Banks in Nigeria

Banks in Nigeria

Access bank
Diamond bank
Fidelity bank
First bank
First Inland X
Nigeria International bank
Standard Chartered
Intercontinental bank X
Oceanic bank
Skye bank
Spring bank X
Sterling bank
United Bank for Africa
Union Bank
Unity bank
Wema bank
Zenith bank

Banks in Nigeria are growing in value but shrinking in number. After the post consolidation exercise initiated by the CBN governor, the banks reduced to 25 in number. Lately two other banks merged to shore up their capital base as well as assets to reduce the number to 24, i.e. the Stanbic-IBTC merger.

Banks in Nigeria influence the economy and can help fuel economic growth. But if a bank is not doing so well, it can spell doom for the shareholders. The Central Bank of Nigeria is the bankers bank as it regulates the activities of these banks to ensure that they operate fairly and squarely. CBN also helps control inflation using monteray policies such as credit ceiling, issuing MRMs to universal banks to in turn effect the economy.

The Central bank of Nigeria is the official bank in charge of other banks in Nigeria. It is also called the bankers' bank and its current governor is Sanusi Lamido Sanusi ( formerly Professor Charles Chukwuma Soludo who pioneered the recapitalization exercise). Banks in Nigeria have improved in services and customer bank. Banks in Nigeria have grown in strength as a result of this recapitalization exercise and have opened up new branches in West African Countries, London and even New York.
Most banks in Nigeria which were formally into wholesle and corporate banking have started retail banking to gain from the numerous customers now available as a result of the few big banks.

Highlights of Banks in Nigeria

  • Access Bank
    Access bank plc is one of the big banks in Nigeria with a wide pool of well trained workforce.
  • Afribank
    Afribank is a very well known bank and is a brand name in Africa.
  • Bank PHB
    The process of building a strong international brand requires that we build strategic partnerships.
  • Ecobank
    This is the Pan African Bank. Ecobank is the pioneer of Nigerian credit card.
  • ETB
    The current ETB is made up of the merger between the former Equitorial Trust Bank Ltd and Devcom Bank Ltd during the banking consolidation by the CBN.
  • Diamond Bank
    Diamond bank is a big bank in Nigeria. It began began as a private limited liability company on March 21, 1991.
  • FCMB
    FCMB refers to the First City Monument Bank in Nigeria and was licensed in 1982.
  • Fidelity Bank
    Fidelity Bank is today ranked amongst the top 10 banks in Nigeria, with strong presence in the major cities and commercial centres of Nigeria.
  • First Bank
    First bank is truly Nigeria's first bank since it started operations before any other bank or financial institution in the country since March 31 1894 with the corporate name as Bank for British West Africa.
  • FinBank
    Finbank is a brand name. This Nigerian bank was formed as a result of the merger of four indigenous banks
  • GT Bank
    Guaranty Trust Bank also known as GTB was registrated on January 17, 1990 by Central Bank of Nigeria .
  • Nigeria International Bank
    Nigeria International bank also known as Citibank Nigeria Limited is a subsidiary of Citigroup and has been in Nigeria since 1984.
  • Stanbic-IBTC Bank
    Stanbic-IBTC is one of the new banks in Nigeria formed as a result of a merger between Stanbic Bank Nigeria and IBTC Chartered Bank plc.
  • Intercontinental Bank
    International bank is one bank among a few. It is one of the strongest bank in Nigeria and should be considered among the top 3.
  • Oceanic Bank
    Oceanic bank plc is a great bank which began in 2990, commencing operation at the Waterfront Plaza, Lagos.
  • Skye Bank
    Access bank plc is one of the big banks in Nigeria with a wide pool of well trained workforce.
  • Spring Bank
    Spring bank was formed as a result of the consolidation exercise whic led to the merger of six banks.
  • Standard Chartered Bank
    Standard chartered bank is a big bank in Nigeria. It is one of the 25 (now 24) banks that scaled the CBN's hurdle for consolidation.
  • Sterling Bank
    Sterling bank is a Nigerian bank with the vision to be Nigeria's leading diversified financial institution with dominance in chosen markets
  • UBA
    United Bank for Africa Plc (UBA) is one of the few old banks in Nigeria which started as UBA plc in 1961.
  • Union Bank
    Union bank is a very big bank. It was established in 1917 as a Colonial Bank with its first branch in Lagos.
  • Unity Bank
    Unity bank is about Unity. It is a big bank in Nigeria and operates as a full-fledged financial services institution.
  • Wema Bank
    Wema bank plc started on May 1945 as a privated company. It later converted to a public limited liability company in 1987 and listed on the NSE in January 1990.
  • Zenith Bank
    Zenith Bank Plc is the most capitalized company on the NSE with a market capitlization of more than 600 billion naira as at June 2007