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10 largest banks in Nigeria based on their capital base



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After the CBN governor gave a hint on the recapitalization exercise for Nigerian banks, talks have been raised about the capital bases of Nigerian banks.

According to data available to ThePressNG, Nigerian banks have a capital base of more than N11 trillion causing experts to question the calls for further recapitalization of the banks.

At the moment, the capital base requirement set by the CBN is N25 billion for a national banking license, N10 billion for a regional banking license, and N50 billion for an international commercial banking license. However, the last recapitalization exercise was conducted in 2004-2005, almost twenty years ago.

Here is a ranking of the largest banks in Nigeria based on their capital bases, which is a measure of the total equity of these banks as of September 2023.

With a capital base of N344.56 billion as of June 2023, FCMB ranks as the tenth most capitalized bank in Nigeria. With a capital adequacy ratio of 16.0% as of December 31, 2022, FCMB’s CAR was just a little above the regulatory 15% required by the CBN.

Titan Trust Bank

The new bank, Titan Trust Bank comes in at number 9, slightly ahead of FCMB due to its 100% acquisition of Union Bank of Nigeria. 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.

However, with the acquisition of Union Bank, its capital base has jumped to N346 billion based on Union Bank’s Q1 2023 financial results.

Fidelity Bank

With a capital base of N410.75 billion as of September 2023, Fidelity Bank sits in quite a comfortable place ahead of any recapitalization 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.

Stanbic IBTC Holdings Plc

Stanbic IBTC Holdings, the Nigerian subsidiary of Standard Bank Group has a capital base of N471 billion as of September 2023.

GT Bank

GTCO Holdings, the parent group of GTBank has a total equity of N1.273 trillion, a year-to-date increase of 36.7% 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.


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.


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.

Access Holdings

With a total equity of N1.64 trillion, 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.


United Bank for Africa, Nigeria’s second-highest profit generator this year is also the second most capitalized bank as of September 2023. The bank posted a total equity of N1.78 trillion as of Q3 2023, and as of the end of FY 2022, the bank’s capital adequacy ratio was 28.3%, suggesting stable financial health.