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Nigeria Report
Marcopolis presents Nigeria Report focused on topics such as investments, power and hospitality, featuring interviews with Nigeria's leaders. The sectors under review in this issue are banking, construction, energy, industry, logistics, real estate, tourism and many more.
Companies8.31.2016
Top Banks in Nigeria
List of the Leading Banks in Nigeria (2016)
Marcopolis.net presents the 2016 list of the largest banks in Nigeria, as measured by their total assets. Central Bank of Nigeria's website lists a total of 21 commercial banks in the country. Zenith Bank tops the list of the largest banks in Nigeria with its assets value of N3.952tn as of June 2016, followed by First Bank of Nigeria.
Clearly, "the weakening oil sector is stressing [government and corporate] balance sheets and putting pressure on the banking system," noted Christine Lagarde, the Managing Director of the International Monetary Fund.
Despite challenging 2015, it was widely expected that Nigerian banks will weather the sorms and grow much stronger this year. The findings of our research team support the latter statement; Nigerian banks prove they are generally well-capitalized and they are indeed increasing the value of their total assets.
Top 10 Banks in Nigeria (2016)
Marcopolis.net presents the top 10 banks in Nigeria. The largest banks in Nigeria rankings are based on the findings of the Marcopolis.net research team.
The List
| Rank | Company | Country | Sector | Total assets in Naira | Description |
|---|---|---|---|---|---|
| 1 | Nigeria | Banking | 3.952tn | Zenith Bank Plc currently has a shareholder base of about one million and is Nigeria’s biggest bank by tier-1 capital. Headquartered in Lagos, Nigeria, Zenith Bank Plc has over 500 branches and business offices in prime commercial centres in all states of the federation and the Federal Capital Territory (FCT). Market capitalization: 480,366,354,926 Naira ($1.523bn) Total assets as of 06/2016 |
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| 2 | Nigeria | Banking | 3.604tn | First Bank of Nigeria Limited (FirstBank) is Nigeria’s largest financial services institution by total assets and gross earnings. Established in 1894, FBN is literally the first bank in Nigeria. Today, with more than 10 million customer accounts, FirstBank has over 750 branches providing a comprehensive range of retail and corporate financial services. The Bank has been named “The Best Bank Brand in Nigeria” four times in a row – 2011, 2012, 2013, 2014 – by the globally renowned “The Banker Magazine” of the Financial Times Group; and “Most Innovative Bank in Africa” in the EMEA Finance African Banking Awards 2014. Total assets as of 06/2016 |
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| 3 | Nigeria | Banking | 2.93tn |
Guaranty Trust Bank is a foremost Nigerian financial institution with vast business outlays spanning Anglophone/Francophone, West Africa, East Africa and the United Kingdom. Market capitalization: 763,739,100,863 Naira ($2.422bn) Total assets as of 06/2016 |
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| 4 | Nigeria | Banking | 2.902tn | Access Bank is one of Nigeria's foremost financial institution with a strong bias for excellent services delivery. Market capitalization: 161,996,641,134 Naira ($0.513bn) Total assets as of 06/2016 |
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| 5 | Nigeria | Banking | 2.488tn | UBA’s has more than 65 years of providing uninterrupted banking operations dating back to 1948 when the British and French Bank Limited (“BFB”) commenced business in Nigeria. Today’s UBA emerged from the merger of then dynamic and fast growing Standard Trust Bank, incorporated in 1990 and UBA, one of the biggest and oldest banks in Nigeria. The merger was consummated on August 1, 2005, one of the biggest mergers done on the Nigerian Stock Exchange (NSE). Total assets as of 06/2016 |
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| 6 | Nigeria | Banking | 1.97tn | Diamond Bank is one of the leading banks in Nigeria - driven by innovation and operating on the most advanced banking technology platform in the market. Total assets as of 06/2016 |
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| 7 | Nigeria | Banking | 1.783tn | Ecobank is a modern pan-African financial institution providing financial solutions to businesses, governments and individual customers. Market capitalization: 208,267,406,290 Naira ($0.66bn) Total assets as of 12/2015 |
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| 8 | Nigeria | Banking | 1.398tn | Fidelity Bank is today ranked amongst the top 10 in the Nigerian banking industry, with presence in the major cities and commercial centres of Nigeria. Over the years, the bank has been reputed for integrity and professionalism. It is also respected for the quality and stability of its management. Total assets as of 06/2016 |
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| 9 | Nigeria | Banking | 1.3tn | Skye Bank Plc. is one of Nigeria's leading retail and commercial banks with over 400 branches and cash centres across Nigeria offering premium financial services, with subsidiaries in sierra Leone, The Gambia and Guinea. Total assets as of 09/2015 |
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| 10 | Nigeria | Banking | 1.286tn | First City Monument Bank (FCMB) Plc is a full service banking group, headquartered in Lagos, Nigeria, with the vision ‘to be the premier financial services group of African origin’. Total assets as of 06/2016 |
