April 13, (THEWILL) —FCMB Group Plc emerged the most traded stock on the Nigerian Exchange (NGX) in the first quarter of 2026 and has maintained the highly strategic status year-to-date.
Data by the NGX shows that as of April 10, 2026, FCMB has traded over 4.18 billion shares, dominating trading activity with a total value exceeding N51 billion over the past three months. This has lifted the Group to global spotlight as it played a strategic role in Nigeria’s domestic bourse which emerged the second-best in Q1 2026.
As of March 31, 2026, Nigeria’s capital market delivered one of its strongest performances in recent history, with the NGX emerging as the second-best performing equity market globally in the first quarter, trailing only South Korea’s 44.3 percent return. The NGX All-Share Index (ASI) closed the quarter at 201,668.42 points, confirming a 38.88 percent year-to-date gain and marking the first time the benchmark crossed the 200,000-point psychological threshold.
The rally translated into extraordinary wealth creation. Total market capitalisation climbed to a record N129.45 trillion (about $84 billion) as investors gained N29.83 trillion roughly $21 billion in three months. The expansion reflected the impact of stocks like FCMB Group’s, with strategic dominance as the number one most traded stock during the period and year-to-date. It was driven by high-volume, oversubscribed public offers, and significant interest from both institutional and retail investors.
Recapitalisation effects
At the centre of the quarter’s market transformation was the banking sector recapitalisation programme, which functioned as both a regulatory mandate and a systemic liquidity event. By the March 31 deadline, the Central Bank of Nigeria (CBN) confirmed that 33 banks (including First City Merchant Bank (FCMB) Ltd), had met the new capital requirements, collectively raising over N4.61 trillion through rights issues, public offers and private placements.
As the rally broadened, dispersion across individual stocks became more pronounced. Following an oversubscribed public offer that added over 19.8 billion new shares and subsequent listings in April 2026, the total share count has increased significantly to over 65 billion. This has created a ‘bargain hunting’ sentiment as investors respond to FCMB’s focus on high-growth segments such as digital banking, SME financing, and a multi-subsidiary model, viewing it as a resilient player during the sector’s recapitalisation, noted by its 52-week high performance in February.
The rally kick-off
THEWILL reports that the shares of FCMB Group Plc rallied on Wednesday, February 18, at the Nigerian Exchange Limited (NGX) following a cross deal worth N20.9billion.
The stock rose to N12.3, after adding 45 kobo or 3.8 percent of N11.85, being its day-open price. Consequently, the stock neared its 52-week high of N12.95 as against a corresponding week low of N8.35.
This followed two heavyweight crosses of 1.2 billion shares each at N12.30 and a subsequent 500,000-unit cross at the same price. In all, the company’s 2.940 billion shares worth N35.879 billion were traded on Wednesday, February 18, 2026, at the Nigerian Exchange.
At the close of trading, FCMB led both the volume and value charts with 2.9 billion units traded (80.17 percent of total volume) and led the value log with N35.9 billion (57.98 percent of total trade value).
Investor Outlook for 2026:
The Group is boosting its technology-driven ecosystem and expanding its retail presence. As of April 2026, while the stock has faced some short-term volatility, it has shown a positive trend with projections suggesting further growth potential, with some analysts setting price targets around N14–N16, as FCMB Group continues to improve profitability and capital ratios.
Based on recent performance, strategic initiatives, and market analysis as of early 2026, analysts posit that FCMB stock presents a compelling case for investors seeking exposure to Nigeria’s financial sector. The banking subsidiary has demonstrated strong growth, significant undervaluation, and a resilient, diversified business model.
FCMB reported a 68 percent growth in profit before tax to N64.2 billion in its 9-month 2025 period, indicating strong profitability despite challenging operating conditions. Analysts consider the stock undervalued, with a price-to-book (PB) ratio around 0.3x and a price-to-earnings (PE) ratio of 1.24x, suggesting high potential for price appreciation.
The bank’s Return on Average Assets (ROAA) improved to 1.73 percent, reflecting better asset utilization and operational efficiency. FCMB has a history of paying dividends, with a recent final dividend of N0.55 per share proposed in late 2025, offering a steady income stream for shareholders.
FCMB Group operates a diversified model encompassing commercial banking, investment banking, asset management (pensions), and specialized lending. The bank has successfully focused on retail banking and small businesses (SMEs) in Nigeria, providing steady deposit inflows and insulating them against economic swings that affect large corporates.
The enhanced capital base would, among other outcomes, support further expansion of their corporate and retail lending portfolio, enhance technology and digital banking infrastructure and maintain an international banking license.
FCMB is investing heavily in fintech and agent networks to capture the underserved market, increasing its share in digital transactions. As a leading player in Nigeria—Africa’s largest economy—analysts say FCMB is well-positioned to benefit from a young population and growing financial inclusion.
With an estimated beta of 0.24x to 0.32x, the stock is significantly less volatile than the general market, making it an attractive defensive option for investors looking for stability in turbulent markets.
Investors, CEO speak
Prince Anthony Omojola, CEO at Credible Associates Limited, commended FCMB for the strategic steps it adopted in strengthening its position in the financial services industry.
“FCMB took four steps that enabled them meet the international banking license requirements. All the four steps or stages will make the bank’s shares available in the market because each step requires further retooling.
“Investors will be enthused to participate in each of the processes. A peculiar feature of this stock is that nobody is raising the price arbitrarily like what obtains in some other stocks whose prices are jumping up irrationally. This will make FCMB stock available at affordable prices for those investors who are diversifying and seeking for low priced stocks,” Omojola said in a note to THEWILL, adding that “the latest update on the bank’s performance is the spectacular syndicate arrangement between them and the World bank involving a N500 billion loan to an entity early this month.”
He noted that this will go a long way in deploying the huge capital for better earnings. Every investor wants maximum returns on investment and this is coming at a cheap rate compared with FCMB’s peers. “The process of conversion of the four stages leading to full capitalisation creates jobs for the market operators. The benefits will go beyond the current year.” Omojola, who is also National Coordinator, Independent Shareholders Association of Nigeria, said.
Gbadebo Olatokunbo, an investment activist and co-founder of the Nigerian Shareholders Solidarity Association (NSSA) said the high-trading activities in the FCMB Group stock is a strong indication of solid growth that the recapitalisation would earn the Tier-2 lender.
Ladi Balogun, group chief executive, FCMB Group Plc had said the recapitalisation strengthens the institution’s capital base and positions the group for its next stage of expansion.
“The recapitalisation programme positions the Bank for the next phase of growth. With a strengthened capital base and our international banking licence secured, we plan to expand our regional presence, deepen technology capabilities, and continue to build our ecosystem.”
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
