Share the article
twitter-iconcopy-link-iconprint-icon
share-icon
Top 1000 World BanksSeptember 1 2021

First Bank Nigeria bucks trend by increasing Tier 1 capital

Nigeria’s banks have had a tough year, as the economy hit a two-decade low. 
Share the article
twitter-iconcopy-link-iconprint-icon
share-icon

Nigerian lenders experienced difficulties on a number of fronts in 2020. The impact of the coronavirus pandemic, combined with a slump in oil revenues (which eased toward the end of the year), resulted in the country’s worst economic performance in more than 20 years. Its five largest lenders all posted significant falls in this year’s Top 1000 ranking, with only First Bank Nigeria registering an increase in its Tier 1 capital base during 2020.

Zenith Bank — the country’s largest lender by Tier 1 capital — fell 68 places to number 454 in the Top 1000 ranking, its Tier 1 capital position declining by 5.4% even as it recorded a 7.7% rise in total assets. Meanwhile, Nigeria’s second biggest lender, Guaranty Trust Bank, drops from 537 to 625 in this year’s main ranking.

To continue reading, join our community and benefit from

  • In-depth coverage across key markets
  • Comments from financial leaders and policymakers worldwide
  • Regional/country bank rankings and awards
Activate your free trial
John Everington is the Middle East and Africa editor. Prior to joining The Banker, John was the deputy business editor of The National in the UAE, and has also worked for Dealreporter, Arab News and The Telegraph. He has also covered the telecom sector in Africa and the Middle East, living and working in Qatar and the UK. John has a BA in Arabic and History and an MA in Middle Eastern Studies from the School of Oriental and African Studies (SOAS) in London.
Read more articles from this author