Top 5 Nigerian Banks Command ₦164 Trillion Balance Sheet

Nigeria’s five largest banks held combined assets of about ₦164 trillion ($113 billion) at the end of the first quarter of 2026, with Access Holdings Plc leading the pack on scale and Treasury allocations, according to MoneyCentral’s analysis of the lenders financials.

Access’s balance sheet stood at ₦53.43 trillion, driven primarily by ₦16.8 trillion in investment securities, ₦13.53 trillion in loans and advances and ₦7.57 trillion in cash and balances with banks.

United Bank for Africa followed with ₦33.13 trillion of assets, where securities (FVOCI and amortised) of ₦13.67 trillion and cash balances of ₦8.79 trillion outsize a ₦7.16 trillion loan book.

Zenith Bank reported total assets of about ₦32.0 trillion, with loans of ₦11.38 trillion, treasury bills and investment securities of ₦8.32 trillion and cash at central banks of ₦6.75 trillion.

First HoldCo’s balance sheet measured at ₦26.87 trillion, skewed toward lending (₦9.43 trillion), investment securities (₦6.58 trillion) and ₦4.89 trillion in central bank cash balances.

Guaranty Trust Holding Company rounded out the top five with ₦18.75 trillion in assets, led by cash and bank balances of ₦6.62 trillion, investment securities (FVOCI/held‑to‑maturity) of ₦5.12 trillion and a smaller loan book of ₦3.17 trillion.

What the Mix Signals

• Heavy securities positions at Access and UBA point to liquidity and a conservative tilt after the high‑rate period, while Zenith and First HoldCo show a stronger lending bias, supporting Net Interest Margin upside as rates ease.

• GTCO’s relatively low loans-to-assets ratio implies a continued emphasis on high‑quality liquid assets rather than aggressive credit deployment.

• The aggregate composition — large securities pools alongside sizeable cash buffers — suggests the sector is positioned for a measured shift back into lending as market conditions stabilise, but banks’ differing asset mixes will determine who reaps the biggest benefit from a rebound in credit demand.

Source: MoneyCentral, Company Financials

Deep Dive: Balance Sheet Composition

The internal structure of these balance sheets reveals diverging strategies. While Access and UBA are heavily indexed toward investment securities, Zenith and FirstHoldCo maintain a stronger focus on the loan-to-asset ratio.

Access Holdings (₦53.43 Trillion)

The group’s massive scale is anchored by a high-liquidity strategy.

• Investment Securities: ₦16.8 trillion

• Loans & Advances: ₦13.53 trillion

• Cash & Bank Balances: ₦7.57 trillion

United Bank for Africa (₦33.13 Trillion)

UBA’s Pan-African footprint is supported by a conservative asset mix with a heavy weighting in fixed-income instruments.

• Investment Securities (FVOCI/Amortized): ₦13.67 trillion

• Cash & Bank Balances: ₦8.79 trillion

• Loans & Advances: ₦7.16 trillion

Zenith Bank (₦32.01 Trillion)

Zenith demonstrates the most aggressive appetite for private sector credit among the top three.

• Loans & Advances: ₦11.38 trillion

• Investment Securities & T-Bills: ₦8.32 trillion

• Cash & Central Bank Balances: ₦6.75 trillion

FirstHoldCo (₦26.87 Trillion)

FirstHoldCo continues its tradition of supporting the real sector, with lending making up the largest slice of its asset base.

• Loans & Advances: ₦9.43 trillion

• Investment Securities: ₦6.58 trillion

• Cash & Central Bank Balances: ₦4.89 trillion

GTCO (₦18.75 Trillion)

GTCO maintains the leanest and most liquid balance sheet, prioritizing cash and short-term instruments over long-term credit.

• Cash & Bank Balances: ₦6.62 trillion

• Investment Securities: ₦5.12 trillion

• Loans & Advances: ₦3.17 trillion

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