Ten (10) Richest Banks in Nigeria.


When it comes to the banking sector, Nigerian banks have a place of honour in the list of banks in the
whole world. Nigerian banks are also among the top leading banks in Africa, thanks to the
recapitalisation policy introduced by the former CBN governor, Professor Chukwuma Soludo.
The richest money deposit banks in Nigeria by their assets from top to bottom are below.

access bank head quater

1 Access Bank:
Access Bank has assets that worth over $18 billion. This feat was achieved after Access Bank
merged/acquired another strong bank in the tier 2 division of Nigerian banks, Diamond bank.
Access Bank was founded in 1989 and licensed by CBN 9 years after in 1998. It has over 700 branches
nationwide and over 2000 ATM galleries in strategic places all over the country.
Being one of the richest banks, it is also among the highest paying banks in the country. Access Bank
forte is in corporate banking. Nevertheless, through the acquisition of Diamond bank, a bank that has its
stronghold in retail banking, Access Bank tops in the list of retail banks in Nigeria.

2 Zenith:
Zenith bank boasts of assets totaling about $15.1 billion with millions of customers and over 490
branches in Nigeria as well as numerous subsidiaries outside the shores of Nigeria just like other leading
Nigerian banks.
It was established by Jim Ovia in May 1990 and became a public liability company in 2004. The bank is
technology driven and holds well to innovation making it one of the pioneers of internet and mobile
banking in the country.

3 First Bank:
First Bank of Nigeria is a leading financial institution in Nigeria banking sector and has a total asset of
about $14.1 billion.
First bank is a very strong bank that has stood the economic crisis that has spanned over a century.
Established in 1894 as Bank of British West Africa and converted to a public liability company in 1970, it
is the oldest bank that has served the country and other West African states through its subsidiaries.
First Bank of Nigeria now has offices and branches across the the globe. It is a bank that has presence in
almost every city and town in Nigeria through ATM galleries, outlets and cash deposit centers.

4 United Bank for Africa:
United Bank for Africa, popularly known as UBA is a leading financial institution with assets that total
about $13 billion. It was established in 1949. The UBA Group is a Pan African financial institution that
has subsidiaries and offices in different cities in Africa, Europe, America and Asia.
The bank results from a successful merger between the Standard Trust bank and the old UBA. It is also a
leading financial institution when it comes to tech and innovation.

5 Guaranty Trust Bank:

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Guaranty Trust Bank popularly known as GTBank has secured a place in the Nigerian banking sector
through its innovative approaches to banking. It is the fifth largest bank with a total asset of about $8.8
billion. Like the leading Nigerian banks it also has presence in a handful of other African countries and
offices outside Africa.
The bank was established in 1988 by a group of young Nigerian youths numbering about 35. It was
licensed in 1990 by CBN and started full operations in 1991. It is among the earliest banks that
introduced Naira based MasterCard and also among the pioneers of mobile and internet banking
approaches to serve customers better.

6 First City Monument Bank (FCMB):
FCMB is the first bank to be established in Nigeria with no foreign aid or government support. Founded
as City Security Limited in 1977, incorporated as a limited liability company in First City Merchant Bank
and granted a banking licence in 1983 the bank has grown from strength to strength.
First City Merchant Bank changed its name to First City Monument Bank in 2001 and became a public
liability company in 2004 and also acquired Fin Bank in 2010. Today the banks total asset stands at over
$4.4 billion.

7 Fidelity Bank:
Fidelity Bank was established in 1987 and started operation in 1988 as a merchant bank but converted
to a commercial bank in 1999. It got a boost in 2005 after acquiring FSB International Bank and Manny
With an asset of $4.2 billion Fidelity Bank has been a leading bank in the financial and banking sector.
Fidelity was listed on the stock market in 2005 and since then has consistently paid dividends annually.

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8 Union Bank:
Union bank has been a giant financial institution in Nigeria and beyond. It was founded in 1917 and has
been serving the banking needs of African nations since then and also has offices in other major cities
around the world. Union bank was rated the 14th largest bank in Africa in 2009 and the banks total asset
stands at over $4.1 billion

9 Ecobank:
Ecobank is a Pan African banking conglomerate that has offices in about 32 countries of Africa which
solidifies its slogan 'The Pan African Bank'. Its official name is Ecobank Transnational Inc. (ETI). The bank
has a total asset of about $2.6 billion.
The bank has surmounted a whole lot of internal challenges to be among the top leading banks not just
in the country but in the West African region. It was established in 1985 and since acquiring Oceanic
Bank, it has struggled to keep up with the race in the Nigerian banking sector.

10 Keystone Bank:

Keystone Bank maybe said to be a young bank in Nigeria as it received its commercial banking licence
from Central Bank of Nigeria in 2011. The same day Keystone Bank was licensed was same day Bank PHB
was de-licensed. From then on, Keystone Bank assumed the assets and liabilities of the Bank PHB.
Keystone Bank has been waxing strong in the Nigerian banking sector as it provide financial services to
giant corporations, individuals and businesses. The banks total asset is valued at $1.97 billion.

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