These are the top 10 richest banks in Nigeria who have weathered the storm of recessions and industry challenges. Between 2014 and 2020, the industry witnessed several mergers and corporate restructuring. The list below is based on the 2019 and 2020 reports of company total assets.
- Ecobank – N8.97 Trillion Naira
- Access Bank – N7.28 Trillion Naria
- First Bank – N7.02 Trillion Naira
- United Bank for Africa – N6.4 Trillion Naira
- Zenith Bank – N4.46 Trillion Naira
- Gtbank –N4.06 Trillion Naira
- Stanbic IBTC – N2.43 Trillion Naira
- Fidelity Bank – N2.114 Trillion Naira
- Union Bank – N1.98 Trillion Naira
- First City Monument Bank – N1.89 Trillion Naira
1. Ecobank
- Total Assets: N8.97 Trillion
Based on the bank total assets in their Q1 report, Ecobank was officially the richest bank in Nigeria as at December 2019. The bank has been growing in assets. 2018 Q1 reports shows that the bank had a total assets of N 7.84 Trillion. The reports in 2019 shows that the bank grew by 4%. From N 8.62 Trillion in December 2019 to N 8.97 Trillion in March 2020.
2.) Access Bank Plc
- Total Assets: N7.28 Trillion
Following their merger with Diamond Bank plc, the group has become the largest finance services provider within the country. The bank currently has over 9000 workers across its hundreds of business offices and touch points. In March 2019 the bank’s Q1 reported their total assets to be N4.954 trillion. In December 2019 their total assets increased to N7.14 trillion. As at March 2020 Q1 reports recorded a total asset of N7.28 trillion.
3.) First Bank of Nigeria Plc
- Total Assets: N7.02 Trillion
With over 700 branches and 10 million customers, First Bank is a real force to reckon with in the banking industry. The bank has active branches in UK, United Arab Emirates, South Africa, China and several other places outside Nigeria. In Q1 2019, the total assets of First Bank of Nigeria rose to N5.7 trillion. However in December 2019 it recorded a total assets of N6.20 trillion. Later in March 2020, it’s total asset was 7.02 trillion Naira.
4.) United Bank for Africa
- Total Assets: N6.4 Trillion
United Bank for Africa (UBA) is one of the most popular banks in Nigeria. The bank has business offices in New York, London, and Paris and over 20 countries in Africa. With over fifteen million customers and 1000 branches across Africa, the bank is committed to reaching every African with quality financial services. As at December 2019 it has risen to N5.6 trillion. However by the first quarter of this year March 2020 they reported a total asset of N6.4 trillion.
5.) Zenith Bank Plc
- Total Assets: N4.46 Trillion
It will interest you to know that Zenith Bank is one of Nigerian banks to accumulate total asset above N5 trillion. In Nigeria today, the bank has over 500 branches scattered across the country. Based on the Q1 2020 reports the bank’s total assets is N4.46 trillion. Making a rise of 5% as regards to the report in December 2019 stating a total assets of N4.26 trillion.
6.) Guaranty Trust Bank
- Total Assets: N4.06 Trillion
The bank has continued to grow stronger and stronger that it now competes with others that were here long before it came into existence. In Q1 2019, Gtbank total assets is N3.598 trillion. In December 2019 it became N3.76 trillion. In March 2020, Q1 was reported to be N4.06 trillion.
7.) Stanbic Ibtc Bank
- Total Assets: N2.43 Trillion
The bank began operations in Nigeria in 1989 and has since then continued to be among the top banks in Nigeria. Stanbic bank offers investment, savings, loans, credit and debit cards, financial advisory services and so much more. Q1 report 2020, total asset is N2.43 trillion.
8.) Fidelity Bank Plc
- Total Assets: N2.114 Trillion
The bank today serves over 4 million customers across the nation and beyond. They currently have over 240 business points, 775 ATMs and more than 4346 POS. As at March 2019 total asset was N1.9 Trillion. In December it was recorded as N1.720 Trillion. In March 2020 total asset is N2.114 Trillion.
9.) Union Bank Plc
- Total Assets: 1.98 Trillion Naira
Union Bank of Nigeria is one of the country’s oldest and most reliable bans. They have been in operation in Nigeria since 1917. They have their total assets at N1.98 Trillion after the second quarter of 2019.
10.) First City Monument Bank
- Total Assets: N1.89 Trillion
First City Monument Bank or FCMB as it is simply known, is among Nigeria’s most popular and richest banks. The bank has its headquarters in Lagos and has branches all over Nigeria. Total asset for the First quarter of the year 2020 was reported to be N1.89 trillion, an increase from N1.67 trillion in December 2019
