Top 10 richest banks in Nigeria is one information many people try to look for before they use any of them for their financial transactions. Nigeria has many banks that help provide financial services like saving money, giving out loans, depositing and transferring funds, and exchanging foreign currencies. From the establishment of the first bank in Nigeria in 1892 till now, banks have helped improve the economy of the country by giving services to both small and large businesses.
This article will look at some of the top 10 richest banks in Nigeria and their estimated net worth. Most of their money comes from international and domestic financial transactions. The total assets of these banks are based on 2022 data.
List of top 10 Richest Banks in Nigeria
The following banks are ranked the top 10 richest banks in Nigeria:
Access Bank is one of the licensed commercial banks by the Central Bank of Nigeria and the richest on our list. The bank was established in 1989 by Herbert Onyewumbu Wigwe CON, a serial entrepreneur and Nigerian banker. Access Bank started as a local bank and gradually grew its net worth, assets and international presence. When you list banks with large customer numbers, branch networks, loans, and other financial services, Access Bank should be on top of the list.
Access Bank grew to become the richest bank after its merger with Diamond Bank in 2019. Both banks were strong banks with strong capacities in the financial market; the merger gave Access Bank a more significant advantage and a strong shift over other banks in terms of competition, growth, and customer strength.
There are many services customers can get from Access Bank, like traditional investments, lending solutions, online services, premium cards, and international banking services.
This bank operates domestically and internationally, with over 366 branches in Nigeria and other African countries. In Nigeria, Access Bank has a customer base of over 52.20 million with more than 7000 workers.
Access Bank has an estimated asset value of over N13.19 trillion and shareholder equity of 10% or more of the total asset value.
Zenith Bank used to be the top richest bank but lost the slot to Access Bank after the 2021 annual revenue. Mr. Jim Ovia, CFR established this bank in 1990 as a private limited liability company but with the help of customers, staff and shareholders, the bank grew through its customer service, best practices and principles, and multiple financial services. Zenith Bank is one of the banks in Nigeria that did not grow their capital by merging with other banks, they escaped liquidation by using the initial public offering (IPO) strategy.
You can find over 500 branches of Zenith Bank in Nigeria, Gambia, Sierra Leone, Ghana, and the United Kingdom, with over 10,000 employees.
This bank has many services and financial products for its over 1.6 customers in international transactions, retail banking, investments, loans, corporate banking, trade services, and online services. One strong advantage Zenith Bank has over some banks is their focus and leverage on technology, and this bank is the first to introduce a mobile banking app.
Nigerian Stock Exchange recognizes Zenith Bank as one of the financial institutions with the most liquid stocks. The bank has also received many awards like the Bank of the Year (Nigeria) in 2005, 2013, and 2020 for their unique customer experience and quality financial indices.
Zenith Bank has an estimated asset of N10.12 trillion and more than 3% shareholder equity.
First Bank of Nigeria
First Bank of Nigeria is not only the oldest bank in Nigeria but one of the top richest. This bank has been in existence for over 100 years after Sir Alfred Jones, a businessman from England founded the bank but the Nigerian subsidiary is managed by Adesola Kazeem Adeduntan, the current chief executive officer (CEO).
After the bank was introduced in Nigeria in 1947, it built its reputation by providing financial services to both government and private individuals but it has grown at a fast rate. As of last year, the bank increased its earnings to up to 34%, and more growth is expected by the end of the year.
First Bank of Nigeria grew not just in its annual revenue but in its customer base, deposit base, higher number of branches, amounts of loans, and other products.
With more than 700 branches and over 2,600 ATM points in Nigeria, First Bank of Nigeria performs many transactions for their over 10 million customers. This bank has branches in countries like the United States, Gambia, The United Kingdom, Sierra Leone, Ghana, France, South Africa, UAE, China, Guinea, etc.
There are many services the First Bank of Nigeria offers to customers, like retail banking, commercial banking, public sector banking, international banking, and corporate banking. With a total asset of over N9.53 trillion, First Bank of Nigeria is one of the top richest banks in Nigeria.
United Bank of Africa (UBA)
UBA is the third on our list of the top 10 banks in Nigeria. Founded in 1948 and chaired by the popular Nigerian entrepreneur, Tony O. Elumelu, this bank operates in over 200 branches across Nigeria as well as 20 other African countries like Senegal, Gambia, Côte d’Ivoire, and France, the United States, UAE, and the United Kingdom.
The customer base cuts over 27 million people and up to 20,000 staff to provide financial services like treasury products, corporate banking, internet and mobile banking, trade finance, debit cards, loans, savings and current accounts, investment banking, and domestic and international transactions. With over 1,000 offices and 2,669 ATMs, customers can easily carry out their financial transactions.
The United Bank of Africa also partners in sectors like oil and gas, agriculture, export, infrastructure so their annual revenue increases at the end of each year.
This bank has a market capitalization of up to $1.5 billion and a total asset value of N8.99 trillion, and this shows how rich this bank is in Nigeria’s financial market.
Guaranty Trust Group Holding Company Plc (GTCo Plc)
Guaranty Trust Group Holding Company Plc (GTCo), Formerly known as GTBank, is one bank most people consider customer-friendly. This bank was founded by two Nigerian businessmen and investors – Tajudeen Afolabi Adeola and Tayo Aderinokun in 1990 but operations started in 1991.
This bank is always coming up with products and innovations that will make transactions easier and faster for their over 9 million customers; the excellent customer service, digitization of financial products and corporate principles are some of the reasons most people bank with GTCo, thereby increasing the revenue of this bank.
This bank does not limit its transactions to the 264 branches in the Nigerian market but other countries like the United Kingdom, Ghana, Liberia, Sierra Leone, Kenya, Uganda, Rwanda, Côte D’Ivoire, Tanzania, and Gambia.
Guaranty Trust Group Holding Company Plc has straightforward financial arrangements, a strict administrative pattern, and a corporate outlook that has brought many awards to them. In 2021, the bank completed the reorganization processes and changed its name from Guaranty Trust Bank (GTB) to Guaranty Trust Group Holding Company Plc (GTCo Plc) to achieve more growth and deliver outstanding services to customers. This bank is estimated to have a total asset value of N5.69 trillion.
Our list of the top 10 richest banks in Nigeria can only be completed by mentioning Fidelity Bank, which is popular among small and medium-sized entrepreneurs. Founded in 1988, Fidelity Bank started as a merchant bank but became a universal bank in 2001. This bank is currently chaired by Mustafa Chike-Obi and has grown to have more than 240 branches and over 774 ATMs catering to the financial needs of its over 4 million customers.
This bank gained more financial strength after merging with other banks (like FSB International Bank Plc and Manny Bank Plc in 2005) and partnering with financial institutions in other countries. Fidelity Bank offers products and services like investments, credit cards, loans, savings, and mortgages.
Fidelity Bank has many awards like Best in Mobile Banking, Most Improved Corporate/Investment Bank. Fidelity Bank is estimated to have a total asset value worth N3.69 trillion and over $600 million in shareholder equity.
Stanbic IBTC Bank
Stanbic IBTC Bank may have its parent company in South Africa, but it has become one of Nigeria’s top richest banks. Atedo Peterside CON founded the bank in 1989. This bank grew by offering excellent customer service and innovative ways to reach financial goals.
This bank also grew its financial strength and customer base after the founder acquired Chartered Bank Plc and Regent Bank Plc in 2005, and its merger with Stanbic Bank Nigeria Limited in 2007.
Individuals, organizations, businesses, and corporations can enjoy some of the services Stanbic IBTC Bank provides, like retail banking, investments, private banking, stock brokerage, pension management, trustee banking, insurance, asset management, corporate banking, and online banking.
The 2.4 million customers at Stanbic IBTC Bank can access their services in any of their 166 branches or even their 732 ATMs scattered all over Nigeria.
Stanbic IBTC Bank has an asset value of N3.15 trillion, making it one of the richest banks in Nigeria.
Union Bank is the second oldest bank in Nigeria, established in 1918 by London bankers and British merchants but still on the list of the top 10 richest banks in Nigeria. The bank started as Colonial Bank after its acquisition in 1925, the name changed to Barclays Bank DCO (Dominion, Colonial and Overseas). Afterwards, this bank was incorporated in Nigeria, restructured and renamed Union Bank of Nigeria Plc.
Union Bank acquired other banks like Universal Trust Bank Plc, Broad Bank Ltd and Union Merchant Bank Ltd, thereby increasing their financial capacity and strength.
This bank provides one of the best financial services like cash management, loans and working capital, foreign exchange, deposits and collections, mortgages, savings, and liquidity management.
Their millions of customers can visit over 284 service centers and 934+ ATMs in different locations in Nigeria to carry out any financial transactions.
Union Bank has an excellent reputation and prominence because it was awarded the 14th biggest bank in Africa. The asset value is estimated to be worth N2.54 trillion, while the shareholder equity is over 286 billion dollars.
Ecobank made it to our list of Nigeria’s top 10 richest banks. This bank was first established in Togo in 1985 by Gervais Djondo, a Togolese entrepreneur and in 1988, Ecobank came to Nigeria. Since its operation in Nigeria, the bank has been working to provide top-notch service to individuals and businesses.
The bank had some financial strength, but the merger with Oceanic Bank in 2011 and Banco ProCredit Mozambique in 2014 increased the customer base, annual revenue, and capacity. Ecobank is prevalent in Nigeria with its many products like savings, investments, loans, foreign exchange, mobile banking, payments, transfers, cards, and microfinancing.
Ecobank’s services are offered by its three business segments which are the Ecobank Capital, Domestic Bank and Corporate Bank. Each of these segments have been delivering unique services to other financial institutions, individuals and government, SMEs and multinational corporations.
Ecobank has over 100 branches in Nigeria and more in countries like France, London, UAE, China, etc. The bank has an estimated asset value of N2.3 trillion.
First City Monument Bank (FCMB)
Popularly known as FCMB, the First City Monument Bank has a friendly relationship with over 7.1 million customers, increasing its customer base strength.
Although this bank began operations in 1982 after it was established by Oloye Michael Olasubomi Balogun as First City Merchant Bank, it has grown to become one of the top 10 richest banks in Nigeria through its services like payment of utility bills, savings, pension management, brokerage, asset management, microfinance services, online banking, and many more.
First City Monument Bank started as a result of a seed capital from City Securities Limited (CSL) but it was granted a banking license the following year. Although there was no support from government or foreign investors, the bank has done excellently well for itself. In 2021, FCMB acquired some percentage of AIICO Pension Managers Limited, this boosted its financial strength in a significant way.
With more than 206 branches in Nigeria alone and many locations in other countries, customers can always enjoy the numerous financial services. The bank has a total asset value of N2 trillion.
Frequently Asked Questions
Which bank in Nigeria has the biggest customer base?
In terms of the number of customers these banks have, First Bank of Nigeria has the highest number. The number can be attributed to age, as the bank is the oldest in Nigeria.
Which bank in Nigeria has the highest number of branches?
First Bank of Nigeria tops the list, and the bank has over 700 branches just in Nigeria. The United Bank of Africa (UBA) follows with 470 branches.
Which bank has the best security in Nigeria?
Financial security should be one of the factors you should consider before using any bank for your transactions. Access Bank has the best guarantee in Nigeria with its trillion naira assets.
Which bank is best for students in Nigeria?
The Guarantee Trust Bank is the best bank for students, their GTcrea8 E savers account is specifically for students from the age of 16 to 25 to enjoy some privileges like free transfer to any bank, zero account opening fee, zero charges, 15% interest each year for savings, education grants, workshops and events, and 24/7 banking services and customer support.
Nigeria is home to over 22 banks, and these banks help to improve the country’s economy through their taxes and revenues. We have listed Nigeria’s top 10 richest banks and estimated asset value. These banks have proven successful and reliable for all financial services, and you can consider any of them for your transactions.