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Fidelity, Zenith, Access among most capitalised banks in Q3 2023
Leading financial institution, Fidelity Bank, has been listed as one of most capitalized banks in Nigeria based on Q3 2023 financial results.
According to an article published in Thisday newspapers, the bank reported a capital base of N410.75 billion as of September 2023 against N314.3 billion in 2022. Also featuring on the list are Zenith Bank, UBA, First Bank, Access Holdings, First Bank Holdings, Ecobank, GTCO Holdings, Stanbic IBTC Holdings, FCMB and Sterling Financial Holdings.
Following the announcement of the planned recapitalisation of commercial banks by the Central Bank Governor, Dr. Olayemi Cardoso, at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria on 24 November 2023, industry watchers have anticipated the announcement of capital raising exercises by banks.
Incidentally, Fidelity Bank had taken the proactive approach by securing shareholders’ nod to raise additional capital earlier in the year. At an Extra-Ordinary General Meeting (EGM) held virtually on Friday, 11 August 2023, the bank’s shareholders unanimously approved a capital raising exercise via a Public Offer for up to 10 billion Ordinary Shares and Rights Issue of up to 3.2 billion Ordinary Shares representing one new share for every 10 shares held to new and existing shareholders respectively.
Below is the list of the 10 most capitalised banks as of September 2023:
• Zenith Bank – N1.92 trillion
The third quarter 2023 financial report of Zenith Bank Plc places the bank at the topmost position in terms of shareholders fund which it put at approximately N1.92trillion, as against N1.31trillion in 2022. The bank also ranks as Nigeria’s highest profit generator so far in 2023, with a pre-tax profit of N505 billion.
This eminent position was corroborated by Nairametrics, an online platform that noted that with a capital adequacy ratio (CAR) of 20.1 per cent as of September 2023, as against 19.8 per cent as of December 2022, the bank’s stability is not in question.
• UBA -N1.778trillion
Following Zenith Bank closely is United Bank for Africa, Nigeria’s second-highest profit generator this year, which is also the second most capitalised bank as of September 2023. The bank posted a total shareholders fund of N1.778 trillion as of Q3, 2023. In 2022, the figure was N922.1 billion, with a capital adequacy ratio of 28.3 per cent, which suggests stable financial health at the end of FY 202
• Access Holdings – N1.64 trillion
Access Holdings is another Tier 1 capital bank with a total equity of N1.64 trillion as opposed to N1.231 trillion in 2022. With this figure, Access Holdings ranks as Nigeria’s third-largest bank in terms of capital base. Its Nigerian subsidiary, Access Bank Nigeria has a total equity of N1.208 trillion as of September 2023, which is a stable figure in case of any recapitalisation exercise.
•First Bank Holdings – N1.37trillion
The ranking in terms of capital base listed FirstBank as the fourth on the list. The Third Quarter 2023 results of First Bank Holdings released in September 2023 showed that the parent company of First Bank Limited has a total equity of N1.37 trillion. However, its commercial banking arm, First Bank Limited has a capital base of N1.287 trillion. In 2022, the holding company posted a capital of 995.7billion.
•Ecobank- N1.37trillion
The bank’s third quarter 2023 performance result submitted to the Exchange last week showed it recorded a shareholders fund of N1.373 trillion as against N935 billion in the same period of 2022, placing it at the fifth position of the most capitalised banks.
GTCO Holdings – N1.27trillion
GTCO Holdings, the parent group of GTBank has a total equity of N1.273 trillion, a year-to-date increase of 36.7per cent from the N931 billion recorded at the start of 2023.
While GTCO’s total equity is put at N1.27 billion, this is cumulative of all the group’s subsidiaries. However, its Nigerian subsidiary, GT Bank Nigeria holds a total capital base of N1 trillion as of September 2023 which is still a substantial figure ahead of any recapitalisation exercise.
•Stanbic IBTC Holdings – N471billion
Stanbic IBTC Holdings, the Nigerian subsidiary of Standard Bank Group is the parent of Stanbic IBTC Bank and it has a capital base of N471 billion as of September 2023. Its capital was N407.7 billion in 2022.
• Fidelity Bank Plc – N411 billion
With a capital base of N410.75 billion as of September 2023 against N314.3 billion in 2022, Fidelity Bank sits in quite a comfortable place ahead of any recapitalisation exercise for Nigerian banks.
In September 2023, the bank made a foray into international banking by acquiring the UK division of Union Bank of Nigeria.
• FCMB -N373.7billion
With a capital base of N373.7 billion as of September 2023 as against N275.8 billion in 2022, FCMB ranks as the 9th most capitalised bank in Nigeria. With a capital adequacy ratio of 16.0per cent as of December 31, 2022, FCMB’s CAR was just a little above the regulatory 15% required by the CBN.
• Sterling Financial Holdings – N165.84billion
Sterling Bank Limited is a full-service national commercial bank licensed by the Central Bank of Nigeria, and it’s a subsidiary of Sterling Financial Holdings Plc. The bank provides financial services to individuals, small businesses, and large corporations.
Sterling Bank’s capital base stood at N165.84 billion when total liabilities of N2.08 trillion were removed from total assets of N2.25 trillion. Its capital in 2022 was N154 billion.
As time ticks father towards the 2037:general election, Arewa Consultative Forum, ACF, have advised northerners to shun politicians who are desperately seeking power to advance their selfish interest, at the detriment of the welfare of the people.
Chairman of ACF, Mamman Mike Osuman stated this in his opening remarks at the 79th National Executive Officer Council, NEC, Meeting held on Wednesday at the Forum’s Secretariat, Kaduna.
He said evidence abounds that many current elected and appointed leaders remain disconnected from ACF’s aspirations and programmes.
However, the ACF acknowledged that some have been supportive and have assisted financially.
According to him; “Since our last meeting on 21 August 2025, our Region has continued to face grave difficulties natural disasters, tragic loss of lives, and the harsh vicissitudes of daily existence. Terrorism, armed banditry, insurgency, and kidnapping are on the rise, as witnessed in Kwara, Southern Kaduna, Katsina, Benue, and other locations.
The consequences have been devastating, with families and communities violently uprooted and displaced.”
The Chairman stated that these displacements have resulted in overcrowded camps and informal settlements with limited access to basic services, increasing the risks of malnutrition and mortality among survivors.
He added that, repeated attacks and the climate of fear have disrupted education, leading to school closures across affected areas. Rural economies have been severely strained, travel has become unsafe, and access to farming, schooling, and healthcare has been discouraged.
“Insecurity has deepened to such an extent that external military assistance has been required.”
Osuman reiterated that the existence of ACF as a socio-cultural organization must not be merely ceremonial or rhetorical.
“it must be principled, sincere sacrificial, and action-driven. It must engage constructively with governments at national and subnational levels in the pursuit of peace, stability, and the civil rehabilitation of its people.”
He explained that the grim situation has further heightens ACF’s concern and underscores the urgent need our State Chapters to be proactive.
“As our Region approaches a national election cycle, ACF must cooperate with relevant authorities to ensure peaceful and credible elections. We must educate and enlighten our people on their civic responsibilities and the necessity of abiding by the laws of our fatherland,” he stressed.
He announced the constitution of a 9-man Code of Conduct and Ethics Committee, headed by Professor Nuhu Mohammed Jamo, former Dean of the Faculty of Law Ahmadu Bello University, Zaria and former Special Adviser to the Senate President on Constitutional and Comparative Law and Legal Drafting.
Nigeria will hold presidential election about one year from now, on February 20, 2027.
The Independent National Electoral Commission (INEC) announced this on Friday and said the National Assembly elections will also hold the same day.
INEC said governorship and State Houses of Assembly polls scheduled has been scheduled for March 6, 2027.
The INEC Chairman, Prof. Joash Amupitan, disclosed the election timetable at a news conference in Abuja today.
INEC had on February 4 indicated that it had completed work on the election timetable and schedule of activities despite the delay.
The commission noted that it had submitted its timetable to lawmakers but cautioned that some items in the schedule of activities could be affected depending on when the amended Electoral Act is eventually passed.
Nigerian billionaire businessman, Femi Otedola has hailed Dangote refinery for its massive impact in the nation’s oil industry, saying due to huge foreign exchange saved as a result of the milestone achieved by the refinery, the naira could trade below ₦1,000 to the dollar before the end of the year.
Otedola made this known on his X platform, while congratulating President of Dangote Group, Aliko Dangote, on the refinery’s attainment of its full production capacity of 650,000 barrels per day.
According to him, the refinery’s capacity to supply up to 75 million litres of Premium Motor Spirit (PMS) daily marks a transformative moment for Nigeria and the African continent, significantly altering the country’s energy landscape.
He noted that with domestic refining now in full swing after decades of reliance on fuel imports, pressure on the foreign exchange market is expected to ease considerably.
“With domestic refining now firmly underway after decades of reliance on imports, pressure on the foreign exchange market should ease significantly. I am optimistic that the naira will strengthen meaningfully, and trading below ₦1,000/$1 before year-end is increasingly within reach,” Otedola stated.
He further revealed that Dangote has commenced an additional $12 billion expansion project aimed at increasing refining capacity to 1.4 million barrels per day.
The expansion will also include the production of 2.4 million tonnes of no polypropylene and 400,000 metric tonnes of Linear Alkyl Benzene for detergent manufacturing.
Otedola described the development as a milestone for Nigeria’s economic growth, congratulating Dangote on what he called a historic achievement for the country.
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