Nigerian banks currently enjoy consolidation, mergers, and acquisition dividends. There is no doubt that this has made them much stronger and capable of staying competitive in the international community.
Recently, 11 Nigerian Banks are rated among the top 50 banks in Africa, and here we’ve made available the full list of the largest commercial banks in Nigeria.
List of the Largest Commercial Banks in Nigeria
Below you will find the list of the strongest banks in Nigeria that are even growing stronger and stronger every day.
1. Zenith Bank
With assets of more than $7 billion and branches in The Gambia, Ghana, Sierra Leone, South Africa, and the United Kingdom, it is one of Nigeria’s largest companies.
Since becoming a public limited company in 2004, it has won several awards and is among the 10 richest African Answer Banks in Nigeria
2. Access Bank PLC
Access Bank is one of the commercial banks in Nigeria with total assets of more than $12 billion. The bank acquired Intercontinental Bank, which was one of Nigeria’s leading banks with a large customer base in a recent recapitalization process, and also Diamond Bank, and has just completed the acquisition of Kenya Transnational Bank. Access Bank has more than 5.5 million clients and 300 commercial branches.
3. United Bank for Africa
Born after a merger between Standard Trust Bank and the former UBA, United Bank for Africa has more than 7 million clients with more than 700 offices serving these people in 19 African countries.
Based in Lagos, UBA has introduced many services to its clients. Although some people still see it as an old generation bank, it has a lot to offer the young generation given its solid financial base.
4. Union Bank
One of the oldest banks in Nigeria. Its commercial activity dates back to the beginning of the 20th century. It is the 14th largest bank in Africa with an asset base of more than $6 billion. It offers a wide range of services and the main shareholder is Union Global Partners Limited, which owns up to 65% of the bank’s capital.
5. First bank
Who would not remember to mention First Bank? Truly the first Nigerian bank to be established more than a century ago. It is the oldest bank in Nigeria and everything related to First Bank has a large number, from the number of branches in Nigeria and the number of clients to total assets of more than 18 billion dollars and clients made up mostly of people of the Third Age.
It’s almost a rule that if you’re over 60 in Nigeria without a First Bank account, you’re really not over 60.
6. Guaranty Trust Bank (GTBank)
Guaranty Trust Bank is on the list of the main banks in Nigeria. GTBank was listed on the Nigerian Stock Exchange in 1996 and has won several awards. The bank is known for its ease of operation from a customer point of view, which often does not request unnecessary documents and at the same time maintains high-security standards.
GTbank became the first sub-Saharan bank to be listed on the London Stock Exchange and Deutsche Börse, and Guaranty Trust Bank plc’s long-term debts are rated B + by Standard & Poor’s and AA- by Fitch Ratings, which are the highest rating for a Nigerian bank.
7. Fidelity Bank
“We keep our word,” a Nigerian average would remember about Fidelity Bank. It started in 1988 when it was established as a commercial bank, became a commercial bank some 11 years later, and has continued to “keep its word” ever since.
8. Diamond Bank
Diamond Bank, as it is called, started in 1990 and is currently worth more than $ 4 billion in total assets and is one of the licensed commercial banks in Nigeria though now joined with Access Bank.
9. First City Monument Bank (FCMB)
FCMB is known for its monumental buildings that often makes people wonder if some form of commercial activity is going on inside it or if you accidentally stumbled upon a museum/building of national heritage, yet total assets of more than 3.65 a billion say a lot is happening under those monumental roofs. FCMB has subsidiaries that offer pension, stock brokerage, and investment banking services.
10. Wema Bank
It started in 1945 and generally involves a few. If you can remember, it is one of the oldest banks in Nigeria and has been continuously in the banking business for over 70 years.
Ecobank Nigeria began operating in 1986 as Universal Bank has already established itself over the years as one of the leading financial institutions in Nigeria. With assets of more than $ 8 billion, you are taking a solid foundation.
The bank recently acquired 100 percent of Oceanic Bank’s shares in a consolidation exercise. The acquisition was due to the misappropriation of the bank’s capital by some of the boards. Oceanic Bank was one of the main banks in Nigeria, known for its crowded banking rooms due to a large number of clients and the inefficient provision of services.
12. Spring bank
Spring Bank goes unnoticed, but that does not compromise the fact that it is one of the strong banks in Nigeria with assets of nearly $ 2 billion.
13. Mainstreet Bank
Formed in 2011 at the same time as Keystone and Enterprise, it is one of the newest banks licensed to operate as a commercial bank in Nigeria. It has subsidiaries in the insurance, goods, and capital market sectors.
14. Polaris Bank
Formerly Skye Bank is a major provider of financial services in Nigeria and West and Central Africa. Its history dates back to 1989 when it was still called Prudent Bank.
Finally, it merged with 4 other banks during the national consolidation of the main financial institutions and became Skye Bank and now Polaris Bank. Its total assets are worth more than $ 3.9 million.
15. Stanbic IBTC Bank
This is a bank based in South Africa that is a member of the Standard Bank Group. It is known by the name of Standard Bank in some African countries, while in other African places it carries the Stanbic Bank. The bank finances the main companies in Africa.
16. Standard Chartered Bank
A British bank based in London with a global presence. The parent company is listed on the London Stock Exchange. It is truly a well-capitalized bank with total assets worth more than $ 600 billion.
17. Sterling Bank
It started commercial activities in 1960 as a NAL bank. It has 186 branches and commercial offices in Nigeria and offers services in the retail, commercial and corporate consumer banking range.
18. Keystone Bank
It started its activity in 2011 after obtaining the license from the Central Bank of Nigeria to take over the disappeared PHB Bank, the bank has offices in all the states of Nigeria.
19. Unity Bank
Unity Bank is made up of 9 different financial institutions. Popularly known as the former Banco del Norte, it has 242 branches across the country.
20. JPMorgan Chase
Yes, the JP Morgan you know. It offers corporate banking services in Nigeria. The bank’s history dates back to 1960 through its predecessor, Chase Manhattan Bank, and since then, the bank has continued to strengthen ties with Nigeria by providing treasury services, reserve management as well as custodial services, and acting as an adviser.
The central bank, government ministries, and supranational bank JP Morgan Chase served as a bank of banks because the bank’s clients are Nigeria’s best-known banks, corporations, and multinationals. JPMorgan serves your equity needs, M&A advice, custody transactions, depository receipts, and structured business financing.
Citibank is a multinational bank that has its origins in the United States of America but had expanded to Nigeria to offer consumer banking services. The financial institution is also present in many other countries.
22. Providus Bank
Providus Bank Limited is a newly established bank in Nigeria, it is a Nigerian financial services provider which was licensed as a commercial bank by the Central Bank of Nigeria (CBN), the central bank and national banking regulator.