Nigeria’s banking sector stands as a cornerstone of its economy, playing a pivotal role in financial intermediation and economic development.
With a diverse array of institutions ranging from traditional banks to innovative fintech companies, the landscape is both competitive and dynamic.
By examining their assets and market strategies, this article aims to provide insights into what makes these banks leaders in the industry.
1. FBN Holdings (First Bank of Nigeria)
FBN Holdings, the parent company of First Bank of Nigeria, reported an asset size of ₦27.5 trillion as of 2024, reflecting significant growth from previous years.
Founded in 1894, First Bank operates over 700 branches across Africa and serves more than 42 million customers.
The bank’s diverse services include retail, corporate, and investment banking, contributing to its status as a leading financial institution in Nigeria and West Africa.
2. Access Bank
Access Bank Group reported total assets of NGN 36.5 trillion (approximately US$22.42 billion) and shareholders’ equity of NGN 2.8 trillion (around US$1.72 billion).
The bank has expanded significantly since its merger with Diamond Bank in April 2019, becoming the largest bank in Nigeria by assets and customer base, serving over 42 million customers across multiple countries.
Access Bank operates in 20 countries, focusing on corporate, commercial, and retail banking services.
3. Zenith Bank
Zenith Bank’s total assets have significantly increased, reaching NGN 20.4 trillion in 2023, a 66% growth from NGN 12.3 trillion in 2022.
This surge is attributed to a rise in customer deposits and the revaluation of foreign currency deposits.
By June 2024, assets grew further to NGN 27.6 trillion, reflecting a 35% increase since December 2023.
The total assets expanded to NGN 30.4 trillion by September, indicating robust growth driven by strategic lending and deposits7
4. United Bank of Africa (UBA)
United Bank for Africa (UBA) is a major pan-African financial services group headquartered in Lagos, Nigeria.
At the moment, UBA’s total financial assets were valued at approximately ₦31.801 trillion (about $18.9 billion), with shareholders’ equity at ₦3.585 trillion ($2.0 billion).
The bank serves over 45 million customers across 20 African countries and has a global presence that includes offices in the USA, UK, UAE, and France.
5. Guaranty Trust Bank
Guaranty Trust Bank (GTBank), part of Guaranty Trust Holding Company PLC, has an asset base exceeding ₦3.11 trillion (approximately $8.1 billion) as of 2024.
Established in 1990, GTBank is recognized as Nigeria’s most valuable bank by market capitalization, valued at ₦840.26 billion.
The bank operates in multiple countries across Africa and the UK, providing a range of financial services including retail and investment banking, pension management, and asset management.
6. Ecobank Nigeria
Ecobank Nigeria, a subsidiary of Ecobank Transnational Incorporated (ETI), is a prominent full-service commercial bank in Nigeria, focusing on corporate banking and small to medium enterprises.
By 2018, Ecobank’s total assets amounted to $22.58 billion, with total equity of $1.81 billion.
The bank operates a vast network, being the second-largest in Nigeria, and serves over 19 million customers across various sectors.
7. Union Bank of Nigeria
Union Bank of Nigeria Plc, established in 1917, is a prominent financial institution providing a wide range of banking services, including savings accounts, loans, and investment management.
It operates over 293 service centers and 937 ATMs across Nigeria and is committed to enhancing customer experience and financial inclusion.
As of June 2022, the bank was acquired by Titan Trust Bank, which significantly impacted its operations.
Union Bank’s asset size is reported to be approximately $1.5 billion, reflecting its substantial role in the Nigerian banking sector.
8. First City Monument Bank (FCMB)
First City Monument Bank (FCMB) is a prominent Nigerian financial institution, established in 1982 and headquartered in Lagos.
It operates as a universal bank, offering commercial and retail banking services, investment banking, and asset management.
FCMB is one of Nigeria’s top ten banks, serving over 8 million customers through 205 branches and a UK subsidiary.
As of 2023, FCMB’s total assets are approximately ₦1.5 trillion (about $3.9 billion), reflecting its significant role in the Nigerian banking sector.
9. Stanbic IBTC
Stanbic IBTC Holdings PLC is a prominent financial services group in Nigeria, part of the Standard Bank Group.
It offers a wide array of services, including banking, investment management, and insurance.
As of 2023, Stanbic IBTC Asset Management, a subsidiary, reported assets under management (AuM) exceeding ₦1 trillion (approximately $2.6 billion), highlighting its significant presence in the asset management sector.
10. Fidelity Bank
Fidelity Bank Nigeria is a full-fledged commercial bank, recognized as the 6th largest in Nigeria.
As of December 31, 2023, it reported total assets of approximately ₦6.2 trillion, reflecting significant growth from ₦3.99 trillion in 2022.
The bank serves over 8.3 million customers through 250 branches across Nigeria and has expanded its international presence.
Its asset growth has been driven by increases in loans, investments, and customer deposits, demonstrating a robust financial performance and strategic focus on digital banking services.
