Five Nigerian banks have strengthened their positions in the 2026 African Banker Top 100 ranking, published by African Business magazine, after the country's major banking recapitalisation programme boosted lenders' capital positions. The Nigerian banks featured are United Bank for Africa (UBA), Access Bank, Guaranty Trust Bank (GTBank), Zenith Bank, and Stanbic IBTC Bank.
Nigerian Banks' Combined Tier 1 Capital Jumps 48%
Nigeria's combined Tier 1 capital increased by 48% to $15.2 billion from $10.3 billion a year earlier, according to African Business. The magazine attributed the increase to the country's banking recapitalisation programme, which required lenders to strengthen their capital bases to meet new minimum requirements set by the Central Bank of Nigeria (CBN).
The ranking measures African lenders by Tier 1 capital, a key indicator of financial strength that includes core capital, reserves, and retained earnings. The improved capital positions allowed the five Nigerian banks to climb or maintain their places in the continental ranking.
UBA Climbs Five Places to 15th
UBA recorded one of the biggest gains among Nigerian lenders, climbing five places to 15th from 20th. Its Tier 1 capital increased to $2.7 billion from $1.7 billion, allowing the bank to overtake Access Bank in the continental ranking. Access Bank fell three places to 17th, although its Tier 1 capital increased to $2.46 billion from $2 billion.
GTBank also climbed five places to 25th, with its Tier 1 capital rising from $1.1 billion to $1.77 billion. Zenith Bank dropped four places to 20th despite adding about $600 million to its Tier 1 capital, according to BusinessDay. African Business said some banks fell in the ranking despite recording strong capital growth because the overall capital of Africa's leading lenders increased significantly.
Stanbic IBTC Records Biggest Jump
Stanbic IBTC recorded the biggest movement among the five Nigerian banks, jumping 35 places from 80th to 45th. Its Tier 1 capital more than doubled to $735 million from $290 million.
Nigeria's stronger banking capital contributed to a 32% increase in combined Tier 1 capital across West and Central Africa to $19.6 billion. Nigeria's 48% growth was higher than the 21% recorded in North Africa and 17% in Southern Africa. North African banks accounted for $70.5 billion of combined Tier 1 capital among Africa's top 100 banks, while Southern African lenders held $47.8 billion.
Continental and Asset Trends
Across the continent, combined Tier 1 capital among the top 100 banks rose 23% to $155 billion, while total assets increased 16% to $1.8 trillion. Earlier, Legit.ng reported that six Nigerian banks have made Africa's list of the 20 largest lenders by total assets, reflecting the expanding scale of the country's financial sector after a sweeping recapitalisation programme.
The ranking, compiled using data from S&P Global Market Intelligence, company reports, African Business, The Banker, and African Research, placed Access Bank as the continent's largest Nigerian lender, with roughly $36 billion in assets and an overall 12th-place position. United Bank for Africa (UBA) came next among Nigerian lenders with $33.27 billion in total assets, followed by Zenith Bank at $32.01 billion.
