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Nigeria’s Top Banks for Q3 2023: Zenith, UBA, and Access Lead in Capitalization

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Recent analysis of bank performance indicates that Fidelity Bank, Zenith Bank, and Access Holdings have emerged as the leading institutions in terms of capitalization for the third quarter (Q3) of 2023. This recognition follows the Central Bank of Nigeria’s (CBN) announcement of a planned recapitalization of banks during the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.

Zenith Bank maintains its position as the top player in capitalization, boasting a robust capital base of N1.92 trillion, solidifying its status as Nigeria’s most capitalized bank.

Urgently behind Zenith Bank is UBA, with a capital base of N1.778 trillion, reaffirming its standing as one of the country’s financially robust institutions.

Access Holdings, with a capital base of N1.64 trillion, and First Bank Holdings, with N1.37 trillion, closely follow suit, showcasing their impressive financial stability.

Fidelity Bank’s Q3 2023 results reveal a noteworthy surge in its capital base, reaching N410.75 billion compared to the N314.3 billion recorded in 2022. This substantial growth underscores the bank’s strong financial performance and its dedication to long-term stability.

Furthermore, Fidelity Bank had proactively secured shareholders’ approval to raise additional capital earlier in the year, further bolstering its financial position and demonstrating its proactive approach to growth.

The bank’s impressive performance places it among the leading financial institutions in Nigeria, alongside other top-capitalized banks such as Zenith Bank (N1.92 trillion), UBA (N1.778 trillion), Access Holdings (N1.64 trillion), First Bank Holdings (N1.37 trillion), and Ecobank (N1.37 trillion).

This recognition underscores Fidelity Bank’s commitment to providing excellent financial services to its customers while ensuring its long-term sustainability and resilience amidst the evolving Nigerian banking landscape. The CBN’s recapitalization plan aims to strengthen the entire banking sector and make it more resilient to potential economic shocks.

Additionally, the bank’s recent acquisition of the UK division of Union Bank of Nigeria further signifies its strategic expansion and global ambitions.

Full List Of Top 10 Most Capitalized Banks In Nigeria As Of Q3 2023:

1. Zenith Bank Plc 1,920.00 billion
2. United Bank for Africa Plc: N1,778.79 billion
3. Access Holdings Plc: N1,640.50 billion
4. First Bank Holdings Plc:** N1,370.75 billion
5. Ecobank Transnational Incorporated: N1,373.85 billion
6. GTCO Holdings Plc: N1,273.57 billion
7. Stanbic IBTC Holdings Plc: N471.10 billion
8. Fidelity Bank Plc: N410.75 billion
9. FCMB Group Plc: N373.70 billion
10. Sterling Financial Holdings Plc: N165.84 billion

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Business

CBN Restores BDC Access to FX Market, Caps Weekly Purchases at $150,000

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By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

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Abuja Reports

Ultraviolet MFB MD Visits Equity Circle, Eyes Strategic Partnership

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By Samson Adeyanju 

The Managing Director and Chief Executive Officer of Ultraviolet Microfinance Bank, Bayonle Omoyele, has paid a working visit to Equity Circle, one of Abuja’s fast-growing real estate companies, as part of efforts to strengthen strategic partnerships within Nigeria’s real estate sector.

During the visit, Equity Circle’s Co-Founder and Chief Marketing Officer, Fabian George, conducted Omoyele on a tour of the company’s facilities and outlined its growth trajectory.

He disclosed that the firm recorded significant milestones over the past four years, culminating in an ₦8 billion revenue in the 2025 financial year.

Discussions between both parties focused on establishing a strategic credit relationship, with proposed areas of collaboration including invoice discounting, structured credit solutions, and cash-flow management support to help Equity Circle sustain and scale its operations.

Addressing Equity Circle staff during an interactive session, Omoyele emphasised the importance of strong marketing fundamentals, highlighting the 4Ps of marketing-Product, Price, Place, and Promotion, as key drivers of long-term competitiveness and brand leadership.

He also urged the team to adopt a long-term growth mindset, remain focused, and ensure that every unit contributes meaningfully to the organisation’s strategic goals, noting that disciplined execution is critical in Nigeria’s evolving real estate market.

The visit underscores Ultraviolet Microfinance Bank’s commitment to supporting high-growth enterprises through tailored financial solutions and partnerships that promote sustainable economic development.

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Business

Moniepoint Strengthens Africa’s Tech Talent Pipeline with DreamDevs Cohort 2

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By Omoniyi David

Moniepoint Inc has reaffirmed its commitment to building Africa’s technology talent pipeline, announcing the opening of applications for the second cohort of its flagship DreamDevs initiative.

Co-Founder and CTO Felix Ike described DreamDevs as a programme that equips recent graduates with industry-ready skills and hands-on experience to bridge the continent’s tech talent gap.

“The success of our first cohort validated that Africa’s young tech talent can compete globally. This year, we aim to convert half of our participants into full-time employees,” Ike said, adding that the initiative creates sustainable career pathways that drive Africa’s digital economy.

DreamDevs complements Moniepoint’s other talent development programmes, including HatchDev, in collaboration with NITHub, University of Lagos, which trains about 500 specialised developers annually, and the Women-in-Tech programme, now in its fifth year.

The initiative also aligns with the Federal Government’s 3 Million Technical Talent (3MTT), programme, with Moniepoint serving as a key sponsor, offering graduates a specialised pathway from training to employment.

DreamDevs underscores Moniepoint’s broader mission to leverage technology to empower Africa’s youth and advance the continent’s digital economy.

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