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10 Largest Banks in Nigeria 2024

10 Largest Banks in Nigeria 2024 

Banks are important stakeholders in Nigeria’s financial system; they represent considerable economic power and act as stability pillars.

Nigeria’s financial system has experienced significant expansion, with 26 commercial banks with combined asset values close to N150 trillion. By 2023, 64% of the country’s population will have access to formal banking.

One factor to take into account when choosing a bank is its size, as this has an impact on the services it offers and the locations it can be found in.

Here is a list of the top 10 biggest banks in Nigeria based on total assets and branch count, based on this justification.

1. Access Bank: 32.57 trillion

The largest bank in Nigeria in terms of assets is Access Bank Plc, with around N32.57 trillion in assets. There are roughly 737 branches of the bank, of which 554 are located in Nigeria alone. The remaining 183 locations of Access Bank are spread among the 20 nations in which the bank has subsidiaries.
The bank’s other African businesses combined have assets of N5.76 trillion, while its Nigerian subsidiary has N22.72 trillion in total assets.

2. United Bank for Africa: 25.37 trillion

With a total asset value of N25.37 trillion, United Bank for Africa (UBA) Plc is the second-largest bank in Nigeria. The bank is headquartered in 24 countries and has over 1000 touchpoints; yet, it maintains 451 branches spread throughout the 36 states and the Federal Capital Territory of Nigeria.
UBA has a staff strength of over 10,000, with over 5,900 in UBA Nigeria.

3. Zenith Bank: 24.28 trillion

Jim Ovia launched Zenith Bank, the largest profit-generating bank in Nigeria, in 1990. With N24.28 trillion in total assets, the bank is the third largest in Nigeria. Of those assets, N16.81 trillion comes from Zenith Bank Nigeria, the bank’s Nigerian subsidiary.
397 of the bank’s 447 branches are owned and operated by Zenith Bank Nigeria. In all, the bank’s subsidiaries serve nearly 33 million customers.

4. First Bank of Nigeria: 16.90 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 among its foreign subsidiaries, in addition to 595 branches and 144 Quick Service Points (QSPs) in Nigeria.
First Bank has over 41 million customers, positioning the bank as the Nigerian bank with the highest number of customers.

5. Ecobank Nigeria: 10.37 trillion

Ecobank Nigeria is a subsidiary of Ecobank Transnational Incorporated (ETI) Plc. The bank has around 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. In Togo, Nigeria, Ghana, Cote d’Ivoire, and Benin, the bank was founded during its early years, from 1988 to 1990. Since then, 32 sub-Saharan nations have launched Ecobank branches.

6. GT Bank: 8.79 trillion

In terms of total assets, GT Bank Nigeria Limited is presently the sixth-largest bank in Nigeria. Although GTCO Holdings has a total asset value of N13 trillion, the bank that is a subsidiary of the company now has N8.79 trillion in assets.
There are currently 237 bank branches and 33 eBranches among GT Bank Nigeria’s about 270 locations.

7. Fidelity Bank: 6.23 trillion

Despite having a merchant banking licence when it was founded in 1988, Fidelity Bank Plc changed its status to commercial bank in 1999. With a total asset value of N6.23 trillion, the bank is now ranked as the seventh largest bank in Nigeria.
Currently, Fidelity Bank has one branch in the UK and 249 branches in Nigeria.

8. Stanbic IBTC Bank: 4.97 trillion

The total asset value of Stanbic IBTC Bank Limited, a division of Stanbic IBTC Holdings, a Standard Bank Group member, is N4.974 trillion. In Nigeria, the bank has roughly 130 branches.
Throughout Nigeria, Stanbic IBTC Bank, which is renowned for its technological advancements, has 814 ATMs. It is held entirely by Stanbic IBTC Holdings Plc, a subsidiary of Standard Bank Group, which is 67.55% controlled by Stanbic Africa Holdings Limited.

9. First City Monument Bank: 3.78 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: 3.65 trillion

Established in 1917, Union Bank of Nigeria, the second oldest bank in Nigeria, has a total asset size of about N3.65 trillion. The bank, which has about 258 branches and cash centres across Nigeria, has an active customer base of about 7.8 million customers.

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