Corporate Scorecards
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FCMB Group Plc: The NGX Laggard — Cheap on Paper, Punished in the Market
While FCMB Group Plc just delivered a near-doubling of profit in H1 2026, the market has refused to reward it.…
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Nigerian Breweries: Stronger Balance Sheet, Tighter Margins
For Nigerian Breweries Plc, the first half of 2026 reads like a story of two forces pulling in opposite directions.…
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STERLING FINANCIAL HOLDINGS: RUNNING HARD ON THE TREADMILL
Recapitalization is no longer a differentiator in Nigerian banking. Everyone did it. The only metric that matters in 2026 is…
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STANBIC IBTC AT ₦156.10: THE MID-TIER GIANT PUNCHING ABOVE ITS WEIGHT
Stanbic IBTC Holdings Plc is proving in 2026 that you don’t have to be a tier-1 bank to command tier-1…
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THE BIG THREE AT A CROSSROADS: FIRST HOLDCO, GTCO AND ZENITH, WHO LEADS NIGERIAN BANKING IN 2026?
2026 has split Nigeria’s tier-1 banks into three very different stories. First HoldCo has surged on earnings and size, GTCO…
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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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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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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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