There are lots of rich banks in Nigeria today. Despite the economic down trend,dysfunctional operations and political pollution in the country. The banking sector in Nigeria, similar to most countries is divided into tier 1, tier 2, and tier 3 banks depending on the banks’ capital investments and financial strength.
Tier 1 banks tend to spend the most over the cause of a year as compared to other tier’s.
Tier 1 has to do with the capital displaying the financial strength of a bank as it shows the bank’s core capital including equity capital and disclosed reserves. Regulators use tier 1 capital for the purpose of ensuring that banks have enough capital in case of unexpected losses.
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With over 20 commercial banks, the Nigerian banking industry has maintained its footing as one of the contributive sectors to Nigeria’s economy.
Through constant delivery of banking services and the adoption of premium banking facilities, several Nigerian banks have captured the fancies of numerous customers and garnered huge assets.
This post clearly discusses Nigeria’s 5 richest banks with current total assets as the basis for selecting the country’s richest banks.
Established in 1989, Access Bank presently holds massive assets worth #6.4 trillion, giving it a strong footing as Nigeria’s richest bank. Since its establishment and its attainment of operational license from the Central Bank of Nigeria (CBN) in 1998, Access Bank has continually amassed a large amount of customers.
At the moment, the bank operates broadly across Nigeria through its 400+ branches and 2000+ ATM stands. Over its years of operative banking, Access Bank is known to have successfully merged with various other Nigerian commercial banks including Intercontinental Bank, Diamond Bank (which it merged with in 2019), Marina Bank and Capital Bank.
Zenith Bank is a remarkable Nigerian bank to reckon with owing to its excellent use of the Internet in the delivery of services to customers. Established in1990, Zenith Bank presently boasts over 500 branches across Nigeria with a considerable number of ATM stands serving its huge customer base.
The bank claims the second spot among Nigeria’s richest banks owing to its total assets worth #5.9 trillion. Interestingly, Zenith Bank has taken its tentacles of operation beyond Nigeria with operative subsidiaries in several countries including UAE, Ghana, South Africa, Sierra Leone, United Kingdom and China.
First Bank of Nigeria
Initiated in 1894 as Nigeria’s first bank under the brand name Bank of British West Africa, First Bank is unarguably Nigeria’s oldest bank. Over years of operative banking, First Bank of Nigeria has remained among Nigeria’s leading banks in terms of customer base, banking services, revenue and staff base.
As it stands, the bank boasts no less than 10 million customers with whopping assets worth #5.5 trillion. Over and above that, it is interesting that the bank has bagged the prestigious award “The Banker magazine’s Best Bank in Nigeria Award” for a record number of 5 times.
UBA (United Bank for Africa)
United Bank for Africa has gained ground as one of the leading banks in Nigeria and largely across the African continent. Established as far back as 1949, UBA is uniquely touted as the first Nigerian bank to start AI-led Virtual Banking Robot and initiate premium banking facilities such as First Visa Dual Currency Debit Card and First Cash Deposit ATMs.
While UBA elegantly boasts over 15 million customers, the bank further maintains offices in America’s New York, Paris (in France) and UK’s popular city of London. At the moment, UBA’s total assets are worth #4.8 trillion.
GTBank (Guaranty Trust Bank)
GTBank is undoubtedly one of Nigeria’s leading financial institutions with millions of customers. Established in 1988 through the coalition of enterprising individuals including Femi Akingbe, Tayo Aderinokun, Gbolade Osibodu, Femi Pedro and Fola Adeola, GTBank has earned remarkable credit as one of Nigeria’s most trusted and innovative financial institutions.
Confirming its innovative strength, GTBank is named among Nigeria’s trailblazers of online banking, SMS banking, mobile banking and naira-denominated Mastercard.
Notably, GTBank holds an extensive operational boundary spanning across other countries including Kenya, Liberia, the United Kingdom, Rwanda, Sierra Leone, Gambia, Ghana and Cote d’Ivoire. At the moment, GTBank’s total assets are valued at #3.4 trillion, making the financial institution Nigeria’s 5th richest bank.
Up there is the list of Nigeria’s top 5 richest banks with Access Bank taking the lead and GTBank coming last. Some people might be surprised to find GTBank (which was Nigeria’s richest bank a few years back) in the fifth position but the reality is that all the banks on the list continually wax stronger.