Leading banks in West Africa 2023, by tier 1 capital
As of 2022, Nigeria's Zenith Bank and Access Bank were the leading banks in West Africa in terms of tier 1 capital. Each accumulated tier 1 capital of around 2.58 billion and 2.4 billion U.S. dollars, respectively. Moreover, First Bank of Nigeria registered an approximate value of 2.22 billion U.S. dollars, ranking it third in the West African region. Tier 1 capital consists of core capital, reserves, retained earnings, and minority interests.