LAGOS, NIGERIA — Globus Bank Limited, a national commercial bank in Nigeria, has been assigned its inaugural credit ratings by Fitch Ratings, one of the world’s foremost global credit rating agencies. The Bank has been assigned a Long-Term Issuer Default Rating (IDR) of ‘B-‘ with a Stable Outlook, a Viability Rating (VR) of ‘b-‘, and a National Long-Term Rating of ‘BBB (nga)’ with a Stable Outlook.
The rating assignment reflects Globus Bank’s sound financial profile, characterised by zero impaired loans, strong profitability metrics, and an adequate capital position, set against the backdrop of Nigeria’s improving but still challenging operating environment.
A Landmark Moment for a Fast-Growing Institution
The Fitch rating is the latest in a series of independent validations of Globus Bank’s growth trajectory; one that has been characterised by consistent financial performance, disciplined risk management, and a rapidly expanding customer franchise. Globus Bank has built a business model that it describes as “phy-gital”, combining traditional relationship banking via its physical branches with digital acquisition channels, driving rapid balance sheet expansion and financial results that have consistently outperformed the industry.
In its rating rationale, Fitch acknowledged Globus Bank’s strong asset quality, noting zero impaired loans in 2025 and Stage 2 loans at a modest 3% of gross loans. The agency highlighted the Bank’s operating profit-to-risk-weighted assets ratio of 10% in 2025, supported by a wide net interest margin, strong non-interest income, and low risk-weighted asset density. The rating coincides with the release of the FY2025 results: Profit Before Tax reached ₦107.7 billion; Profit After Tax stood at ₦82.6 billion while total assets grew 64% to ₦2.58 trillion from ₦1.57 trillion in 2024, reflecting meaningful growth across the Bank’s balance sheet, income lines, and capital base.
Fitch noted that customer deposits dominated Globus Bank’s funding profile, accounting for 93% of total funding at end of FY2025, with corporate customers representing 80% of the deposit base. The agency assessed the Bank’s liquidity coverage of customer deposits as good in both local and foreign currency, with local currency liquidity held primarily in Nigerian debt securities and foreign currency liquidity represented by cash, short-term interbank placements, and investments in Nigerian Eurobonds.
Fitch further noted the Bank’s Fitch Core Capital (FCC) ratio of 23.7% at end-2025, and acknowledged the successful completion of its recapitalisation exercise in the first quarter of 2026, having raised over ₦200 billion in total paid-up capital in compliance with the CBN’s minimum capitalisation requirements for commercial banks with national authorisation. The rating committee date was 2 April 2026.
Reflecting on the rating, Elias Igbinakenzua, MD/CEO, Globus Bank Limited said:
“This rating is a validation of our unwavering commitment to excellence. It is proof that ‘Lead the Change’ is more than a chant; it is our identity and our charge, reflected in the fact that we are leading, not following, and setting the pace, not chasing it.”
Outlook and Path to Upgrade
The Stable Outlook assigned by Fitch signals confidence in the Bank’s near-term trajectory. Fitch noted that profitability metrics are expected to remain strong in 2026 and that the Bank’s capital position will continue to benefit from its ongoing growth momentum. According to the agency, a positive rating action could follow from a strengthening business profile, evidenced by a larger domestic market share, and from the view that profitability will be sufficient to sustain adequate capital buffers and asset quality metrics despite continued expansion. An upgrade of Nigeria’s sovereign rating, or an upward revision of the operating environment assessment, could also support a positive rating action.
The Fitch rating follows upgrades by domestic agencies Agusto & Co. (from ‘A-‘ to ‘A’) and GCR (from ‘BBB-‘ to ‘BBB’) in 2025, making Globus Bank one of a small group of Nigerian banks to simultaneously hold investment-grade ratings from three leading credit agencies. The Fitch assignment positions the Bank within the global ratings framework, enhancing its visibility with international investors, correspondent banks, and trade finance counterparties.
Building for the Future
Globus Bank currently operates approximately 50 branches,1 cash center and 104 ATM Terminals across Nigeria, with plans to open at least ten additional branches by the end of 2026. With a strong capital base, an improving multi-agency credit profile, expanding trade finance, retail, and digital banking capabilities reinforced with growing Fintech partnerships, the Bank is well positioned to grow its market share and deliver lasting value to its shareholders, customers, and the broader Nigerian economy.
About Globus Bank Limited
Globus Bank Limited is a CBN-licensed national commercial bank headquartered at Plot 722 Akinbo Savage, Victoria Island, Lagos. The Bank offers a broad suite of corporate, commercial, retail, and digital banking products and services, and is committed to delivering innovative financial solutions that empower individuals, businesses, and communities across Nigeria.