Nigeria has a burgeoning banking industry, with many players vying for a significant position in the market. However, some banks have risen above the rest based on their asset base. These banks are widely considered to be the richest banks in Nigeria. They have amassed significant wealth and enjoy a considerable market share in the country.
Nigeria’s richest bank is Access Bank, which has an asset base of N15 trillion as of December 2022. It has consistently been among the top banks in Nigeria, both in terms of asset base and profitability. Following closely is Ecobank which has an asset base of N13.37 trillion. It is one of the largest and most profitable banks in Nigeria.
10 Richest Banks in Nigeria
1. Access BankÂ
- Year Founded:Â 1989
- Total Asset Base:Â N15 trillion
Access Bank Nigeria was founded in 1989 by a group of Nigerian businessmen in Lagos, Nigeria. Aigboje Aig-Imoukhuede is currently the Chairman of the bank. The bank has grown rapidly over the years and has expanded its operations to several other African countries, such as Ghana, Zambia, and Sierra Leone. In 2012, Access Bank acquired Intercontinental Bank.
Again in 2019, Access Bank merged with Diamond Bank, a move that made it one of the largest and richest banks in Nigeria and expanded its customer base significantly. The acquisition also enabled Access Bank to expand its operations and services to other countries in Africa.
Access Bank Nigeria has been known for its impressive financial performance over the years. In 2022, the bank reported a profit after tax of ₦152 billion, a 5% decrease from the previous year. And in the first quarter of 2023, they reported N71.66 billion profit. The bank’s success can be attributed to its focus on retail banking, excellent customer service, and innovative products and services.
Access Bank’s total assets rose from N11.73 trillion in December 2021 to N15 trillion in December 2022, up 27.9 percent. As of 2023, Access Bank Nigeria has over 42 million customers in Nigeria and other African countries. This makes it one of the largest banks in Africa in terms of customer base and market share. Access Bank continues to invest heavily in technology and other innovative solutions to enhance its customer experience and drive business growth.
2. Ecobank Transnational Incorporated (ETI)
- Year Founded:Â 1985
- Total Asset Base: N13.37 trillion
Ecobank Nigeria was founded in 1985 by private investors as a subsidiary of Ecobank Transnational Incorporated (ETI), a pan-African banking conglomerate. Over the years, Ecobank Nigeria has expanded its services to become one of Nigeria’s leading commercial banks, offering various financial products and services to individuals, businesses, and corporate clients.
In 2002, Ecobank Nigeria absorbed the operations of Oceanic Bank International, and in 2011, it acquired the Nigerian operations of FinBank. These acquisitions helped to strengthen Ecobank Nigeria’s position in the Nigerian banking industry and solidify its reputation as a reliable and dynamic financial institution.
Ecobank Nigeria is well-respected for its strong financial performance and customer-centric approach. According to its 2022 annual report, the bank recorded a profit after tax of N156.552 billion. In the first quarter of 2023, the bank declared a profit of N40.41 billion. It also has a total customer base of over 28 million, a testament to its popularity among Nigerians seeking reliable banking services.
3. Zenith BankÂ
- Year Founded:Â 1990
- Total Asset Base: N12.29 trillion
Zenith Bank Nigeria was founded on May 30, 1990, by Jim Ovia, with the mission to be a reliable and trusted financial services provider. The bank was licensed as a commercial bank by the Central Bank of Nigeria (CBN) on June 17, 1990, and commenced operations on July 16, 1990. The bank has not been acquired by any other bank but has acquired and merged with other banks.
In 2005, Zenith Bank acquired the Nigerian operations of three international banks, namely, Societe Generale Bank (Nigeria) Limited, Nigeria Universal Bank Limited, and Citizens International Bank Limited. Zenith Bank Nigeria is one of the most profitable banks in Nigeria, with a profit of N284.7 billion in 2022. The bank has a customer base of over 18 million and an asset base of over N12.29 trillion.
4. United Bank for Africa (UBA)
- Year Founded:Â 1948
- Total Asset Base: N10.9 trillion
United Bank for Africa (UBA) Nigeria was founded in 1948 as the British and French Bank Limited (BFB). It was established to take care of the banking needs of British and French expatriates in Nigeria. In 1961, BFB merged with the Nigerian Dominion Bank and became the United Bank for Africa (UBA) Limited. Since then, UBA has undergone several mergers and acquisitions to become one of the biggest and richest banks in Nigeria and Africa as a whole.
In 2005, UBA acquired Standard Trust Bank (STB) Plc, which increased its market share and customer base significantly. In 2011, UBA acquired Continental Trust Bank Limited and in 2013, it acquired the erstwhile Enterprise Bank Limited. UBA is a publicly traded company and reports its financial results annually. In 2022, the bank’s profit after tax was N170.3 billion, an increase from N118.7 billion in 2021. And its asset base as of 2022 is N10.9 trillion, an increase from N8.5 trillion in 2021.
As of 2022, UBA has over 30 million customers in Nigeria, Ghana, Cameroon, Cote d’Ivoire, Congo Brazzaville, Chad, Senegal, Uganda, Rwanda, Kenya, Tanzania, and outside Africa. UBA is also known for its innovative digital banking solutions, which have contributed to its growth and popularity among customers.
5. First Bank Nigeria Holdings
- Year Founded:Â 1894
- Total Asset Base:Â N9.8 trillion
First Bank Nigeria Holdings was founded in 1894, making it the oldest bank in Nigeria. It was established by Sir Alfred Jones, a shipping magnate who saw the need for a bank to support his shipping business. Over the years, First Bank Nigeria Holdings has acquired several smaller banks, including MBC International Bank, Banque International du Benin (BIBank), and International Commercial Bank (ICB). It has also merged with other banks, including FBN Bank (UK) Limited.
As of 2023, First Bank Nigeria Holdings has over 36 million customers, making it one of the largest banks in Nigeria. It has also expanded its operations to other African countries and has a presence in the UK and China. In terms of profitability, First Bank Nigeria Holdings reported a profit after tax of ₦129.4 billion in 2022, which is a 9.8 percent increase from the N117.8 bn they gained in 2021. It has a total asset base of ₦9.8 trillion as of December 2022.
6. Guaranty Trust Holding Company (GTCO)Â
- Year Founded: 1990
- Total Asset Base: N6.45 trillion
Guaranty Trust Holding Company (GTCO) Nigeria was founded on January 17th, 1990, by a group of Nigerian investors led by Fola Adeola and Tayo Aderinokun. The parent company of GTCO is Guaranty Trust Bank, which was established on July 20th, 1990, as a full-service commercial bank. Since its inception, GTCO has not absorbed any other banks, nor has it been acquired by any other bank. However, the company has expanded its operations by opening subsidiaries in other African countries, such as Ghana, Kenya, Cote d’Ivoire, Tanzania, Uganda, Rwanda, and Gambia.
In terms of financial performance, GTCO has been consistently profitable over the years. In 2022, the company reported a profit before tax of N214.2 billion. GTCO has a large customer base, with over 25.7 million customers across Nigeria, and its subsidiaries in Africa and the UK. It also has an asset base of N6.45 trillion as of December 2022. GTCO has also invested heavily in digital technology, which has helped it to maintain its position as one of the leading and richest banks in Nigeria.
7. Fidelity Bank Nigeria
- Year Founded:Â 1988
- Total Asset Base: N3.989 trillion
Fidelity Bank Nigeria was founded in 1988 by a group of Nigerian investors led by Fidelis Omeike. The bank, which started as Fidelity Union Merchant Bank Limited, was granted a commercial banking license in 1999. Fidelity Bank Nigeria has not absorbed other banks or been acquired by any other bank. However, it has merged with other financial institutions in the past. In 2006, the bank merged with FSB International Bank Plc and Manny Bank Plc to become Fidelity Bank Plc.
In 2019, Fidelity Bank Nigeria recorded a profit after tax of N46.724 billion, an increase from N23.104 billion in 2021. As of the first quarter of 2023, the bank’s customer base stood at over 7.5 million. And its asset base as of December 2022 is N3.989 trillion. Fidelity Bank Nigeria’s success can be attributed to its commitment to excellent customer service and innovative banking solutions.
8. Stanbic IBTC HoldingsÂ
- Year Founded:Â 2007
- Total Asset Base: N3.099 trillion
Stanbic IBTC Holdings Nigeria was founded on 29th September 2007 through a merger between Stanbic Bank Nigeria Limited and IBTC Chartered Bank PLC. The merger aimed to create a financial institution catering to Nigeria’s diverse customer needs. Stanbic IBTC Holdings Nigeria has not been acquired or absorbed by any other banks but has grown organically to become one of the leading financial institutions in the country.
In its 2020 financial statement, the company reported N81.1 billion, a 42.3% increase in profit after tax from N57 billion they had in 2021. It has a customer base of over 4 million and an asset base of N3.099 as of 2022. With over 180 branches and 400 ATMs, the company offers a wide range of financial products and services.
9. First City Monument Bank (FCMB)Â
- Year Founded:Â 1982
- Total Asset Base:Â N2.98 trillion
First City Monument Bank (FCMB) Nigeria, founded in 1982 by Otunba Subomi Balogun, is a commercial bank with over 200 branches and cash centers in Nigeria and other countries. It has acquired and merged with other banks, including Credit Lyonnais Nigeria Limited and Finbank Plc. In 2022, FCMB reported a profit before tax of N36.6 billion. Its asset base increased from N2.5 trillion to N2.98 trillion as of December 2022. With over 11.4 million customers as of the first quarter of 2023, FCMB has a significant customer base and is one of the richest banks in Nigeria.
10. Union BankÂ
- Year Founded:Â 1917
- Total Asset Base: N2.4 trillion
Union Bank of Nigeria Plc, founded in 1917 as Barclays Bank DCO in Lagos, was acquired by Nigerian investors in 1971. The bank but acquired Universal Trust Bank and Broad Bank Limited in the early 2000s. In 2022, it reported a profit before tax of N30.2 billion, a 47 percent increase from N20.5 billion in 2021. With over 6 million customers and 300 branches, Union Bank of Nigeria has a strong customer base.