Bank In Nigeria | List of Richest Bank In Nigeria: In Nigeria, there are many banks licensed to operate by CBN, the Central Bank of Nigeria. In reality, as approved by the CBN, there are more than 20 commercial banks in Nigeria. And also, in Nigeria today, there are various kinds of banks. However, we explained the critical distinction between an investment bank and a commercial bank in one of our posts.
Having said this, which bank is the richest in Nigeria? Are they First Bank Plc, Is it Guarantee Trust Bank, is it Zenith Bank, or is it Eco Bank? Ok, you’re just about to find out. But first of all, I have to make it clear to you that the new richest bank in Nigeria might not be the most affluent bank in the next quarter or next year. So there may be improvements in the banking industry.
And the banks I have listed below are the richest financial institutions in Nigeria, according to the results for the first quarter of this year, 2020. You may be wondering how the list has been compiled; well, according to March and June news, the list of most affluent banks in Nigeria was compiled based on these banks’ total assets. The study on total earnings was released in March and June 2020. Be assured, however, that this write-up will be updated from time to time to bring you the latest information on Nigeria’s richest bank.
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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
Overall assets: N8.97 trillion naira
Ecobank, which is among the leading banks in Nigeria, is the richest bank in Nigeria. Based on a new estimate for the first quarter, their total assets are worth N8.97 trillion Naira. Ecobank was one of the banks with the fastest-growing assets in Nigeria. The first-quarter report last year showed that Ecobank had total assets worth N 7.84 trillion. And this year, the report shows that from N 8.62 trillion in December 2019 to N 8.97 trillion in March 2020, it rose by 4 percent.
Founded in 1989, the bank has been in business since then, but it became very famous among Nigerians when it acquired Oceanic Bank in 2011. Across the African continent, Ecobank is one of the leading financial institutions. In more than 32 countries around the continent, they currently have over 1000 branches and 10,000 staff.
2.) Access Bank Plc
Overall assets: N7.28 trillion naira
Access Bank Plc is considered to be one of Nigeria’s largest banks. It was, however, first recognized as an intercontinental institution. However, following its merger with Diamond Bank plc, the group is now one of the world’s largest providers of financial services. In the United Kingdom and our 8 Sub-Saharan nations, the bank has business offices: Gambia, Rwanda, Sierra Leone, and Zambia.
Access Bank Plc has over 9000 staff in its hundreds of corporate offices. Access Bank issued its first-quarter report in March 2019, showing that its total assets were N4.954 trillion. But its total assets rose to N7.14 trillion in December 2019. The total assets will be N7.28 trillion as of March 2020. This makes Access Bank the second wealthiest bank currently in Nigeria.
3.) First Bank Plc
Overall assets: N7.02 trillion naira
First Bank is one of Nigeria’s oldest banks, but its activities are not the most senior. Several banks have collapsed in the past, but Nigeria Plc’s First Bank has stayed. The experience they have had with other banks is one reason why the First Bank of Nigeria Plc has earned the confidence of many older individuals. Several banks liquidated in times past and got away with money belonging to Nigerians. This has taught many lessons to old Nigerians that they will never forget in a hurry. That is why they firmly believe that, compared to new-generation banks, First Bank of Nigeria is the first and the most substantial bank.
When was Nigeria’s First Bank founded? It was founded in 1894 and has retained its position as one of Nigeria’s largest banks to date. With 700+ branches and 10 million clients. Nigeria’s first bank has active components in the United Kingdom, the United Arab Emirates, South Africa, China, and several other locations outside Nigeria.
Also, First Bank of Nigeria (over 10 million) has one of the nation’s largest customer bases, Not to forget, it already has more than 1 million shareholders. First Bank has received numerous awards in the past due to its prowess and outstanding service in the Nigerian banking sector, including the Banker magazine’s Best Bank In Nigeria Award. The bank won five consecutive years (2011, 2012, 2013, 2014, and 2015).
In the 2014 EMEA Finance African Banking Awards, the bank was also awarded the Most Innovative Bank in Africa’. More significantly, it might interest you to know that FirstBank was the leading Nigerian bank to cross N5 trillion total assets. This was accomplished along with Zenith Bank Plc in 2017 before Access Bank, and UBA joined them later in 2019.
First Bank of Nigeria’s overall assets grew to N5.7 trillion in the first quarter of 2019. However, it posted an overall investment of N6.20 trillion in December 2019. Currently, the First Bank of Nigeria’s total assets is Naira 7.02 trillion. It is thus considered to be Nigeria’s third (3rd) richest bank.
4.) United Bank for Africa (UBA)
Overall assets: N6.4 trillion naira
UBA is one of Nigeria’s most famous banks today. UBA has corporate offices in New York, London and Paris, and in Africa in more than 20 countries. With over fifteen million clients across Africa and 1000 branches.
In 1949, United Bank for Africa was established. The bank held on leading the way of creative banking services since it was set up. UBA was merged with Standard Trust Bank Plc (STB) in 2005, however, and since then, the merging has been considered the largest mergers in the history of Nigeria’s capital markets. The bank is also the first bank in Nigeria to implement First Cash Deposit ATMs, the First Visa Dual Currency Debit Card, and the first financial institution in Nigeria To launch a virtual banking robot by AI-led
UBA is in addition to the above, the first bank in Nigeria to launch the nation’s Cheque Guarantee Scheme (UBACARD in 1986). It is also the leading Nigerian bank to cross the balance sheet size of NGN1 trillion (including contingents). Mobile banking, Internet banking, wholesale banking, corporate banking, consumer banking, investment banking, and so on are among the goods and services.
At the national level and even globally, UBA has received so many distinctions. However, in March 2019, their total asset was N5.10 trillion following the study of last year, which increased to N5.6 trillion by December of the same year. Also, UBA’s total asset is N6,4 trillion by the first quarter of this year, March 2020. This makes UBA 2020 the fourth-wealthiest bank in Nigeria.
5.) Zenith Bank Plc
Overall assets: N4.46 trillion naira
Jim Ovia founded zenith Bank Plc in May 1990. The bank spread across Africa, providing financial services of quality everywhere. Zenith Pension Custodian, Cyberspace Networks, Zenith Bank Ghana, Zenith Bank UK, etc., are Amond’s subsidiary banks operated by Zenith Bank Plc. Zenith Bank is also one of the Nigerian banks that has collected total assets above N5 trillion. Today, Zenith Bank in Nigeria has over 500 branches spread throughout the country.
Eazy banking, consisting of their mobile app and USSD banking, individual and corporate accounts, etc., are also among their various products. Zenith Bank Plc is generally considered as one of the country’s best financial institutions. The bank has total assets of N4.46 trillion, based on the first quarter of 2020. In December 2019, an overall asset of N4.26 trillion increased by 5 percent to the survey. Thus, Zenith Bank is Nigeria’s fifth-richest bank.
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6.) Guarantee Trust Bank
Overall Assets: N4.06 trillion naira
In 1988, Guaranty Trust Bank Plc was established by Tayo Aderinokun, Fola Adeola, Femi Pedro, Gbolade Osibodu, Femi Akingbe, all of whom were then in their 30s. As a commercial bank, it was authorized by CBN in 1990. Since then, GTBank has grown into a big, creative, and reliable financial institution. GTBank does not work alone in Nigeria, as we speak, but has also extended its services to other countries worldwide, including Cote d’Ivoire, Gambia, Ghana, Liberia, Sierra Leone, Uganda, Kenya, Rwanda, and even the UK.
GTBank was one of Nigeria’s first banks to launch Mastercard denominated Naira, online banking, mobile banking, and SMS banking. GTBank has secured legions of awards from various organizations as a creative and customer-oriented bank in Nigeria, including the “best bank in Africa” award that the bank won at London’s 2019 Euromoney Awards for Excellence. Guaranty Trust Bank emerged as the ‘Best Bank in Africa’ at a recent event in London in July 2019 (Euromoney Awards for Excellence). For the 9th time, they were also awarded the Best Bank in Nigeria, setting a record.
GTBank lets their acts speak for them, unlike other banks in this list. In 2011, according to a study by this day live, they were ranked the largest bank in Nigeria based on market capitalization. GTBank’s gross assets were N3.598 trillion in the first quarter of 2019. It was N3.76 trillion in December 2019. The total assets, however, were N4.06 trillion in March 2020.
This makes GTBank Nigeria’s 6th richest bank.
7.) Stanbic IBTC Bank
Overall Assets: N2.43 trillion naira
Like many others, Stanbic Bank doesn’t make a lot of noise, but their acts speak very clearly to them. Stanbic IBTC Bank, like GTB, is one of the banks considered by many Nigerians to be the “billionaire bank.” The bank began operations in Nigeria in 1989 and has continued to be one of Nigeria’s best banks ever since.
Investments, deposits, loans, credit and debit cards, financial advice services, and so much more are offered by Stanbic IBTC Bank. And the March 2020 First-Quarter Study has an aggregate asset of N2.43 trillion. This, therefore, makes Stanbic IBTC Bank Nigeria’s seventh-richest bank.
8.) Fidelity Bank Plc
Overall Assets: N2.114 trillion naira
Fidelity Bank is one of Nigeria’s best commercial banks at the moment. “Founded in 1988, in terms of delivering quality banking services, the bank has gained quite a reputation for “holding their promise. As of today, Fidelity Bank represents over 4 million clients across the nation and beyond. At present, they have more than 240 business points, 775 ATMs, and over 4346 POS.
Fidelity Bank purchased FSB International Bank Plc (FSB) and Manny Bank Plc (Manny) in 2005 to improve its client base and sales profile further. This single decision improved the bank’s financial status. The bank was ranked the seventh most capitalized bank in Nigeria and the 25th most capitalized bank in Africa in 2011, to begin with. In 2013, it was also ranked as one of the top 1000 largest world banks. Not that alone, Fidelity Bank is once again on the list of the most capitalized banks in Nigeria, with a tier-one capital of almost $1 trillion.
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