10 Nigerian Banks Make Africa’s Top 100

Nigerian banks are once again proving their strength and resilience on the continental stage, with ten of them earning spots on the 2024 list of Africa’s Top 100 Banks. 

Even more impressive, three Nigerian banks, Zenith Bank, Access Bank, and First Bank of Nigeria, secured high positions within the top 15, a clear sign of Nigeria’s growing financial muscle despite local economic challenges.

The annual ranking, published by African Business magazine, evaluates banks based on Tier 1 capital, a critical measure of financial strength that includes equity and reserves. 

While South African banks continue to lead the list, Nigerian banks are making bold statements, especially in West Africa.

The Big Three: Zenith, Access, First Bank

Among Nigerian entries, Zenith Bank led the pack, clinching the 10th spot with a Tier 1 capital of $2.54 billion. Access Bank followed closely at 12th with $2.26 billion, while First Bank of Nigeria landed in 13th, boasting $2.05 billion.

These rankings aren’t just numbers, they reflect strong business fundamentals, leadership, and strategic growth that keep these institutions competitive, even as inflation and currency fluctuations persist in the Nigerian economy.

Other Nigerian banks on the list

Beyond the top three, seven other Nigerian banks made it to the top 100 list:

• UBA – 25th
  
• GTBank – 37th
  
• Fidelity Bank – 56th
  
• FCMB – 64th
  
• Union Bank – 65th
  
• Wema Bank – 87th
  
• Stanbic IBTC – 90th
  

Their inclusion highlights Nigeria’s banking diversity and the steady performance of both long-standing and rising institutions in the sector.

Strong returns amid tough conditions

Despite economic headwinds at home, Nigerian banks continue to offer some of the highest returns on equity (ROE) across the continent. For example, Guaranty Trust Bank (GTBank) recorded a 57% ROE, one of the highest on the list. Other standout performers included:

• UBA – 42%
  
• Zenith Bank – 41%
  
• Stanbic IBTC – 38%
  
• Access Bank – 38%
  

These figures underscore investor confidence in Nigerian banks and suggest that, even in a volatile economy, these institutions are managing risk effectively while delivering value.

Nigeria’s Banking Powerhouse Grows

While South Africa still dominates the top of the chart with banks like Standard Bank and FirstRand, Nigeria’s strong representation especially in the top 15 is a testament to the country’s evolving financial landscape. 

With over two dozen Central Bank of Nigeria-licensed commercial banks, many of which are listed on the Nigerian Stock Exchange, the country is clearly building a robust financial sector.

In a separate report, it was also revealed that seven Nigerian banks posted a combined profit of N4.2 trillion in 2024, showing not just size but profitability in a challenging year.