In this post, Platinum Times Nigeria highlights the largest commercial banks operating in Nigeria.
Banks are pivotal entities within Nigeria’s financial landscape, embodying significant economic prowess and serving as pillars of economic stability.
Nigeria’s financial sector has experienced significant growth, with 26 commercial banks having combined asset values close to N150 trillion.
Nigerian banks have switched from holding local licenses to international permits as a result of the recent development and restructuring in the banking industry.
With the help of this international permit, they are able to integrate into several nations worldwide.
Below are the top 10 biggest banks operating in Nigeria in 2024.
1. Access Bank (N32.57 trillion)
Access Bank Plc is the largest bank in Nigeria in terms of asset size, with an asset size of about N32.57 trillion.
The bank has about 737 branches, with 554 of these branches in Nigeria alone and 183 locations in 20 countries where Access Bank has subsidiaries.
The total asset value of the bank’s Nigerian subsidiary is N22.72 trillion, and the combined asset value of its various African subsidiaries is N5.76 trillion.
2. United Bank for Africa (N25.37 trillion)
United Bank for Africa (UBA) Plc is the second largest Nigerian bank in terms of asset size, with a total asset size of N25.37 trillion.
The bank has over 1000 touchpoints across the 24 countries where it is located about has 451 branches across Nigeria’s 36 states and the FCT.
UBA has a staff strength of over 10,000, with over 5,900 in UBA Nigeria.
3. Zenith Bank (N24.28 trillion)
Jim Ovia founded Zenith Bank in 1990, and it is currently the most profitable bank in Nigeria. Zenith Bank Nigeria, the bank’s Nigerian subsidiary, accounts for N16.81 trillion of the total asset size, placing it as the third largest bank in Nigeria.
The bank has 447 branches, with Zenith Bank Nigeria boasting 397 of those branches. Across all of its subsidiaries, the bank has more than 33 million customers.
4. First Bank of Nigeria Limited (N16.90 trillion)
First Bank of Nigeria, the leading financial institution in Nigeria and a member of the FBN Holding Group, has N16.9 trillion in assets.
The bank operates 86 branches throughout its overseas subsidiaries in addition to 595 branches and 144 Quick Service Points (QSPs) in Nigeria.
First Bank has more than 41 million clients, making it the largest bank in Nigeria in terms of clientele.
5. Ecobank Nigeria (N10.37 trillion)
Ecobank Transnational Incorporated (ETI) Plc is the parent company of Ecobank Nigeria.
The bank has approximately 273 branches and 541 ATMs located throughout Nigeria, with a total asset value of N10.37 trillion.
In 1985, Ecobank was established in Togo, with its initial investors being Federation of West African Chamber of Commerce (FWACC) members.
The bank was founded in Togo, Nigeria, Ghana, Cote D’Ivoire, and Benin during its early years, from 1988 to 1990.
Since then, 32 sub-Saharan nations have established Ecobanks.
6. GT Bank Nigeria (N8.79 trillion)
GT Bank Nigeria Limited currently ranks as the sixth largest bank in Nigeria in terms of asset size.
GTCO Holdings, the parent company of the bank, has assets of N13 trillion total, but the bank itself only has N8.79 trillion in assets at the moment.
Currently, GT Bank Nigeria has about 270 locations, which are made up of 237 bank branches and 33 eBranches.
7. Fidelity Bank (N6.23 trillion)
Fidelity Bank Plc was incorporated in 1988 with a merchant banking license, however, in 1999, the bank converted to a commercial bank.
With a total asset size of N6.23 trillion, the bank is currently ranked as the seventh largest bank in Nigeria.
There are currently 249 Fidelity Bank branches in Nigeria and one in the United Kingdom.
8. Stanbic IBTC Bank (N4.97 trillion)
The total asset size of Stanbic IBTC Bank Limited, a division of Stanbic IBTC Holdings, a Standard Bank Group member, is N4.974 trillion.
Throughout Nigeria, the bank has about 130 branches.
Throughout Nigeria, Stanbic IBTC Bank, which is renowned for its technological advancements, runs 814 ATMs.
Stanbic IBTC Holdings Plc, which is fully owned by Stanbic Bank Group, owns 67.55% of it through Stanbic Africa Holdings Limited.
9. First City Monument Bank Limited (N3.78 trillion)
The FCMB Group subsidiary First City Monument Bank Limited (FCMB) is the ninth-biggest bank in Nigeria.
The bank has branches in 203 locations throughout the 36 states, with a total asset size of N3.78 trillion.
FCMB which was established in 1982 by Otunba Subomi Balogun has about 8.7 million customers in Nigeria.
10. Union Bank of Nigeria (N3.65 trillion)
Union Bank of Nigeria, the country’s second-oldest bank, was founded in 1917 and has roughly N3.65 trillion in total assets.
The bank has approximately 7.8 million active customers and 258 branches and cash centers throughout Nigeria.
(Credit: Excluding headlines, Nairametrics)