Bank In Nigeria | List of Richest Bank In Nigeria: There are several banks in Nigeria that are authorized to operate by CBN, Nigeria’s Central Bank. In fact, more than 20 commercial banks exist in Nigeria, as approved by the CBN. And also there are different kinds of banks today in Nigeria. We did, however, clarify in one of our posts the important difference between an investment bank and a commercial bank.
Having said this, which bank in Nigeria is the richest? Is it the First Bank Plc, the Guarantee Confidence Bank, the Zenith Bank, or the Eco Bank? All right, you’re about to find out. But first of all, I must make it clear to you that Nigeria’s current richest bank might not be the wealthiest bank in the next quarter or next year. In the banking sector, there can therefore be changes.
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And according to the results for the first quarter of this year, 2020, the banks I have listed below are the wealthiest financial institutions in Nigeria. You might be wondering how the list was compiled; well the list of most affluent banks in Nigeria was compiled based on the total assets of these banks according to March and June news. In March and June 2020, the report on total earnings was published. However, be assured that this write-up will be updated from time to time to bring you the latest information on the richest bank in Nigeria.
Nigeria’s Current Richest Bank
- Ecobank, N8.97 trillion naira
- Access Bank, N7.28 trillion naira
- First Bank, N7.02 trillion naira
- United Bank for Africa, N6.4 trillion Naira
- Zenith Bank, N4.46 trillion naira
- Gtbank, N4.06 trillion naira
- Stanbic IBTC, N2.43 trillion naira
- Fidelity Bank, N2.114 trillion naira
- Union Bank, N1.98 trillion naira
- First City Monument Bank, N1.89 trillion naira
Complete assets: N8.97 trillion Naira trillion
Ecobank, which is among Nigeria’s leading banks, is Nigeria’s richest bank. Their overall assets are worth N8.97 trillion Naira on the basis of a new calculation for the first quarter. Ecobank was one of the Nigerian banks with fastest-growing assets. Last year’s first-quarter study showed Ecobank had total assets worth N 7.84 trillion. And this year, the study shows that it rose by 4 percent, between N 8.62 trillion in December 2019 and N 8.97 trillion in March 2020.
Founded in 1989, the bank has been in business since then, but It became very influential among Nigerians when it acquired Oceanic Bank in 2011. when it acquired Oceanic Bank in 2011, it became very popular among Nigerians. Ecobank is one of the biggest financial institutions on the entire African continent. They currently have over 1000 branches and 10,000 employees in more than 32 nations across the continent.
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Access Bank Plc Plc Access Bank
Total Assets: N7.28 trillion naira trillion
Access Bank Plc is considered to be among the largest banks in Nigeria. However, it was first accepted as an intercontinental institution.The Bank is presently one of the world’s largest providers of financial services following its merger with Diamond Bank plc. The Bank has business offices in the United Kingdom and our eight sub-Saharan countries: Gambia, Rwanda, Sierra Leone, and Zambia.
In its hundreds of corporate offices, Access Bank Plc has over 9000 employees. In March 2019, Access Bank released its first-quarter report, showing that its total assets were N4.954 trillion. But in December 2019, its total assets increased to N7.14 trillion. As of March 2020, the total assets will be N7,28 trillion. This makes Access Bank the second wealthiest Bank in Nigeria at the moment.
First Plc Bank
Total assets: N7.02 trillion naira trillion
First Bank is one of the earliest banks in Nigeria, but its operations are not the oldest. Several banks have failed in the past, but the First Bank of Nigeria Plc has remained. One explanation of why the First Bank of Nigeria Plc has won the confidence of many older individuals is the experience they have had with other banks. In times past, several banks liquidated and got away with money belonging to Nigerians. This has taught old Nigerians many lessons they will never forget in a hurry. That is why they strongly believe that the First Bank of Nigeria is the first and the most substantial bank compared to new-generation banks.
When was the First Bank of Nigeria founded? It was founded in 1894 and has retained its position to date as one of the largest banks in Nigeria. With 700+ branches and ten million customers. In the United Kingdom, the United Arab Emirates, South Africa, China, and many other locations outside Nigeria, Nigeria’s first bank has active members.
First Bank of Nigeria (over 10 million) also has one of the largest customer bases in the country, not to mention, it has more than 1 million shareholders already. Due to its prowess and excellent service in the Nigerian banking sector. First Bank has received many awards in the past, such as the Best Bank In Nigeria Award from Banker magazine. The bank has won five years in a row (2011, 2012, 2013, 2014, and 2015).
The bank was also named the Most Innovative Bank in Africa’ during the 2014 EMEA Finance African Banking Awards. More importantly, you may be interested in learning that FirstBank was the leading bank in Nigeria to surpass N5 trillion total assets. Before Access Bank, this was done along with Zenith Bank Plc in 2017, and UBA joined them later in 2019.
The total assets of the First Bank of Nigeria rose in the first quarter of 2019 to N5.7 trillion. In December 2019, however, it reported an aggregate investment of N6.20 trillion. The total assets of the First Bank of Nigeria are currently Naira 7.02 trillion. It is thus considered to be the third richest bank in Nigeria (3rd).
The United Bank for Africa (UBA)
Total assets: N6.4 trillion naira trillion
UBA is one of today’s most prominent banks in Nigeria. UBA has corporate branches in New York, London, and Paris, 20 different countries in Africa with 1000 branches and over fifteen million customers across the continent.
United Bank for Africa (UBA) was established in 1949. Since its set up, the bank has kept the lead in innovative banking services. However, in 2005, UBA was merged with Standard Trust Bank Plc (STB), and since then, the mergers have been considered the biggest mergers in the history of the capital markets of Nigeria. The bank is also Nigeria’s first bank to introduce First Cash Deposit ATMs, the First Visa Dual Currency Debit Card, and Nigeria’s first Bank to introduce the AI-led virtual banking robot.
In addition to the above, UBA is Nigeria’s first bank to enforce the country’s Cheque Guarantee System (UBACARD in 1986). It is also the leading bank in Nigeria to surpass NGN1 trillion in balance sheet size (including contingents). Among the products and services are mobile banking, Internet banking, wholesale banking, corporate banking, consumer banking, investment banking, and so on.
UBA has earned so many awards at the national level and even internationally. Their total asset, however, was N5.10 trillion in March 2019 following last year’s report, which increased to N5.6 trillion by December of the same year. UBA also has a cumulative asset of N6.4 trillion by March 2020, the first quarter of this year. This makes UBA 2020 Nigeria’s fourth-wealthiest bank.
Zenith Bank Plc
Complete Assets: N4.46 trillion naira trillion
In May 1990, Zenith Bank Plc was founded by Jim Ovia. The bank has expanded across Africa, offering quality financial services everywhere. Amond’s subsidiary banks run by Zenith Bank Plc are Zenith Pension Custodian, Cyberspace Networks, Zenith Bank Ghana, Zenith Bank UK, etc. Zenith Bank is also one of the banks in Nigeria that has increased overall assets above N5 trillion. Today, Nigeria’s Zenith Bank has over 500 branches spread across the world.
Eazy banking is also among their different products, consisting of their mobile app and USSD banking, individual and corporate accounts, etc. Zenith Bank Plc is typically considered to be one of the best financial institutions in the world. Based on the first quarter of 2020, the bank has total assets of N4,46 trillion. In December 2019, the survey increased by 5 percent to a total asset of N4.26 trillion. Zenith Bank, therefore, is the fifth-richest bank in Nigeria.
Guarantee Trust Bank
Total Assets: N4.06 trillion Naira Trillion
In 1988, Guaranty Trust Bank Plc was set up by Tayo Aderinokun, Fola Adeola, Femi Pedro, Gbolade Osibodu, and Femi Akingbe, all of whom were then in their 30s. As a commercial bank, CBN approved it in 1990. Since then, GTBank has grown into a major, creative, and reliable financial institution. all of whom were then in their 30s, set up Guaranty Trust Bank Plc in 1988. As a commercial bank, in 1990, CBN approved it. Since then, GTBank has developed into a financial institution that is large, innovative, and reliable. In Nigeria, as we are talking about, GTBank does not function alone but has also expanded its services to other countries around the world, including Côte d’Ivoire, Gambia, Ghana, Liberia, Sierra Leone, Uganda, Kenya, Rwanda, and even the UK.
GTBank was one of the first banks in Nigeria to introduce Mastercard, online banking, mobile banking, and SMS banking, called Naira. As an innovative and customer-oriented bank in Nigeria, GTBank has received legions of awards from different organizations, including the “best bank in Africa” award that the bank won at London’s 2019 Euromoney Awards for Excellence. At a recent event in London in July 2019, Guaranty Trust Bank emerged as The Best Bank in Africa’ (Euromoney Awards for Excellence). For the 9th time, they were also awarded the Best Bank in Nigeria, setting a record.
Unlike other banks in this list, GTBank lets their deeds speak for them. In 2011, according to a report by this day live, based on market capitalization, they were ranked the largest bank in Nigeria. In the first quarter of 2019, GTBank’s gross assets were N3.598 trillion. In December 2019, it was N3.76 trillion. In March 2020, however, the total assets were N4.06 trillion.
This makes GTBank the 6th richest bank in Nigeria.
IBTC Bank Stanbic
Complete Assets: N2.43 trillion naira
Just like many others, Stanbic Bank doesn’t make a lot of noise, but their acts speak very plainly to them. many others, but their actions speak to them very clearly. Like GTB, Stanbic IBTC Bank is one of the banks called the “billionaire bank” by many Nigerians. The bank started its operations in Nigeria in 1989 and has been ranked as one of Nigeria’s best banks.
Stanbic IBTC Bank provides savings, deposits, loans, credit and debit cards, financial advisory services, and so much more. And the First-Quarter Analysis of March 2020 has an aggregate asset of N2.43 trillion. This, therefore, makes Stanbic IBTC Bank the 7th-richest bank in Nigeria.
Fidelity Bank Plc Bank Plc
Complete Assets: N2.114 trillion naira
Fidelity Bank is one of the strongest commercial banks in Nigeria at the moment. Founded in 1988, the Bank has developed quite a reputation for “holding its promise” in terms of providing quality banking services. As of today, over 4 million customers across the nation and beyond are served by Fidelity Bank. The Bank currently has over 240 business points, 775 ATMs, and more than 4346 POSs.
To further boost its customer base and sales profile, Fidelity Bank bought FSB International Bank Plc (FSB) and Manny Bank Plc (Manny) in 2005. The financial condition of the Bank was strengthened by this single decision. In 2011, to begin with, the Bank was ranked the seventh most capitalized bank in Nigeria and the 25th most capitalized bank in Africa. They were also ranked as one of the top 1000 biggest world banks in 2013. Not that alone, Fidelity Bank is once again on the list of Nigeria’s most capitalized banks, with nearly $1 trillion of tier-one capital.
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