Top 10 biggest banks in Nigeria (2023)

Banks are financial institutions that provide services ranging from managing customers’ money to lending, deposit, transfer, and currency exchange.

The banking industry in Nigeria began in 1892 when the first bank in Nigeria was established with the name African Banking Corporation, which folded up after some time and eventually led to the creation of the First Bank of Nigeria plc.

Presently, the Apex bank of Nigeria is called the Central bank of Nigeria(CBN) which started operation on July 1, 1959. the CBN has among other functions the duty of regulating the banking industry in Nigeria.

This article looks at the largest banks in Nigeria by total assets.

Recommended: List of banks in Nigeria with their details

Nigeria’s biggest banks by total assets

RankCountryTotal assets ($ US dollars)
1.Access Bank22,732,000,000
2.Zenith Bank22,212,000,000
3.United Bank of Africa (UBA)20,161,000,000
4.First Bank of Nigeria20,138,000,000
5.Guarantee Trust Bank (GTB)12,950,000,000
6.Fidelity Bank7,224,000,000
7.Stanbic IBTC6,512,000,000
8.Union Bank5,738,000,000
9.Ecobank5,495,000,000
10.First City Monument Bank (FCMB)4,475,000,000

1. Access Bank

Total assets: $22,732,000,000

Access bank is Nigeria’s biggest bank as far as assets, loan, customer capacity, and branch network is concerned.

Its merger with Diamond Bank on 1, April 2019 has caused a strong shift in the overall capacity growth of the bank. Previously, both Access and Diamond banks were two strong entities in the Nigerian banking industry, the merger of 2019 offered leverage for competition and growth. 

As of 2020, Access bank has an asset value of over 22 billion dollars and shareholder equity estimated to be roughly over 10% of its total asset valuation.

It has over 7000 employees scattered at its over one five hundred business stations across the country.

2. Zenith bank

Total assets: $22,212,000,000

Zenith bank was formerly the biggest bank in Nigeria by asset valuation in 2019, nonetheless, the bank finishes 2nd to Access bank at the end of 2021. Zenith bank was established in 1990 on the principle of grandeur, verified skill and best practices.

The bank’s innovative solutions and financial arrangement coupled with an excellent working staff attitude, have experienced a continuous increase over the years.

As of 2021, Zenith bank has a total asset value of over 22 billion dollars with more than 3% of the valuation in shareholder support.

The bank’s high standards in product administration development as well as strong corporate governance structures have earned it numerous awards and recognition within and without the country.

3. United Bank of Africa (UBA)

Total assets: $20,161,000,000

UBA is the 3rd biggest bank in Nigeria, the bank serves as a pan-African financial service provider in Nigeria.

In Africa, UBA is one of the best and most flexible banking groups having its businesses in over 20 African countries.

The total asset value of the bank is over 20 billion dollars, which makes it one of Africa’s most developed banks. The bank also has a total net loan of 2.1 trillion Naira.

4. First bank of Nigeria

Total assets: $20,138,000,000

This is one of the oldest banks in Nigeria, the First bank has been running for over 126 years.

With an increasing rate of business, the bank has over 7000 employed personnel and a customer base of over 10 million people.

First bank offers services relating to Retail Banking, Corporate banking, Commercial banking and Public sector banking as its major strategy in business. The bank also has an asset of over 20 billion dollars.

Also read: Best banks in Nigeria for personal and business banking

5. Guarantee Trust Bank (GTB)

Total assets: $12,950,000,000

As of 2021, GTB has been argued to be the best technology-friendly bank in Nigeria, with its mobile app taking the lead among other apps.

With its exceptional client service and delivery of innovative financial arrangements, it has continued to experience growth in customer and financial files to work on.

Also, its great administrative skills and corporate governance structure have made it well-known within and outside the state and has received numerous awards from different foundations for excellence. GTB’s total asset value is over 12 billion dollars.

6. Fidelity Bank

Total assets: $7,224,000,000

The Fidelity bank is an authorized bank with international recognition by the central bank of Nigeria and over thirteen countries across the world.

As of 2021, the bank had a total asset of over 7 billion dollars and a shareholder’s equity of 670 million dollars.

Fidelity bank has varying channels of offering its services to customers, with its POS terminals having over 4,346 locations and ATM having over 775 terminals, altogether it serves over 4 million clients.

7. Stanbic IBTC Bank

Total assets: $6,512,000,000

The 7th biggest bank in Nigeria is a financial service holding company in Nigeria having services in banking, pension, stock financing and trusteeship business.

The Stanbic IBTC bank is a subsidiary of the Standard Bank Group located in South Africa, and is one of the best banks through asset and earning activities in 13 African countries and 20 countries outside Africa.

Around 2019, it was discovered that the bank’s entire group’s total assets was worth 1.42 trillion dollars, having a 2,926-worker base. Nonetheless, the Nigerian subsidiary is worth over 6 billion dollars in total assets. 

8. Union Bank

Total assets: $5,738,000,000

Union bank is the 8th biggest bank in Nigeria, its customer base is made up of a variety of persons from varying locations and businesses.

In 2005, it was awarded the 556th biggest bank in the world and the 14th biggest in Africa.

In 2021, the bank’s total asset was valued at over 5 billion dollars and shareholder’s equity at 286 billion dollars.

It has a large number of interconnected branches in every Nigerian state and has different auxiliaries in various parts of the world.

9. EcoBank

Total assets: $5,495,000,000

Ecobank started activities in 1989. It operates a universal banking system, offering wholesale, retail, corporate, speculation and exchange banking administration to its users.

Ecobank Transnational Incorporated (ETI) went public on April 2019.

It has a total asset of over 5 billion dollars. 

10. First City Monument Bank (FCMB)

Total assets: 4,475,000,000

FCMB is the 10th biggest bank in Nigeria. The bank performs basic banking functions of funding varying sectors in the Nigerian economy, which covers telecommunications, power and steel, Food and Beverage among others, they also offer loan services to qualified individuals.

It has its head office in Marina, Lagos, with over 179 branches across the nation and employs varying channels for its transaction.

Recommended: Top 10 banking apps in Nigeria

Conclusion

These are the top 10 leading and biggest banks concerning their asset valuation. With over 20 banks operating in the Nigerian system, there is bound to be extensive competition in the Nigerian banking industry, hence, the need for excellence.

Frequently Asked Questions (FAQs)

Which bank is the biggest in Nigeria by customer base?

First bank of Nigeria is Nigeria’s biggest bank by customer base with over 10 million customers.

Does Fidelity Bank accept deposits in foreign denominations deposits?

Yes, all commercial banks in Nigeria accept deposits in foreign currencies.

Don't miss a thing. Follow us on Telegram. If you love videos then also Subscribe to our YouTube Channel. We are on Twitter as MakeMoneyDotNG.

Richard Okoroafor

Richard Okoroafor

Richard is a brilliant legal content writer who doubles as a finance lawyer. He brings his wealth of legal knowledge in corporate commercial transactions to bear, offering the best value that exceeds expectations.

Articles: 194

Leave a Reply

Your email address will not be published. Required fields are marked *