct of primaries for bye-elections to fill recent vacancies into Gombe/Kwami/Funakaye Federal Constituency of Gombe State, Disina and Sakwa State Constituencies of Bauchi State, Udu State Constituency of Delta State, and Dawakin Kudu State Constituency of Kano State. Elections into these constituencies have been fixed for 19th September 2026.

“For the avoidance of doubt, all other timelines and activities contained in the already published revised Timetable and Schedule of Activities for the 2027 General Election shall apply to the restored constituencies.

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“Political parties are requested to submit notices of their various primaries to the Commission before their scheduled dates.

“The Commission remains committed to ensuring credible, inclusive and transparent electoral processes,” it added.

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Osun 2026: Davido fires back at critics, says ‘I’ll be on ground before 7am’

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Afrobeats singer David Adeleke, popularly known as Davido, has reacted to a social media user who questioned whether he would return to Osun State to participate in the forthcoming governorship election.

The exchange began after a user identified as Dejiii questioned Davido’s involvement in the election, while also referencing his position as chairman of the Osun Sports Trust Fund.

Davido subsequently responded to the comment, addressing the question over his plans to return to the state for the election.

“Wetin we get pass beef, na him be Osun Sports Trust Fund chairman and he barely says anything or does anything about the role. Didn’t step a foot in Osun since he got appointed, he only starts tweeting and shouting like a retard when his uncle’s election is on the line,” Dejiii wrote.

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Responding to the comment, Davido said he would arrive in Osun ahead of the election despite being abroad.

“From the stage to the jet … I’ll be in OSUN before 7am but your broke ass can’t understand how that can be possible,” Davido replied.

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