Top 10 Biggest Banks In Nigeria By Assets (2023)

Nigeria banking sector has witnessed tremendous growth and reforms. In this day, Nigerians can enjoy peace of mind while having their monies deposited with a commercial bank in the country.

top ten biggest banks in nigeria

This is made possible as result of capitalization and reforms that have been instituted in the Nigerian banking sectors over the years by Nigeria bankers bank.

In Nigeria, there are over 15 licensed commercial banks operating in the country. Banks in Nigeria varies in terms of assets, capitalization and customers base.

Some Nigerian commercial banks occupy the top echelons of the industry and are regarded as big players in the sector.

In this article, Nigerian Informer will be discussing top ten biggest bank in Nigeria.

To give credence to this article, only public quoted banks were studied, and the figures are from Nigerian Stock Exchange (NSE) as presented by the banks for the first quarter of the year 2020.

These are commercial banks with the biggest assets and market capitalization.

Biggest Commercial Banks In Nigeria

1. Ecobank

Ecobank Nigeria, a subsidiary of Ecobank Transnational Incorporated, pan African banking conglomerate is the biggest bank in Nigeria with over N8 trillion assets base.

This may not be unconnected with the banks widespread and presence in 36 African countries.

It is also second most capitalized Bank in Nigeria with shareholders’ equity of N651 billion.

2. Access Bank

With an asset base worth of N7.28 trillion, Access bank ranks the second largest bank in Nigeria.

Access bank’s high ranking and impressive asset may have been aided by its mergers and acquisition of other top commercial banks in Nigeria like Diamond and Intercontinental banks.

In market capitalization, access bank is 4th largest bank in terms of market capitalization with N355.5billion.

3. Zenith Bank

Third on the list of Nigeria biggest and largest banks is Zenith bank. The bank prides itself as Nigeria’s leading technology driven financial institution.

The top financial institution occupies third position on the list with asset base of N7.13 trillion as at March 2020.

At N531 billion, Zenith bank cements its place as Nigeria most capitalized bank.

4. First Bank Of Nigeria

One of the oldest Nigeria commercial banks, First Bank, comes in at fourth position slightly behind Zenith with asset base of N7 trillion as at March 2020.

5. United Bank For Africa (UBA)

Fifth on the list of biggest Nigeria banks is the Nigerian financial giant, UBA. As at March 2020, the bank has total asset of N6.4 trillion.

This is up from N5.6 trillion recorded in the 2019 financial year. As at April 2020, UBA market Capitalization stood at N232.6 billion.

6. GTBank

Ranking sixth on the list is GTBank with total asset worth of N4.06 trillion for Q1 2020. Its shareholders funds stood at N661.1 billion.

7. Stanbic IBTC

Standbic IBTC bank, one of Nigeria leading financial institutions renowned for its pension management, during the first quarter of 2020 announce an increase in its total asset which now stood at N2.4 trillion.

This result put the bank at seventh position on the list of Nigeria’s biggest banks.

8. Fidelity Bank

Fidelity bank made the list with total asset of N2.3 trillion as at March 2020.

9. Union Bank Of Nigeria

One of Nigerian’s most respected banks, Union Bank is on the list of Nigeria largest bank.

The bank has a total asset of N2.0 trillion as of March 2020, which is first quarter of the year 2020. Market capitalization of the bank stood at N192 billion.

10. First City Monument Bank (FCMB)

Completing the list of ten Nigeria largest banks is First City Monument Bank with a total assets of N1.9 trillion as at march 31st 2020.


The Author

Emmanuel Igwenagu

Igwenagu Emmanuel is the founder of Nigerian Informer. He holds B.A, M.Sc in Mass Communication. He is a Communication researcher and 112 emergency help line dispatcher.

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  1. Many thanks for this eye opening fact about the Nigerian banks.

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