Top 5 biggest banks in Nigeria by market capitalisation

Top 5 biggest banks in Nigeria by market capitalisation

  • The biggest banks in Nigeria have been identified using recent data by the Nigerian Exchange.
  • The banks include Zenith Bank, Access Bank and others whose market capitalisation are above the others.
  • There are 13 Nigerian banks listed on the Nigerian Exchange.

Zenith Bank, GT Bank and 3 others made the list of the top 5 banks in Nigeria according to market capitalisation. This is according to data released by the Nigerian Exchange at the close of the market on Monday, November 28, 2022.

The market capitalisation is, in otherwords, the cumulative value of the banks. It is calculated by multiplying the total units of shares held by the price of the shares.

Typically, the positions would be comprised of the tier-1 banks in Nigeria which are sometimes known as FUGAZ (First Bank, UBA, GT Bank, Access Bank and Zenith Bank), but for the period under our scope, UBA lost its position on the list to Stanbic IBTC.

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Listed below is a ranking of commercial banks in Nigeria based on market valuation at the NGX.

Top 5 biggest banks in Nigeria by market capitalisation
L-R: Demola Sogunle, Stanbic IBTC CEO; Miriam Olusanya, GTBank MD; Ebenezer Onyeagwu, Zenith Bank CEO. Credit source - Getty Images
Source: Getty Images

1. Zenith Bank - N690.7 billion

Zenith Bank is the second largest bank in Nigeria by asset value and the most capitalised bank on the NGX. With over 500 branches in Nigeria alone, it has a presence in a few Anglophone West African countries. The bank has witnessed rapid growth since it commenced operations in July 1990. The bank is being managed by Ebenezer Onyeagwu as its Group Managing Director/CEO.

2. GT Bank - N587.15 billion

Guaranty Trust Holding Company PLC was created following a corporate restructuring of Guaranty Trust Bank PLC, obtaining approval from the Central Bank of Nigeria to offer more services beyond banking. The newly restructured holding company has a market capitalisation of N587.15 billion. It has interests in payment services, asset management, pension management and others. The 32-year-old bank is a tier-1 bank and one of the few banks in Nigeria to be headed by a woman, in the person of Mirian Olusanya. Apart from Nigeria, it has branches in Kenya, Tanzania, the United Kingdom and others.

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3. Stanbic IBTC - N413.3 billion

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, the largest African bank by assets, operating in 20 African countries and 5 global financial centres. The bank's full financial services is hinged on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Stanbic IBTC has 166 branches in Nigeria and has Dr Demola Sogunle as its Chief Executive Officer.

4. FBN Holdings - N394.8 billion

FBN Holdings Plc is the result of First Bank of Nigeria adopting a holding company structure following CBN's revised regulation covering the scope of banking activities for banks in Nigeria. The bank operates in multiple countries and has several other subsidiaries including FBN Quest. With over 700 branches across Nigeria, the holding company is headed by Nnamdi Okonkwo assumed office as its Group Managing Director (GMD).

5. Access Holdings - N302.1 billion

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Known for its aggressive expansion drive, Access Holdings has a market capitalisation pegged at N302.1bn. In the last two years, the Nigerian bank has acquired banks in Kenya, Botswana, Zambia and South Africa in an effort to globalise its brand. Led by Herbert Wigwe, the bank is reputed to have distributed the most amount of loans to beneficiaries last year.

Interestingly, these banks combined make up over 70% of the NGX Banking sector index and as a result, they strongly influence the sector's index.

Nigeria's Biggest Banks Generate Over N500 Billion in Half Year 2022

Despite the downturn in the economy, the biggest banks in Nigeria as recorded a combined profit of about N501.13 billion after ta payments between January to June 2022, reported.

According to the data from the Nigerian Exchange, the figure represents a 13.1% increase compared to the N443.17 billion the 13 banks listed on the Nigerian Exchnage reached in the first half of 2021.

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The banks are United Bank for Africa Plc (UBA), Fidelity Bank Plc, Guaranty Trust Holding Company Plc., Access Holdings Plc, Wema Bank Plc and FCMB Group Plc.

Others are Zenith Bank Plc, Sterling Bank Plc, Stanbic IBTC Holdings, FBN Holdings Plc, Unity Bank Plc and Union Bank for Nigeria Plc.


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