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 percent 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.
