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According to data from MoneyCentral, the total assets of the ten largest banks in Nigeria stood at N173.01 trillion as at December 2024, which represents an increase of 50.55 percent from 2022’s N114.92 trillion.
A cursory look at these numbers shows that the fantastic five pack (Zenith Bank, Access Holdings Plc, Guaranty Trust Holdings, United Bank for Africa Plc, and FirstHoldCo Plc ) recorded combined total asset of N143.11 trillion, which is 82.65 percent of total asset size of N173.01 trillion.
It is interesting to note that the cumulative total assets of small or mid-sized lenders (Fidelity Bank Plc, Stanbic IBTC Holdings Plc,
First City Monument Bank, Sterling Bank Plc, and WEMA Bank Plc) has hit N29.11 trillion, which is 16.82 percent of the industry figure. This underscores the widening gap between the big lenders and the small ones as analysts and stakeholders have called for mergers and acquisition.
To underpin the above disparity, the ratio of the total assets of large banks in comparison with small lenders was 4.93.
The combined loan book of these ten lenders, which is 33.12 percent of total industry assets, stood at N57.30 trillion as at December 2024, a 41.16 percent higher than 2023’s N40.58 billion, according to data gathered by MoneyCentral.
Banks are strengthening their balance-sheet through capital raising as the Central Bank of Nigeria (CBN) wants to ensure that they are well capitalised so that they can take on greater risk and extend credit to small businesses.
Key players in the Banking Sector
Access Holdings, Zenith Bank, Guaranty Trust Holding, United Bank for Africa, and FirstHoldCo are one of the largest financial institutions in Nigeria. As of December Access Holdings had total assets worth N41.98 trillion, making it the largest bank in Nigeria by total assets. The bank reported a revenue of N4.87 trillion. Its net income increased by a meagre 1 percent to N618.63 billion.
United Bank for Africa (UBA) is another key player in the banking sector. It reported 30.23 trillion in total assets as of December 31, 2024, making it the second largest bank in Nigeria by asset size. It reported a net income of N766.56 billion.
The bank also announced a total revenue of N3.18 trillion in the period under review, up from 53.60 percent from 2023’s N2.07 trillion.
Zenith Bank reported total assets worth N29.95 trillion as of December 31, 2024. The bank reported a net income of N1.03 trillion.
Largest Banks in Nigeria by Asset Size in 2024
10. Sterling Financial Holdings Plc
Total Assets as of December 31, 2024: N3.51 trillion
Sterling Financial Holdings Company PLC is a Nigeria-based financial holding company. The Company operates through its subsidiaries, Sterling Bank Limited, and The Alternative Bank.
9. Wema Bank Plc
Total Assets as of December 31, 2024: N3.59 trillion
Wema Bank Plc is a Nigeria-based bank that offers retail banking, small and medium-sized enterprise (SME) banking, corporate banking, treasury, trade and financial advisory services. Its segments include South-west, South-South, Abuja, and Lagos zones.
8. Stanbic IBTC Bank
Total Assets as of December 31, 2024: N6.91 trillion
Stanbic IBTC Bank Ltd, formerly Stanbic IBTC Bank PLC, is a financial holding company. The Company offers all its clients a range of personal, business, and commercial banking.
7. FCMB Group
Total Assets as of December 31, 2024: N7.05 trillion
FCMB Group Plc is a Nigeria-based financial holding company, which is engaged in the provision of comprehensive banking and financial services to its wholesale and retail customers.
6. Fidelity Bank Plc
Total Assets as of December 31, 2024: N8.82 trillion
Fidelity Bank Plc (the Bank) is a Nigeria-based company engaged in the provision of banking and other financial services to corporate and individual customers.
5. Guaranty Trust Holding Company
Total Assets as of December 31, 2024: N14.79 trillion
Guaranty Trust Holding Company Plc is a Nigeria-based financial holding company. The Company and its subsidiaries are involved in the provision of banking, payments, asset management, and pension management.
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First HoldCo Plc
Total Assets as of December 31, 2024: N26.54 trillion
First HoldCo PLC, formerly FBN Holdings Plc, is a Nigeria-based financial holding company. The Company offers a broad range of products and services through its subsidiaries, across commercial banking, merchant banking, capital markets, trusteeship3, and insurance brokerage.
3. Zenith Bank Plc
Total Assets as of December 31, 2024: N29.95 trillion
Zenith Bank Plc (the Bank) is engaged in the business of commercial banking. The Bank is engaged in the provision of banking and other financial services to corporate and individual customers.
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United Bank for Africa Plc
Total Assets as of December 31, 2024: N30.23 trillion
United Bank for Africa Plc (the Bank) is a financial services institution. The Bank is engaged in the business of banking. It caters to the banking needs of institutions, corporate entities, commercial enterprises, and consumer segments, providing trade services, remittance, treasury management, custody/investor services, digital banking, and general banking services.
1.Access Holdings Plc
Total Assets as of December 31, 2024: N41.49 trillion
Access Holdings Plc is a Nigeria-based financial holding company. The Company operates through four subsidiaries: Access Bank Plc (the Bank), Hydrogen Payment Services Company Limited, Access Pensions Limited and Access Insurance Brokers Limited. Its segments include Corporate and Investment Banking, Commercial Banking, Retail Banking South, Retail Banking North, Payment, Pension Fund Administrators (PFA), Insurance and Holding.
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