Nigerian banks' profits surge 12-fold since 2005 recapitalization
via Punch Nigeria9 min read
Nigerian banks have seen their profits increase 12 times since the 2005 banking recapitalization initiated by former Central Bank of Nigeria Governor, Chukwuma Soludo. This recapitalization raised the minimum capital requirement for banks to N25bn, reducing the number of lenders from 89 to 25 through mergers, acquisitions, and fresh capital raising. Further consolidations and regulatory interventions over two decades have left approximately 13 of these banks operating today, including 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. An analysis of nine of these banks shows that their collective profits jumped 1,056 percent to N5tn by the end of 2025, up from N43bn in 2005. For example, GTB's profits grew from N5.36bn to N866bn, and Zenith's from N7.2bn to N1.04tn. UBA's profits increased 82 times to N404.7bn, while First Bank's rose to N139.9bn from N12.18bn. Access Bank's profits surged to N743bn by the end of 2025 from N501 million in 2005, becoming Nigeria’s largest bank by assets after merging with Diamond Bank in 2018. Fidelity Bank's profits climbed to N242.4bn from N3.21bn, Wema's from N906.4m to N194.5bn, FCMB's from N797.8m to N202.1bn, and Stanbic's from N3.1bn to N381bn. According to Charles Anorum, a Lagos-based former banker, this period has seen tremendous expansion in terms of balance sheets, merg
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Must ReadMrs. Olabisi Joseph, President of the Nigeria School Sport Federation NSSF, has been elected Continental President for Africa of the International School Sport Federation ISF. Her election took place during the 2026 ISF General Assembly in Belgrade, Serbia, where 79 votes were cast by 82 attending countries. This marks a historic moment as she is the first African woman and the first woman in ISF history to hold a continental leadership position. The NSSF, through its Secretary-General Ijeoma Olopade, congratulated Joseph and pledged full support for her tenure, emphasizing her role in advancing school sports for African children. Joseph previously made history in 2019 as the first female president of the NSSF, winning unopposed, and was re-elected for a second term in 2024.
Nigeria's U-20 team, the Flying Eagles, have arrived in Ivory Coast for the 2026 WAFU B U-20 Championship, where they will defend their title. The team landed in Abidjan on Monday and then traveled by road to Yamoussoukro, the host city, where they are currently camped at the Trio Corridor Hotel. Their campaign begins on Monday against Ghana’s Black Satellites at the Lycée Scientifique. This match is a rematch of the 2024 final in Lomé, which Nigeria won 2-1. Coached by Aliyu Zubairu, the Flying Eagles will also play against Togo’s Sparrow Hawks on Thursday and conclude their Group B fixtures on Sunday, August 2, against Burkina Faso’s Young Stallions. The team aims to successfully retain the WAFU B crown as part of their preparations for upcoming continental assignments.
Travel disruptions caused by a cancelled flight from the United States delayed the arrival of Super Falcons midfielder Deborah Abiodun and forward Gift Monday at Nigeria's training camp in Casablanca. The Nigeria Football Federation had to purchase new tickets for the players after their initial flight was cancelled due to technical reasons. Despite this setback, the Super Falcons' camp grew to 23 players with the Tuesday afternoon arrival of forward Folashade Ijamilusi from China. Ijamilusi, who plays for Liaoning Shenyang Shenbei Hefeng, scored twice in the previous Women's Africa Cup of Nations, including Nigeria's equalizer in their 3-2 comeback victory against Morocco in the final. Abiodun and Gift Monday are expected to complete coach Justine Madugu's 25-player squad for the tournament. The 10-time African champions are preparing at the La Noria Club in Casablanca before moving to Rabat for their Group C matches against Malawi, Zambia, and Egypt. Nigeria, as defending champions, will begin their title defense against Malawi on Tuesday, July 28, followed by matches against Zambia on Saturday, August 1, and Egypt four days later. This tournament also serves as the African qualifiers for the 2027 FIFA Women’s World Cup in Brazil, with the four semi-finalists automatically qualifying and one additional team securing a spot through intercontinental play-offs.