As of September 2023, Zenith Bank, UBA, Access Bank, FBN and Ecobank remain the five most capitalised banks in Nigeria accounting for N8.04 trillion of the over N11 trillion capital bases of all Nigerian banks.
Recall that governor of the Central Bank of Nigeria, Yemi Cardoso had recently hinted on the possible recapitalisation of Nigerian banks from the current N25 billion for a national banking license, N10 billion for a regional banking license, and N50 billion for an international commercial banking license to yet to be agreed sum.
At the moment, Zenith Bank is Nigeria’s most capitalized bank, with a capital base of about N1.92 trillion as of September 2023.
With a 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.
United Bank for Africa, Nigeria’ second most capitalized bank as of September 2023 with N1.64 trillon, and a capital adequacy ratio was 28.3 per cent, suggesting stable financial health.
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Access Holdings ranks as Nigeria’s third-largest bank concerning its 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 recapitalization exercise.
As of September 2023, FBNH, 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.
Ecobank ranks ahead of GTCO because of its multinational operations. Ecobank Transnational Incorporated traded on the NGX has its total capital base at N1.33 trillion as of June 2023, however, just like GTCO, this is a cumulative of the group’s total equity.
GTCO Holdings, the parent group of GTBank has a total equity of N1.273 trillion, a year-to-date increase of 36.7 per cent from the N931 billion recorded at the start of 2023.
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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, the Nigerian subsidiary of Standard Bank Group has a capital base of N471 billion as of September 2023, followed by Fidelity Bank which has a capital base of N410.75 billion as of September.
The new bank, Titan Trust Bank comes in at number 9, slightly ahead of FCMB due to its 100 per cent acquisition of Union Bank of Nigeria with a capital base of N346 billion.
Before it acquired Union Bank, the bank had a capital base of N36.4 billion in 2021 which was sufficient for a national banking license.
With a capital adequacy ratio of 16.0 per cent as of December 31, 2022, FCMB’s CAR was just a little above the regulatory 15 per cent required by the CBN.