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Zenith Bank and Access Holdings Plc are the two Tier 1 banks that have surpassed the N500 billion recapitalisation threshold set by the Central Bank of Nigeria (CBN) for banks with international licences, according to a Proshare report.
The report, titled ‘Tier 1 Banks Report: Getting Bigger, Braver, and Dominant – The Class of 2025’, shows that Zenith Bank stands at N614.65 billion in share capital and share premium, while Access Corporation follows closely with N594.90 billion. Ecobank Transnational Incorporated and Guaranty Trust Holding Company trail with N353.51 billion and N345.30 billion, respectively.
“All Tier 1 banks are licensed for international operations. However, tier 1 borderline banks (the highest-ranked tier 2 banks) have also chosen to achieve N500 billion share capital to compete aggressively in the emerging global and continental banking markets,” the report stated.
Proshare’s analysts highlight a shift in banking dynamics, noting that ETI surpassed Zenith due to its 67.11 per cent asset growth — a performance largely driven by its operations in francophone West Africa.
Fidelity Bank, meanwhile, is projected to return to Tier 1 by the end of the 2025 financial year, despite a N225 billion Supreme Court judgement stemming from its legacy FSB International Bank acquisition. The report stressed that Fidelity could maintain sufficient liquidity if it successfully manages the financial impact of the ruling.
Proshare also drew attention to changing customer expectations and banking trends amid the recapitalisation drive. “The recapitalisation of Nigerian banks is not new, but the era in which it is now happening is different,” the report said. “The contemporary era is hinged on a shift in the needs of bank customers. It is more aligned with the transactional needs of customers for bespoke services.”
While asset size has traditionally been used to gauge a bank’s ranking, asset growth is becoming an equally important indicator. According to the report, the top five banks by asset growth are ETI (67.11 per cent), Wema Bank (59.82 per cent), FCMB (59.46 per cent), FirstHoldco (56.60 per cent), and AccessCorp (55.49 per cent).
Proshare, however, raised concerns about non-performing loans and the underutilisation of off-balance sheet transactions within the Nigerian banking sector. “While off-balance sheet transactions have grown exponentially globally, this form of banking operation remains relatively underused in Nigeria,” it added.
While there may be short-term pressures on return on equity and capital employed, the report maintains a positive long-term outlook as banks move toward strengthening their capital adequacy ratios and risk management frameworks in response to the recapitalisation mandate.
Proshare concluded that the CBN’s March 2026 deadline for recapitalisation is realistic, with most banks making visible progress — although a few are falling behind.