Banking
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ACCESS HOLDINGS AT ₦28.40: FROM MARKET LEADER TO DISCOUNT BENCHMARK AS VALUATION LAGS THE RALLY
Access Holdings Plc is moving in the opposite direction to First HoldCo in 2026, and the market is pricing it…
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FIRST HOLDCO AT ₦140: PREMIUM PRICING FOR A PREMIUM STORY.
First HoldCo Plc, formerly FBN Holdings, has engineered one of the most dramatic re-ratings on the Nigerian Exchange in 2026.…
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Sterling Bank: Cheap Valuation, Big Questions
Sterling Financial Holdings trades like a paradox. At ₦7.65, with a P/E of roughly 5x–6.2x, it is 40% cheaper than…
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UBA AND THE GHOST OF 2007: WHY A ₦34 OFFER STILL HAUNTS AFRICA’S “BANK OF THE CONTINENT”
In February 2007, UBA was the market’s darling. The stock hit ₦37.99 on February 6, backed by FY2007 results that…
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Access Holdings 2025: BIGGER BUT WEAKER
Access Holdings Plc ended 2025 as a significantly larger institution, but not necessarily a stronger one. The group crossed major…
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ACCESS HOLDINGS: BIG ON ASSETS, SMALL ON INVESTOR CONFIDENCE
Despite being Nigeria’s largest bank by assets at over ₦53trn, Access Holdings Plc trades like a second-tier name. At ₦27.50…
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UBA 2025: When Maturity Transformation Bites Back
Banking is built on mismatches. Banks take short-term deposits and lend long. They borrow cheap and invest high. That process,…
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UBA 2025: When Lending Engine Runs Into a Toxic Mix
United Bank for Africa Plc’s 2025 results lay bare banking’s central tension. The bank got bigger, but made far less…
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BEHIND UBA’S 2025 MELTDOWN
United Bank for Africa Plc did not slip in 2025. It fell. Profit collapsed 47.2% to N404.7 billion from N766.6…
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UBA STOCK LANGUISHES AT A DISCOUNT AFTER A CATACLYSMIC PROFIT FALL
UBA is trading at a clear discount to its tier-1 peers in both price and valuation heading into 2026, and…
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