Access, First Bank, GTCO, UBA, Zenith Bank’s Shareholders’ Funds Hit N20.2tn Amid CBN’s Recapitalisation Drive

Kayode Tokede

Nigeria’s banking industry witnessed a major capital strengthening in the 2025 financial year as the combined shareholders’ funds of five Tier-1 lenders surged above N20 trillion for the first time, underscoring the far-reaching impact of the Central Bank of Nigeria’s (CBN) aggressive recapitalisation policy, THISDAY’s analysis has shown.

An analysis of the audited financial statements of the country’s largest lenders showed that the combined shareholders’ funds of Access Holdings Plc, United Bank for Africa Plc, Zenith Bank Plc, First HoldCo Plc, and Guaranty Trust Holding Company Plc rose to N20.22 trillion in 2025, representing a 21 per cent increase from N16.72 trillion recorded in 2024.

The sharp rise in capital reserves was a reflection of the success of the banks’ aggressive fundraising programmes through the Nigerian capital market following the apex bank’s decision to raise minimum capital thresholds for lenders operating in the country.
In March 2024, the CBN unveiled a sweeping recapitalisation framework aimed at repositioning Nigerian banks for larger balance sheets, stronger shock-absorption capacity, and greater support for the real economy.

Banks were given until March 2026 to comply through fresh capital raising, mergers and acquisitions, or license downgrades.
The five banks also significantly expanded their asset bases during the review period.
Combined total assets rose by 12.6 per cent to N161.2 trillion in 2025 from N143.1 trillion in 2024, highlighting sustained growth in lending activities, customer deposits and investment portfolios.

Consequently, shareholders’ funds accounted for 12.5 per cent of total assets in 2025, an improvement from 11.68 per cent recorded in the previous year, reflecting stronger capital buffers across the banking sector.
Among the lenders, Zenith Bank Plc maintained the strongest shareholders’ fund position at N4.9 trillion in 2025, representing a 22.2 per cent increase from N4.03 trillion in 2024.

Access Holdings Plc followed with N4.33 trillion shareholders’ funds, up 15.05 per cent from N3.76 trillion posted in the previous year. At the same time, United Bank for Africa Plc reported N4.25 trillion, representing a 24.4 percent increase over N3.42 trillion declared in 2024.

In its audited report, UBA disclosed details of its multi-tranche capital raising programme designed to comply with the CBN’s new minimum capital requirements.
According to the lender, it registered a fresh equity capital programme with the Securities and Exchange Commission (SEC) to raise N400 billion. It commenced the first tranche through a rights issue in November 2024, which closed in December of the same year.
The bank stated that the SEC approved the allotment on May 7, 2025, after obtaining the CBN’s “no objection” for the capital verification exercise.

UBA disclosed that net proceeds of N234.27 billion were recognised after deducting offer costs of N5.13 billion, representing about 1.82 per cent of gross proceeds.

The bank subsequently launched the final tranche of the capital raising exercise through another rights issue between July and September 2025, raising an additional 3.16 billion ordinary shares at N50 per share.
The lender added that it had secured the CBN’s final regulatory approval before year-end and recognized the net proceeds of N154.65 billion after deducting associated transaction costs.

Similarly, Guaranty Trust Holding Company Plc reported shareholders’ funds of N3.4 trillion in 2025, about 26 per cent higher than the N2.7 trillion recorded in 2024, while First HoldCo Plc posted N3.3 trillion, representing an 18.1 per cent increase over N2.8 trillion in the preceding year.

GTCO disclosed that it had completed the second phase of its capital raising programme to meet the N500 billion regulatory capital requirement for its flagship subsidiary, Guaranty Trust Bank Limited.
According to the group, it executed an international capital offering involving 2.28 billion ordinary shares priced at N70 per share, following regulatory approval obtained in July 2025.

The group also completed a N10 billion private placement by issuing 125 million ordinary shares at N80 per share, with proceeds received in December 2025.

Financial analysts said the successful capital-raising exercises demonstrated growing investor confidence in the resilience of Nigerian banks amid macroeconomic pressures, currency volatility, and global uncertainties.
Vice President of Highcap Securities Limited, Mr. David Adonri, noted that the Nigerian capital market played a strategic role in supporting the federal government’s recapitalization process and broader economic ambitions.