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Top 5 banks in Nigeria – Asset Reviews



The Central Bank of Nigeria (CBN) serves as the country’s central monetary authority. Established under a 1958 Act of Parliament, the Nigerian central bank commenced operations in 1959. CBN oversees the operations of financial institutions and banks in Nigeria, helping ensure high banking standards and financial stability in the industry, as well as promoting an efficient payment system.

Below are top 5 banks in Nigeria exception of Zenith bank:

1. Zenith Bank

According to the ranking, Zenith Bank was the number one financial institution in Nigeria. However, it fell 68 places to number 454 in the Top 1000 ranking.

Its Tier 1 capital position declining by 5.4%, even as it recorded a 7.7% rise in total assets.

2. Guaranty Trust Bank (GTB) 

Nigeria’s second-biggest lender, Guaranty Trust Bank, dropped from 537 to 625 in the main ranking. However, the position of the country’s top two lenders is reversed when it comes to performance. Guaranty tops the performance tables for Nigeria for the second consecutive year, coming first in its scores for operational efficiency, liquidity, and leverage, with Zenith remaining in the second position.

3. Access Bank 

Access Bank ranked 630 on the overall Top 1000 compared with 508 position last year. However, Access Bank is still Nigeria’s largest lender by total assets.

Access merged with local rival Diamond Bank and acquired Kenya’s Transnational in 2019. The bank also acquired Zambia’s Cavmont in 2020 and acquired Mozambique’s African Banking Corporation earlier in 2021.

The bank topped the country for asset quality — its non-performing loan ratio dropping from 5.7% to 4.3% for the year — but ranked lowest in Nigeria’s top five for soundness.

4. United Bank for Africa

United Bank for Africa, the country’s fourth-largest lender in the Top 1000, ranks third nationally for performance, with high scores for growth and return on risk offset by lower scores for leverage, soundness, asset quality and operational efficiency.

5. First Bank of Nigeria

The bank ranked 630 on the overall Top 1000. It also maintained the fifth position for the overall performance in the country.

All five largest lenders posted significant falls in this year’s Top 1000 ranking, with only First Bank Nigeria registering an increase in its Tier 1 capital base during 2020.


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