Zenith, Access Top as Only Two Banks Meet N500bn Mark

Zenith Bank and Access Holdings Plc are the only Nigerian Tier 1 banks that have successfully surpassed the N500 billion minimum capital and share premium benchmark set by the Central Bank of Nigeria (CBN) for banks with international licences, according to a new industry report.

The report, titled “Tier 1 Banks Report: Getting Bigger, Braver, and Dominant – The Class of 2025”, revealed that Zenith Bank currently holds N614.65 billion in capital, while Access Holdings follows closely with N594.90 billion. Other major players such as Ecobank Transnational Incorporated (ETI) and Guaranty Trust Holding Company are trailing behind with N353.51 billion and N345.30 billion, respectively.

While all Tier 1 banks are authorized to operate internationally, the report noted that several ambitious Tier 2 banks are also working toward meeting the N500 billion threshold, aiming to strengthen their positions in the evolving African and global banking landscape.

Interestingly, Ecobank has overtaken Zenith Bank in the Tier 1 rankings, largely due to a remarkable 67.11% surge in its asset base, driven by its strong presence in francophone West Africa.

The report also spotlighted Fidelity Bank, which is expected to regain its Tier 1 status by the end of 2025, despite a recent N225 billion Supreme Court judgment tied to its earlier acquisition of FSB International Bank. Analysts say the bank can manage the financial hit if it takes a well-planned liquidity approach.

The document highlighted that the latest phase of recapitalisation is unfolding during a transformative period in the banking sector—where customer expectations have shifted from conventional services to more personalised and digitally enabled offerings.

While banks have traditionally been ranked by total asset size, the report stressed that asset growth now plays a significant role in assessing market competitiveness. The fastest-growing banks by asset size include ETI, Wema Bank, FCMB, FirstHoldco, and AccessCorp.

Despite this progress, the report flagged growing concerns over non-performing loans and the limited adoption of off-balance-sheet instruments in Nigeria—tools that are commonly used by global banks to manage risk and enhance financial flexibility.

Although short-term returns on capital might be strained by the recapitalisation drive, analysts expressed optimism about the long-term benefits. Strengthened capital positions, better risk frameworks, and enhanced governance structures are expected to fortify Nigerian banks ahead of the March 2026 recapitalisation deadline.

The report concluded by emphasizing that while most banks are on track to meet the capital requirements, a few are lagging and will need to accelerate their efforts to remain competitive in the new banking era.