As of the first quarter of 2025, Nigeria’s banking sector has experienced significant growth, with the top 10 banks by total assets reflecting the industry’s expansion. These banks play a crucial role in driving economic development, credit expansion, and financial inclusion in the country.(Nairametrics)

Top 10 Largest Banks in Nigeria by Total Assets – Q1 2025

1. Ecobank Transnational Incorporated (ETI)
   Ecobank leads the Nigerian banking sector with total assets amounting to ₦43.3 trillion. This marks a 67% increase from the previous year, attributed to strong growth in customer deposits, loans, and investments, along with its extensive African presence and efficient operations.
2. Access Holdings Plc
   Access Holdings ranks second with total assets of ₦41.5 trillion. The bank has seen a year-on-year increase of 55%, solidifying its position as a major player in Nigeria’s banking industry.
3. United Bank for Africa (UBA)
   UBA holds the third position with total assets of ₦31.8 trillion as of Q3 2024. The bank’s extensive network across Africa and strong digital banking infrastructure contribute to its financial resilience.
4. Zenith Bank Plc
   Zenith Bank, once the richest, now holds the fourth spot with assets of ₦24.28 trillion. The bank continues to assert its dominance in the Nigerian banking industry through efficient risk management strategies and customer-oriented services.
5. First Bank of Nigeria
   First Bank reaffirms its historical significance with assets totaling ₦27.4 trillion. Established in 1894, it remains one of Nigeria’s top financial institutions, adapting to changing financial trends while maintaining a strong balance sheet.
6. Guaranty Trust Holding Company Plc (GTCO)
   GTCO is renowned for its innovative banking solutions, customer service, and digital banking capabilities. The bank offers a wide range of products, including personal and corporate banking, investment services, and insurance.
7. Fidelity Bank
   Fidelity Bank has grown significantly in recent years, strengthening its financial position through capital expansion and strategic investments. As of Q3 2024, its shareholder funds had risen by 67% to ₦688.2 billion, with a pre-tax profit of ₦81.6 billion, reflecting a 135% increase.
8. Stanbic IBTC Bank
   Stanbic IBTC Bank, a member of the Standard Bank Group, continues to be a significant player in Nigeria’s banking sector. The bank’s commitment to innovation and customer satisfaction has earned it a strong reputation among both individual and corporate clients.
9. Union Bank of Nigeria
   Union Bank has been a key player in Nigeria’s banking sector, offering a comprehensive suite of banking services, including retail banking, corporate banking, and investment services. The bank’s focus on digital transformation and SME financing has boosted its financial strength.
10. Wema Bank
    Wema Bank has made significant strides in the Nigerian banking industry, particularly with its digital banking platform, ALAT. The bank’s innovative approach and commitment to customer satisfaction have contributed to its growth and stability.

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These rankings highlight the dynamic nature of Nigeria’s banking sector, with banks leveraging digital transformation, strategic investments, and customer-centric services to drive growth. As the industry continues to evolve, these financial institutions are poised to play an even more significant role in the country’s economic development.(Elevate Pay)