At 395% RoI, UBA leads as listed Tier-1 bank stock driving NGX growth
United Bank for Africa (UBA) is emerging as the frontrunner among Nigeria’s tier-one lenders, collectively known as FUGAZ, as their combined performance fuels a bullish momentum on the Nigerian Exchange (NGX), data from Statisense has shown.
This analysis tracked stock price performance between May 30, 2023 and July 16, 2025, and came out with a positive outlook: “Any investor who allocated N1 million to any of First Bank, UBA, GTCO, Access, and Zenith Bank (FUGAZ), would be holding millions in capital appreciation alone.”
UBA emerged as the standout performer, delivering a 395 per cent return-on-investment (RoI). A N1 million stake in the bank two years ago is now worth N4.95 million, making UBA the undisputed leader of the FUGAZ cohort in terms of capital gains.
In the past year, UBA has delivered the strongest returns among its peers, with its stock price appreciating roughly around 100 percent, outpacing even the NGX All Share Index’s 12-month rally. The bank’s aggressive earnings growth, strong dividend payout, and Pan-African footprint have made it a favourite among investors seeking stability and upside in a volatile macroeconomic environment.
UBA’s dividend payout has also been robust. Corporate filings from the company revealed that shareholders received annual returns of around N2.80 per share in 2023 and N5.00 in 2024, further boosting total investor value.
Other FUGAZ stocks also posted impressive gains. A N1 million investment in GTCO grew to N3.435 million, delivering a 244 percent return, while Zenith Bank delivered N2.559 million, a 156 percent return. First Bank and Access Holdings followed closely, yielding N2.176 million (118 percent RoI) and N2.170 million (117 percent RoI) respectively.
It is important to note that these returns exclude dividends, meaning total investor gains would even be higher when payouts are factored in.
