GTCO and Zenith Lead Nigeria in Capital Adequacy Ratio

In the first quarter of 2026, Guaranty Trust Holding Company Plc (GTCO) and Zenith Bank emerged as the top banks in Nigeria regarding capital adequacy ratio (CAR). GTCO reported a CAR of 39.5%, while Zenith followed with a CAR of 23.5%.

The CAR is a critical measure that compares a bank's available capital to its risk-weighted assets, ensuring that banks can absorb losses and avoid insolvency during economic downturns. The Central Bank of Nigeria (CBN) requires international and systemically important banks to maintain a minimum CAR of 15%, while national and regional banks must have at least 10%.

Other banks in the FUGAZ group, which includes First Holdco, UBA, and Access Bank, reported CARs of 23.2%, 17.25%, and 13.4%, respectively. According to Fitch, most major Nigerian banks maintained an average CAR above 20% in Q1 2026, exceeding CBN regulatory minimums.

African Financials noted that some banks faced temporary challenges related to credit exposures, but overall systemic buffers remained intact.