Due to their inability to meet the 2006 directive of the Central Bank of Nigeria, some of the commercial banks in Nigeria merged with other banks while others shut down their operations. If you want to know the names of currently operating banks, here is a full list of commercial banks in Nigeria and their managing directors as of 2023.
Commercial banks in Nigeria are financial institutions that offer all financial services. These services include accepting deposits, basic investment products, and giving out loans to individuals and corporate entities.
List of commercial banks in Nigeria and their managing directors
The Central Bank of Nigeria has total control of all the commercial banks and gives conditions and directives from time to time to regulate their activities.
Following some new directives from the CBN in 2006, some commercial banks that couldn't meet the requirements had to either stop operations or merge with other banks.
How many commercial banks are in Nigeria?
According to the Central Bank of Nigeria, there are 24 commercial banks in the country. Below are the types of commercial banks in Nigeria, with their managing directors.
|Number||Bank name||Managing director|
|1||Access Bank Plc||Mr. Roosevelt Ogbonna|
|2||Citibank Nigeria Limited||Ireti Samuel-Ogbu|
|3||Ecobank Nigeria Plc||Jeremy Awori|
|4||Fidelity Bank Plc||Nneka Onyeali-Ikpe|
|5||First Bank Nigeria Limited||Dr Adesola KazeemAdeduntan|
|6||First City Monument Bank Plc||Mrs. Yemisi Edun|
|7||Globus Bank Limited||Elias Igbinakenzua|
|8||Guaranty Trust Bank Plc||Olusanya Miriam|
|9||Heritage Banking Company Ltd||Akin George-Taylor|
|10||Keystone Bank Limited||Olaniran Olayinka|
|11||Parallex Bank Ltd||Olufemi Bakre|
|12||Polaris Bank Plc||Adekunle Sonola|
|13||Premium Trust Bank||Emmanuel Efe Emefienim|
|14||Providus Bank||Walter Akpani|
|15||Stanbic IBTC Bank Plc||Wole Adeniyi|
|16||Standard Chartered Bank Nigeria Ltd||Olukorede Adenowo|
|17||Sterling Bank Plc||Abubakar Suleiman|
|18||SunTrust Bank Nigeria Limited||Halima Buba|
|19||Titan Trust Bank Ltd||Dr. Adaeze Udensi|
|20||Union Bank of Nigeria Plc||Mudassir Amray|
|21||United Bank For Africa Plc||Oliver Alawuba|
|22||Unity Bank Plc||Mrs Tomi Somefun|
|23||Wema Bank Plc||Mr. Moruf Oseni|
|24||Zenith Bank Plc||Dr. Ebenezer N. Onyeagwu|
What is the role of the Central Bank of Nigeria?
Some of the major roles of CBN are:
- Guarantee monetary and price stability within the country.
- Authorize and manage the official currency in Nigeria.
- Preserve foreign reserves to uphold the global worth of the nation's official currency.
- Foster a robust financial system within Nigeria.
- Serve as a financial institution and offer economic counsel to the Federal Government.
How many commercial banks do we have in Nigeria?
What is the difference between the central bank and commercial bank in Nigeria?
The government owns the central bank, while a commercial bank functions as a component of a nation's banking system, operating under the regulatory authority of the central bank.
Which is the best commercial bank in Nigeria?
Zenith Bank Plc once again achieved the distinction of being recognized as the Best Commercial Bank in Nigeria for the third consecutive year at the London Stock Exchange. It also secured the title of Best Corporate Governance Bank in Nigeria for the second year, as honoured at the 2023 World Finance Awards.
Which is the latest commercial bank in Nigeria?
Parallex Limited, formerly a microfinance institutionn, declared its transformation into a commercial bank.
Which foreign banks are operating in Nigeria?
What is the largest commercial bank in Africa?
Standard Bank maintains its status as the largest lender on the African continent, with its Tier 1 capital base growing by 5.1% to reach $11.7 billion. Additionally, it continues to hold the title of the largest bank on the continent in terms of assets.
Is there a Citibank in Nigeria?
Citi has maintained a presence in Nigeria since 1984, establishing itself as the oldest international bank in the country, with a network of service bank branches spanning the nation.
These are the commercial banks in Nigeria, according to the Central Bank of Nigeria. They are essential financial intermediaries that facilitate economic growth, provide financial services to individuals and businesses, and support the overall development of the country's financial system.
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