Nigerian banks are currently enjoying the dividends of consolidation, merger, and acquisitions. There is no doubt that this has made them much stronger and able to competitively stand firm in the international community. Recently, 11 Nigerian banks were among the top 50 banks in Africa and this would not have been without consolidation. Below, you will find the list of strongest banks in Nigeria that are even waxing stronger and stronger.
1. Zenith Bank
With assets of over 7 billion dollars and branches in the Gambia, Ghana, Sierra Leone, South Africa, and the United Kingdom, it is one of the biggest companies in Nigeria. Since it became a public limited company in 2004, it has won several awards and it among the Answers Africa 10 richest banks in Nigeria
Access Bank is one of the commercial banks in Nigeria with total assets over 12 billion dollars. The bank acquired Intercontinental bank which was one of the major banks in Nigeria with a large customer base in a recent recapitalization process. Access Bank boasts of over 5.5 million customers and 300 business branches.
Born after a merger between Standard Trust Bank and the old UBA, United Bank for Africa has more than 7 million customers with over 700 offices serving these people across 19 countries in Africa. Headquartered in Lagos, UBA has introduced a lot of services to their customers. Though still viewed as an old generation bank by some people, it has a lot to offer to the young generation given its solid financial foundation.
4. Union Bank
One of the oldest banks in Nigeria. Its business activity can be traced as far back as the early 20th century. It is the 14th largest bank in Africa with an asset base of more than 6 billion dollars. It offers a very wide range of services and the major shareholder is Union Global Partners Limited which owns up to 65% of the bank’s equity.
5. First Bank
See Also: A List of Nigeria’s Richest Banks
Who would not remember to mention First Bank? Truly Nigeria’s first bank that was established more than a century ago. It is Nigeria’s oldest bank and everything about First Bank is ranged in high numbers starting from the number of branches in Nigeria and number of customers to total assets of over 18 billion dollars and customers comprising of mostly senior citizens. It is almost a rule that if you are above 60 years old in Nigeria without a First Bank account, then you are not really more than 60 years old.
6. Guaranty Trust Bank (GTBank)
Guaranty Trust Bank makes the list of top 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’s point of view often not requesting for any unnecessary documents while at the same time maintaining high standards of security. GTbank became the first sub-Saharan bank to be listed on London Stock Exchange and Deutsche Börse and the long-term debts of Guaranty Trust Bank plc are rated B+ by Standard & Poor’s and AA- by Fitch Ratings, which are the highest ratings for a Nigerian bank
“we keep our word” would remind an average Nigerian about Fidelity Bank. Started in 1988 when it was established as a merchant bank, it was converted to a commercial bank about 11 years later and has continued to “keep its word” since that time.
8. Diamond Bank
Diamond Bank as it is called was started in 1990 and currently is worth more than 4 billion dollars in total assets and it is one of the licensed commercial banks in Nigeria.
9. First City Monument Bank (FCMB)
FCMB is notorious for their monumental buildings that often make people ask if any form of business activity is going on inside it or whether you accidentally stumbled into a museum/national heritage building, however, total assets of more than 3.65 billion says that a lot is going on under those monumental roofs. FCMB has subsidiaries that offer pension services, stock brokerage, and investment banking.
10. Wema Bank
Started in 1945, and usually involving some degree of thinking before it is remembered, it is one of the longest surviving banks in Nigeria and has continuously been in the banking business for more than 70 years.
More Commercial Banks in Nigeria
Ecobank Nigeria started operations in 1986 as Universal bank and has over the years, become established as one of the major financial institutions in Nigeria. With assets of over 8 billion dollars, it is basking on a strong foundation. The bank recently acquired 100 percent shares of the Oceanic bank in a re-consolidation exercise. The acquisition was due to misappropriation of the bank’s capital by some of the directories. The Oceanic bank was one of the main banks in Nigeria well-known for its crowded banking halls due to a large number of customers and inefficient service delivery.
Formerly known as Spring bank until it was re-branded. Spring Bank goes under the radar but that does not compromise the fact that it is one of the strong banks in Nigeria with assets of almost 2 billion dollars.
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 insurance, estate and capital market sectors.
14. Skye Bank
This is a major financial service provider in Nigeria and across West and Central Africa. Its history could be traced back to 1989 when it was still named Prudent Bank. It eventually merged with 4 other banks during the nationwide consolidation of major financial institutions and became Skye Bank. Its total assets are worth more than 3.9 million dollars.
Bonus: Africa’s Richest Banks
This is a South African based bank that is a member of Standard Bank Group. It goes by the name Standard Bank in some African countries while at other African locations it bears Stanbic Bank. The bank finances major businesses across Africa.
A British bank with headquarters in London and a global presence. The parent company is listed on the London Stock Exchange. It is really a well-capitalized bank with total assets worth more than 600 billion dollars.
17. Sterling Bank
Started business activities in 1960 as NAL bank. It has 186 branches and business offices across Nigeria and offers services in the range of Consumer-Retail, Commercial, and Corporate banking.
18. Keystone Bank
Started activity in 2011 after being licensed by the Central Bank of Nigeria to take over the defunct Bank PHB, the bank has offices all across every state in Nigeria.
19. Unity Bank
Unity Bank is made up of up to 9 different financial institutions. Popularly known as former Bank of the North, it has 242 branches nationwide.
20. JP Morgan Chase
Yes, the JP Morgan you know. It Offers Corporate Banking Services in Nigeria. The bank’s history goes as far back as 1960 through its predecessor, Chase Manhattan Bank and since then, the bank has continued to strengthen ties with the Nigeria by providing treasury services, reserve management, as well as custody services and acts as an advisor to the central bank, government ministries and supranational JP Morgan Chase serve as a bank of banks because the bank’s clients are Nigeria’s most well-known banks, corporations, and multinationals. J.P. Morgan serves their needs for equity capital, M&A advisory, escrow transactions, depository receipts and structured trade finance.
Citibank is a multinational bank that has its origin 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.
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