Six Nigerian Banks Among Africa's Top 20 Lenders

Six Nigerian banks have been recognized among Africa's 20 largest lenders by total assets, indicating the growth of Nigeria's financial sector following a recapitalisation programme. The ranking, based on data from S&P Global Market Intelligence and other sources, identifies the largest Nigerian lender with approximately $36 billion in assets, placing it 12th overall in Africa.

Other notable Nigerian banks include another lender with $33.27 billion, and one with $32.01 billion in assets. Stanbic IBTC Bank has about $24 billion, while another bank has $17.2 billion.

The top bank in Africa is Standard Bank Group, with total assets of $218 billion, followed by Egypt's National Bank of Egypt at $186 billion. The recapitalisation efforts were part of a two-year capital-raising drive to meet the Central Bank of Nigeria's revised minimum capital requirements.

Additionally, Absa Group's CEO Kenny Fihla announced plans to upgrade its Nigerian representative office to a full merchant banking operation.