List of Five Largest Commercial Banks in Nigeria by Assets in 2024
- The largest tier-one commercial banks by assets have been revealed, with Access Bank leading the pack
- Legit.ng analysis showed that among the tier-one banks surveyed, combined assets grew in the last three months by N22.46 trillion
- A bank's solid asset indicates that a business has resources it can use to generate revenue and profits
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The combined total asset value of Nigeria's tier-one largest banks increased to N116.80 trillion as of the end of the first quarter of 2024.
This figure represents a 23.81% or N22.46 trillion increase compared to N94.33 trillion as of December 2023.
Source: Getty Images
Nigeria's Tier 1 banks: FBN Holdings (First Bank), Access Holdings (Access Bank), GTCO (GTBank), UBA, and Zenith Bank.
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What is a bank asset?
A bank asset refers to any resource that a bank owns or controls that has economic value and is expected to provide future financial benefit.
The asset base is an essential measure of a business's financial health and stability, as it represents the resources that can be used to generate income and cover liabilities.
This includes cash reserves, government securities, corporate bonds, loans to individuals and businesses, and property owned by the bank.
Nigeria's biggest banks by asset
Here is a breakdown of the Nigerian banks with the largest assets as stated in their audited accounts submitted to the Nigerian Exchange.
Access Bank (N32.57 trillion)
Access Bank Plc is the largest bank in Nigeria in terms of asset size, with an asset size of about N32.57 trillion as of March 2024.
This is an increase from N26.68 trillion; the asset stood at the end of December 2024.
Access Bank has been diligently expanding its operations and has a presence in 20 countries.
UBA (N25.37 trillion)
United Bank for Africa (UBA) Plc is the second largest Nigerian bank in terms of asset size, with a total asset size of N25.37 trillion as of March 2024, increasing from N20.65trn reported in December 2024.
Zenith Bank – (N24.28 trillion)
Zenith Bank is the third-largest bank in Nigeria, with a total asset size of N24.28 trillion from N20.36 trillion.
Owned by Jim Ovia, the bank has built a strong reputation as one of Nigeria's most trusted financial institutions.
Other top bank assets are:
- First Bank of Nigeria – N21.58 trillion, up from N16.93 trillion in December 2023.
- GTBank Nigeria – N13 trillion, rising from N9.69 trillion in December 2023.
Fidelity targets five banks across Africa
In another report, Fidelity Bank was considering the acquisition of five commercial banks across the continent.
The move came on the heels of the bank's recent acquisition in the United Kingdom.
Fidelity is currently the sixth-largest lender in Nigeria, with assets worth almost N4 trillion.
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Source: Legit.ng
