Top 10 Richest Banks in Nigeria 2022 :There are over 20 commercial banks in Nigeria, these banks have customers running into millions and pull in a lot of money overtime. Here we have the top 10 richest banks in Nigeria who have weathered the storm of recessions and industry challenges. Between 2014 and 2021, the industry witnessed several mergers and corporate restructuring. The list below is based on the 2019 and 2020 reports of company total assets.
Top 10 Richest Banks in Nigeria 2022
- GTB $11 Trillion.
- UBA $12.3 billion
- First Bank of Nigeria $21.3 billion
- Access Bank $12.6 billion
- Zenith Bank $15.7 billion
- Fidelity $6 billion
- Union Bank $6.8 billion.
- Eco Bank $20 billion
- WEMA $1.3billion
- Stanbic IBTC 2.48 Trillion naira
1. GTB
Guaranty Trust Bank plc was founded in 1990 as a limited liability company with a license to provide Nigerians with commercial and other banking services. Since its inception in February 1991, the bank has evolved into one of Nigeria’s most prestigious and service-oriented institutions.
Guaranty Trust Bank plc went public in September 1996, and it has since received the Nigerian Stock Exchange President’s Merit Award in 2000, 2003, 2005, 2006, 2007, 2008, and 2009.
GTbank’s assets are estimated to be worth over $11 trillion.
2. United bank of Africa (UBA)
Since 1949, UBA has provided exceptional services to African households, businesses, and societies.
On February 23, 1961, following Nigeria’s independence from the United Kingdom, UBA was formed to take over the operations of BFB. UBA was the first Nigerian bank to list its shares on the Nigerian Stock Exchange in 1970, making it the first Nigerian bank to do so (IPO).
In 2007, UBA successfully completed another joint public offering rights issue and acquired three liquidated banks: City Express Bank, Metropolitan Bank, and African Express Bank.
UBA’s assets are estimated to be worth more than $12.3 billion.
3. First bank Nigeria
Established in 1894, First Bank of Nigeria Limited (“FirstBank”) is the preeminent bank in West Africa, Nigeria’s number one bank brand, and the country’s top financial services solutions provider.
FirstBank had 1.3 million shareholders worldwide, was listed on the Nigerian Stock Exchange (NSE), and had an unlisted Global Depository Receipt (GDR) program, all of which were transferred to FBN Holdings in December 2012.
First bank Nigeria has assets that are worth over $21.3 billion
4. Access bank
Access Bank Plc has grown from obscurity to become a world-class African financial organization during the last 26 years.
They are now one of Nigeria’s top five banks in terms of assets, loans, deposits, and branch network, a feat accomplished via a long-term commitment to client solutions – delivering committed and inventive guidance.
Access bank has assets that has been estimated to be worth over $12.6 billion
5. Zenith bank
Zenith Bank Plc was founded in May 1990 and began operations as a commercial bank in July of the same year. Following a highly successful Initial Public Offering, the Bank became a public limited company on June 17, 2004, and was listed on the Nigerian Stock Exchange (NSE) on October 21, 2004. (IPO).
Zenith Bank Plc has around one million shareholders and is Nigeria’s largest bank by tier-1 capital. The Bank listed $850 million worth of its shares on the London Stock Exchange in 2013, at a price of $6.80 per share (LSE).
Zenith Bank Plc, headquartered in Lagos, Nigeria, has approximately 500 branches and business offices in important commercial centers around the country, including the Federal Capital Territory (FCT).
Zenith bank has assets that are worth over $15.7 billion.
6. Fidelity bank
Fidelity Bank is a full-fledged commercial bank with over 5 million customers served through its 250 branch locations and numerous digital banking channels in Nigeria.
Fidelity Bank is aggressively executing a digital-based retail banking strategy that has resulted in exponential growth in savings deposits over the previous six (6) years, with more than 40% of customers enrolled in the Bank’s flagship mobile/internet banking products.
Fidelity Bank Plc, which is listed on the Nigerian Stock Exchange (NSE), began operations as a Merchant Bank in 1988. It changed its name to Commercial Banking in 1999 and then to Universal Banking in February 2001. In 2005, the previous FSB International Bank Plc and Manny Bank Plc merged to form the present bigger Fidelity Bank.
Fidelity bank has assets that are worth over $6 billion.
7. Union bank
Union Bank of Nigeria (“UBN”) was established in 1917 and is one of Nigeria’s long-standing and most respected financial institutions, offering a portfolio of banking services to individuals, SMEs, commercial and corporate clients. With a robust geographical network comprising more than 293 service centres and over 937+ ATMs spread across Nigeria.
Union bank has assets worth over $6.8 billion.
8. Ecobank
Ecobank is committed to economic development in Sub-Saharan Africa. In October 1985, the first Ecobank affiliate was established in Togo.
Despite the political turmoil in Africa during the 1980s, the Ecobank Group defied all odds and launched branches in five African countries in 1988. Between 1997 and 2001, the group’s affiliation increased from five to twelve countries.
The Ecobank Group has established itself as a world-class institution and African torchbearer. With a presence in 35 Sub-Saharan African countries, the Ecobank brand is well known with African banking.
Ecobank has assets worth over $20 billion
9. Wema bank
Wema Bank operates Nigeria’s largest digital banking system and is one of the country’s fastest growing commercial banks.
Wema Bank became a public limited liability company in 1987 and was eventually listed on the Nigerian stock exchange in 1990.
Wema Bank was established as a national bank in 2015, with a capital base of more than 43.8 billion naira.
Wema Bank has assets worth $1.3 billion.
10. Stanbic iBTC
Stanbic IBTC is a member of the standard bank group, which is a financial services giant based in south Africa. Standard Bank is Africa’s largest banking group ranked by assets and earnings operation in 20 African countries and 13 countries outside Africa.
Stanbic IBTc came as a result of the merger between STanbic Bank Nigeria limited and IBTC Chartered bank in 2007.
Stanbic IBTC have assets that total over 2.48 Trillion naira.
