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Top 10 largest banks in Nigeria based on their shareholder funds as of September 2023



According to data available to ThePressNG, Nigerian banks currently boast a substantial capital base, exceeding N11 trillion.

This significant figure has prompted experts to question the necessity for further recapitalization in the banking sector.

A recent report from the central bank indicates plans are underway to increase the capital base of Nigerian banks ahead of the $1 trillion GDP target for the economy.

Presently, the capital base requirements set by the CBN stand at N25 billion for obtaining a national banking license, N10 billion for a regional banking license, and N50 billion for an international commercial banking license. It’s worth noting that the last recapitalization exercise took place nearly two decades ago, specifically in 2004-2005.

Here, we present a ranking of the largest banks in Nigeria based on their capital bases. This ranking provides insights into the total equity held by these banks as of September 2023.

10. Titan Trust Bank – N346 billion

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.

9. FCMB – N373.7 billion

With a capital base of N373.7 billion as of September 2023, FCMB ranks as the 9th 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.

8. Fidelity Bank – N411 billion


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.

7. Stanbic IBTC Holdings – N471 billion


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

6. GTCO Holdings – N1.27 trillion


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.

5. Ecobank – N1.33 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.

4. FBNH – N1.37 trillion