E-Financial
Fidelity Bank, Others Top List of Most Capitalized Banks in Q3 2023
Fidelity Bank, leading financial institution, 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.
United Bank for Africa (UBA) has informed its customers that, in compliance with a new directive from the Nigerian Communications Commission (NCC), charges for USSD banking services will no longer be deducted from bank accounts, effective June 3, 2025.
In a notice sent to customers, the bank explained that the charges would now be deducted directly from users’ mobile airtime balances, in line with the NCC’s newly introduced End-User Billing (EUB) framework.
It said the new model aimed to ensure transparency in USSD transactions and shift billing responsibility to mobile network operators.
According to UBA, each USSD session would now cost ₦6.98 per 120 seconds, saying that customers initiating transactions would receive a prompt to provide consent at the start of each session, and airtime would only be debited if the bank is available to process the request.
The bank advised customers who are not comfortable with the new billing arrangement to opt for other digital banking alternatives such as the UBA mobile app and internet banking platform, which remain fully operational and user-friendly.
UBA reaffirmed its commitment to providing secure and accessible digital services, and encouraged customers to choose the channel that best suits their banking needs.
The policy marks a significant shift in Nigeria’s digital banking ecosystem and is expected to address longstanding disputes over USSD service charges between telecom operators and financial institutions.
E-Financial
Fitch Upgrades Fidelity Bank’s National Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’
Global credit rating agency, Fitch Ratings, has affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’.
The upgrade, announced on May 29, 2025, reflects the bank’s strengthened capital buffers and improved profitability, signaling continued positive momentum in its performance.
According to Fitch, the rating upgrade is underpinned by Fidelity Bank’s successful capital raise through a rights issue and public offer, as well as a notable improvement in profitability—driven by higher interest income and a stable base of low-cost current and savings deposits.
Commenting on the announcement, Managing Director/CEO of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, said, “This upgrade by Fitch Ratings affirms the resilience of our business model, the strength of our risk management practices, and our unwavering focus on delivering sustainable value to stakeholders.
Despite a challenging macroeconomic environment, we have continued to maintain strong asset quality, solid profitability, and ample liquidity. This recognition reinforces our position as one of Nigeria’s most resilient and customer-focused financial institutions.”
One of the key drivers of the improved rating is the bank’s robust capitalization. Fitch reports that Fidelity’s Fitch Core Capital (FCC) ratio rose to 29.9% at the end of 2024—well above the regulatory minimum. The agency also noted that further capital raising efforts are expected to position the bank to meet the ₦500 billion minimum capital requirement for internationally licensed banks before the 2025 deadline.
Fidelity Bank’s market positioning remains strong. As Nigeria’s sixth-largest bank, it commands approximately 5% of total banking sector assets. The bank’s balance sheet is reinforced by a high proportion of low-cost deposits, which accounted for 93% of total deposits as of year-end 2024—among the highest in the Nigerian banking industry.
The affirmation and upgrade by Fitch is expected to enhance investor confidence and support Fidelity’s continued efforts to scale its operations both locally and internationally.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
Securities and Exchange Commission (SEC) has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.
In a circular issued in Abuja, yesterday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.
“The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.
“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.”
SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect of any business in the Nigerian capital market.
“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.
“The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s portal before transacting with them,” the SEC added.
Dr. Emomotimi Agama, director-general of the SEC, recently warned that the Commission would not hesitate to shut down the operations of such unregistered entities while also ensuring that the promoters are made to face the full weight of the law.
Agama said, “we will shut down their operations and the promoters will be made to face the full weight of the law.
“In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers (VASPs) and digital asset exchanges. This development aims to close the regulatory vacuum that has allowed many Ponzi-style platforms to thrive under the guise of cryptocurrency and digital finance.”
Agama also emphasized the Commission’s education-focused strategy to combat fraud through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities, the SEC aims to equip Nigerians with the knowledge to detect and avoid dubious investments.
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