Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

A new ranking of Africa’s leading tier-1 capital for last year has shown a clear hierarchy, with South African, Egyptian, and Moroccan lenders leading the pack, while Nigeria trails behind.

A new report by Proshare disclosed that the Standard Bank Group led the charge with the most tier-1 capital of $13 billion, followed by National Bank of Egypt, with $7 billion, and Attijariwafa Bank of Morocco with $6 billion in the review period.

However, four Nigerian lenders, First Bank, Access Bank, Zenith Bank, and United Bank for Africa (UBA), made the list, each having tier-1 capital of $2 billion.

Experts have said that the new ranking has impacted exchange rate volatility.

“Tier-1 capital across African banks generally declined, primarily due to currency fluctuations that have weakened the dollar-equivalent value of capital,” the report said.

The report added that Nigeria’s ranking also dipped despite the ongoing capital-raising plans pioneered by the Central Bank of Nigeria (CBN), which experts attributed to currency devaluations.

The report shows that South African banks each got five points among the continent’s largest banks by tier 1 capital, showing their resilience and adaptability to market conditions.

On the home front, two Nigerian banks, Access Bank and Zenith Bank, have met and exceeded the N500 billion CBN’s minimum capital requirement ahead of the March 31, 2026, deadline, Legit.ng reported.

The report disclosed that the two, which surpassed the N500 billion threshold and share premium ceiling set by the apex bank, will be cleared, as fears loom that some lenders may merge.

The report said that Zenith Bank leads with a share capital and share premium of N614.65 billion, and is trailed by Access Bank at N594.90 billion.

Other tier-1 lenders, such as Ecobank and Guarantee Trust Bank, are trailing closely behind with N353.51 billion and N345.30 billion, respectively.

Proshare said that a shift in the banking hierarchy is happening, with Ecobank overtaking Zenith Bank from the top tier-1 list, due to its 67.11% asset gain and its francophone West African operations.

The report noted that Fidelity Bank is on track to return to the tier-1 group by the end of 2025.

Access Bank takes over Standard Chartered Bank

Legit.ng earlier reported that Nigeria’s banking giant, Access Bank, has completed the takeover of Standard Chartered Bank in The Gambia.

The takeover on June 13, 2025, will see Standard Chartered Bank cease to operate in The Gambia after 130 years of operations.

The governor of the Central Bank of The Gambia, Buah Saidy, disclosed this recently during a press conference at The Gambia’s apex bank’s headquarters in Banjul.

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Source: Legit.ng