The profits of Nigeria’s surviving banks have risen 12 times since the landmark 2005 banking recapitalisation led by former Central Bank of Nigeria Governor, Chukwuma Soludo, an analysis by THE PUNCH has shown.
The recapitalisation, which raised the minimum capital requirement for banks to N25bn, reduced the number of lenders from 89 to 25 through mergers, acquisitions and fresh capital raising. Over the past two decades, further consolidations, acquisitions and regulatory interventions have shrunk that number, leaving about 13 of the post‑recapitalisation banks still operating today.
The surviving institutions include Access Bank, Ecobank Nigeria, Fidelity Bank, First Bank, FCMB, Guaranty Trust Bank, Stanbic IBTC, Standard Chartered Bank Nigeria, Sterling Bank, United Bank for Africa, Wema Bank, Citibank Nigeria and Zenith Bank.
Analyses of nine of the banks show that profits jumped 1,056 per cent to N5tn by the end of 2025, from N43bn in 2005.
GTB’s profits grew from N5.36bn
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