Which Bank is the “Richest” in Nigeria?

The “richness” of a bank is majorly determined by its assets both in its country of operation and other countries. So the more assets a bank has, the more “richer” it will become. Nigeria has more than 20 commercial banks that has been fully licensed by the Central Bank of Nigeria (CBN) to operate in the country.

These banks have many branches in Nigeria and some even have branches outside Nigeria. But then the most often asked question is: which bank is the “richest” in Nigeria? This article is written to provide a detailed answer to this question.

Which Bank is the “Richest” in Nigeria?

Ecobank is the richest bank in Nigeria with total assets worth 9.430 trillion Naira as at 2021.

Ecobank was founded in 1985 by a group of business leaders with the objective of providing financial services to many regions of Africa. The pan-African nature of the bank is geared towards promoting sustainable economic growth in these African regions.

Ecobank has one of its headquarters in Lome, Togo, and the other one in Lagos, Nigeria. Since its inception, the bank has been growing steadily and has more than 1200 branches across 36 African countries, and has over 20,000 employees. Outside Africa, the bank has a presence in places such as London in the United Kingdom, Paris in France, Dubai in the United Arab Emirates, and Beijing in China.

Some of the services offered by Ecobank include investment banking, eco credits, eco-tourism, and an array of eco products available in the regions it operates. Ecobank gained prominence in Nigeria when it acquired Oceanic Bank. Across the African continent, Ecobank is one of the largest institutions in terms of assets and the richest in Nigeria.

Ecobank has been growing in assets over the years and as of 2021, it stands as Nigeria’s richest bank.

Some other rich banks in Nigeria include:

  • Access Bank Plc (9.05 Trillion Naira)
  • Zenith Bank Plc (8.68 Trillion Naira)
  • United Bank for Africa (UBA) (7.89 Trillion Naira)
  • First Bank of Nigeria Plc (7.84 Trillion Naira)
  • Guaranty Trust Bank (GTB) (4.99 Trillion Naira)
  • Stanbic IBTC Bank (2.9 Trillion Naira)
  • Fidelity Bank Plc (2.89 Trillion Naira)
  • Union Bank (2.16 Trillion Naira)
  • First City Monument Bank (FCMB) (2.04 Trillion Naira)

Which bank is the oldest bank in Nigeria?

First Bank is Nigeria’s oldest bank. The bank was established in 1894 and wholly-owned by FBN Holdings PLC – itself having diversified ownership with over 1.3 million shareholders. First Bank was declared as a public company in 1970 and got enlisted on the Nigerian Stock Exchange (NSE) in 1971.

Which bank has the most branches in Nigeria?

After its merger with Diamond Bank, Access Bank became the largest bank and also the bank with the most branches in Nigeria. Access Bank employs close to 6800 persons and operates about 600 branches in Nigeria.

Outside Nigeria, Access bank has two branches in the United Kingdom (UK) and a representative office in the United Arab Emirate (UAE), the People’s Republic of China, India (Mumbia), and Lebanon (Beirut).

Which Nigerian bank is in USA?

United bank for Africa (UBA) is one of the banks of Nigerian origin with a branch in the United States of America. UBA USA commenced its operations – as only a Representative Office – in New York in 1982.

UBA subsequently obtained a banking license in 1984 which enabled it to operate a Federal Branch. UBA has remained the only bank from Sub-Saharan Africa with an operating banking license in the United States of America.

Location of United Bank for Africa (USA): No 1, Rockefeller Plaza (8th floor), New York, NY10020

Conclusion

Nigeria has a number of banks that are the big players in the Nigerian banking sector but when it comes to the “richest” bank in Nigeria, Ecobank takes the lead. As at 2021, Ecobank’s total assets amount to a staggering 9.430 trillion Naira. Ecobank was founded in 1985 by a group of business leaders with the objective of providing financial services to many regions of Africa.

The bank has one of its headquarters in Lagos, Nigeria, and the other headquarters in Lomé, Togo. Since its establishment, the Ecobank has been growing steadily and has more than 1200 branches across 36 African countries, and has over 20,000 employees. Outside Africa, the bank has a presence in places such as London, Paris, Dubai, and Beijing.

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