5 Richest Banks in Nigeria

The Nigerian banking sector has some financial institutions that have emerged as the powerhouses of the industry, demonstrating a rich asset. These richest banks, with their extensive assets and strong market presence, represent the epitome of success and stability in the country’s financial landscape.

As Nigeria’s economy continues to thrive and the demand for banking services escalates, these banks have consistently demonstrated their ability to adapt, innovate, and cater to the evolving needs of their customers. Let’s take a look at the richest financial institutions in the country by assets.

Access Bank

Access Bank experienced substantial growth in its financial position towards the end of 2022 with the bank’s total assets reaching N15 trillion, a remarkable increase of 27.9 percent compared to the N11.73 trillion recorded in December 2021.

During the same period, the bank’s total liabilities amounted to N13.77 trillion, reflecting a significant growth rate of 28.9 percent from the N10.68 trillion reported in December 2021. This increase indicates the expansion and robustness of Access Bank’s financial activities.

Access Bank’s total equity, on the other hand, stood at N1.23 trillion in December 2022. This represents a commendable rise of 17 percent from the N1.05 trillion recorded in December 2021. 

Access Bank Group is a prominent financial services conglomerate which operates various subsidiaries across multiple countries, including the Democratic Republic of the Congo, Ghana, Kenya, Nigeria, Rwanda, the United Kingdom, amongst others. This extensive presence allows the Access Bank Group to provide comprehensive financial services to a diverse range of customers and strengthen its position in the global banking industry.

Ecobank

Ecobank Transnational Inc. (ETI) bank’s total assets reached N13.37 trillion in the last quarter of 2022, indicating a solid increase of 14.4 percent from the N11.69 trillion recorded in December 2021.

During the same period, Ecobank’s total liabilities amounted to N12.44 trillion, demonstrating a significant rise of 15.5 percent compared to the N10.77 trillion reported in December 2021 and its total equity saw a marginal growth of 1.8 percent, reaching N934.66 billion in December 2022. 

This modest increase was observed from the N917.9 billion recorded in the comparable period of December 2021. Despite the relatively smaller growth rate, the bank’s equity position remains stable.

Ecobank, also known as Ecobank Transnational Inc. (ETI), is a pan-African banking conglomerate operating in 33 African countries. It holds banking operations in Eastern and Southern Africa, with an affiliate in France and representative offices in China, Dubai, South Africa, and the United Kingdom. This extensive presence allows Ecobank to provide its services across a wide geographic reach and strengthens its position as a prominent player in the African banking sector.

Zenith

Zenith Bank Plc is a financial service provider in Nigeria and Anglophone West Africa. The bank’s total assets rose to N12.29 trillion at the end of 2022 marking a substantial 30 percent increase from the N9.45 trillion recorded in December 2021. At the same time, Zenith Bank’s total liabilities amounted to N10.91 trillion, reflecting a notable growth rate of 33.5 percent from the N8.17 trillion reported in December 2021. This increase in liabilities indicates the bank’s expanding financial activities and obligations.

Zenith Bank’s total shareholders’ equity reached N1.38 trillion in December 2022, representing a solid increase of 7.8 percent from the N1.28 trillion recorded in December 2021. The bank’s equity position demonstrates its strength and ability to generate value for its shareholders.

As of December 31, 2019, the bank’s total assets stood at $16.1 billion, with shareholders’ equity standing at $854 million. This highlights Zenith Bank’s strong presence and stature in the Nigerian and West African financial markets.

United Bank for Africa

Commonly known as UBA and recognised as Africa’s Global Bank, the multinational pan-African financial service group, United Bank for Africa’s total assets grew by 27.2 percent at the end of 2022, reaching N10.86 trillion compared to N8.54 trillion in December 2021.

Also, its total liabilities increased to N9.94 trillion, reflecting a substantial growth rate of 28.4 percent from the N7.74 trillion recorded in the reviewed period. UBA’s total equity amounted to N922.1 billion in December 2022, representing a notable increase of 14.6 percent from N804.81 billion in December 2021. The bank’s equity position highlights its financial strength and ability to generate value for its stakeholders.

UBA operates subsidiaries in  about 20 African countries, along with offices in London, Paris, and New York. In December 2021, the bank obtained its banking license to commence operations in the United Arab Emirates (UAE), expanding its reach and presence in the international banking landscape.

Guaranty Trust Holding company (GTCO)

Multinational financial services, Guaranty Trust Holding company also known as GTCO

total assets stood at N6.45 trillion in December 2022, representing a notable increase of 18.6 percent from the N5.44 trillion recorded in December 2021. Its total liabilities amounted to N5.52 trillion, indicating a substantial growth rate of 21.3 percent compared to the N4.55 trillion reported in the reviewed period. 

GTCO’s total equity grew by 5.4 percent, reaching N931.15 billion in December 2022 from N883.23 billion in December 2021. This growth highlights the company’s ability to generate value and maintain a solid equity position.

The company offers a range of services, including retail and investment banking, pension management, asset management, and payments services. GTCO PLC was formed in July 2021 through the corporate reorganization of Guaranty Trust Bank PLC (or GTBank) into a holding company structure.