Wema Bank Overtakes FCMB in Market Value, Nears Fidelity Bank

Wema Bank’s market value has risen to about ₦1.23 trillion, placing it ahead of FCMB Group at ₦735 billion and within ₦130 billion of Fidelity Bank’s ₦1.36 trillion valuation. The bank’s shares have returned 77% over the past year, compared with 17.07% for Fidelity and 5.41% for FCMB. This is despite Wema remaining the smallest of the three by total assets, with ₦5.23 trillion as of the first quarter of 2026. Strong earnings have supported investor confidence. Wema’s first-half profit after tax increased by 50.1% to ₦131.37 billion, while gross earnings rose 36.9% to ₦415.09 billion. Investors are valuing Wema at a higher premium than its rivals, betting that its growth and returns can continue. Fidelity Bank remains ahead, but the gap in market value has narrowed to about 9.6%.

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