GCR Ratings adjusts credit ratings for Ecobank Nigeria and Fidelity Bank

GCR Ratings has implemented changes to the credit ratings of two Nigerian banking entities. The agency has withdrawn the national scale long and short-term issuer ratings for Ecobank Nigeria Limited, citing business reasons for the withdrawal.

In contrast, GCR Ratings has upgraded Fidelity Bank Plc’s national scale long-term issuer ratings to A+(NG) from A(NG), while maintaining a stable outlook and affirming its short-term issuer rating at A1(NG). The upgrade is attributed to a strengthened capital position following an addition of NGN 227.0 billion to total core capital.

As of March 2026, Fidelity Bank reported a core capital ratio of 29.4%, an increase from 17.2% in December 2025. The bank, which holds an estimated 8.0% share of the industry’s gross loans, plans to utilize its international banking license to expand into three new African markets to diversify risk.