Posted by Jessica Raye on
Naira is the currency of the West African nation Nigeria. The nation has a highly developed financial services sector, with a mix of local and international banks, brokerage houses, asset management companies, private equity funds, insurance companies and brokers, and investment banks. The Central Bank of Nigeria is the national banking regulator.
Here are the top 10 richest banks in Nigeria by assets as of 2014
10) First City Monument Bank (?614.2 billion)
The First City Monument Bank (FCMB) is the flagship of the First City Group, one of the leading financial institutions in Nigeria. It is a universal bank with assets of around ?614.2 billion (US$3.7 billion) as of May 25, 2014.
9) Sterling Bank Plc (?707 billion)
Sterling Bank Plc is a full service national commercial bank. It has assets of around ?707 billion (US$4.61 billion) of December 2012 and offers a wide range of banking services to individuals, businesses, government agencies and nonprofit organizations.
8) Fidelity Bank Nigeria (?1.043 trillion)
Established in 1988, the Fidelity Bank of Nigeria has assets of around ?1.043 trillion (US$6.4 billion) as of March 31, 2014 and customer deposits of over ?752.2 billion.
7) Union Bank of Nigeria (?1.049 trillion)
Union Bank of Nigeria was established in 1917. It has assets of around ?1.049 trillion (US$6.784 billion) as of 2014 and is one of the leading financial institutions in subSaharan Africa. It has more than 405 branches nationwide.
6) Ecobank Nigeria (?1.32 trillion)
Established in 1986, Ecobank is a commercial bank. It is a subsidiary of Ecobank Transnational Inc., a leading panAfrican banking group with more than 1,150 branches all over Africa. As of December 2011, Ecobank Nigeria controlled total assets valued over N1.32 trillion (US$8.1 billion), making it one of the five largest banks in Nigeria.
5) Diamond Bank (?1.519 trillion)
This fullservice Nigerian bank is one of the 25 licensed commercial banks in Nigeria. It is a universal bank, with assets of around ?1.519 trillion ($9.4 billion) as of December 31, 2013.
Diamond Bank offers a full range of financial products and services to retail and corporate customers.
4) Access Bank (?1.9 trillion)
Headquartered in Lagos, Access Bank has assets of around ?1.9 trillion as of March 31, 2014. The bank has more than 300 branches nationwide. Access Bank was founded in 1989. Over the years, it has transformed from an obscure Nigerian bank into a world class African financial institution.
3) Guaranty Trust Bank (?2.102 trillion)
Guaranty Trust Bank (GTBank) has assets worth ?2.102 trillion as of 2013. It has shareholder funds of more than ?200 billion. The bank employs more than 3,500 people and operates through
a network of around 200 offices in Nigeria. Guaranty Trust Bank’s bank and nonbank subsidiaries are spread across Anglophone West Africa and the UK.
2) First Bank of Nigeria (?3.172 trillion)
Founded in 1894, FBN’s total assets are valued at ?3.172 trillion (US$19.5 billion) as of March 31, 2014. . The bank’s logo has been a national symbol for many years. First Bank was rated a
Superbrand in 2007, from a pool of 2,000 highly graded brands in Nigeria, by the Superbrand Nigeria Council.
1) Zenith Bank – ?3.189 trillion
With total assets of ?3.189 trillion (US$19.6 billion) as of March 31, 2014, Zenith Bank is the richest bank in Nigeria. Established in 1990, this bank has customer deposits of ?2.288 trillion.
Headquartered in Victoria Island, Lagos, this bank employs more than 3,900 people. It became a public limited company in July 2004.