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List of Banks in Nigeria

List of Banks in Nigeria

Nigeria being one of the fastest growing countries in Africa has a number of banks. Here is a list of Banks in the country.

1.First Bank of Nigeria

Category: Banks in Nigeria

First Bank of Nigeria Limited “FirstBank”, established in 1894, is the premier Bank in West Africa, Nigeria’s number one bank brand and the leading financial services solutions provider in Nigeria. The Bank was founded by Sir Alfred Jones, a shipping magnate from Liverpool, England. With its head office originally in Liverpool, the Bank commenced business on a modest scale in Lagos, Nigeria under the name, Bank of British West Africa (BBWA).

In 1957, the Bank changed its name from Bank of British West Africa (BBWA) to Bank of West Africa (BWA). In 1966, following its merger with Standard Bank, UK, the Bank adopted the name Standard Bank of West Africa Limited and in 1969 it was incorporated locally as the Standard Bank of Nigeria Limited in line with the Companies Decree of 1968. The bank also change its name in 1979 and 1991 to First Bank of Nigeria Limited and First Bank of Nigeria Plc, respectively. In 2012, the Bank changed its name again to First Bank of Nigeria Limited as part of a restructuring resulting in FBN Holdings Plc (“FBN Holdings”), having detached its commercial business from other businesses in the FirstBank Group, in compliance with new regulation by the Central Bank of Nigeria (CBN).

For more information please visit: First Bank of Nigeria

2. Citibank

Category: Banks in Nigeria

Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York. Citibank provides credit cards, mortgages, personal loans, commercial loans, and lines of credit.The bank has a total of 2,649 branches in 19 countries, including 723 branches in the United States and 1,494 branches in Mexico.The U.S. branches are concentrated in six metropolitan areas: New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami. In 2016, the United States accounted for 70% of revenues and Mexico accounted for 13% of revenues.Aside from the U.S. and Mexico, most of the company’s branches are in Poland, Russia, India and the United Arab Emirates.

For more information please visit: Citibank

3.  Ecobank Nigeria

Category: Banks in Nigeria

Ecobank Nigeria Plc, mostly referred to as Ecobank Nigeria, is a commercial bank in Nigeria. It is one of the commercial banks licensed by the Central Bank of Nigeria, the national banking regulator.The bank began operations in 1986. It operates as a universal bank, providing wholesale, retail, corporate, investment and transaction banking services to its customers in the Nigerian market. The bank divides its operations into three major divisions:
(a) Retail Banking
(b) Wholesale Banking and
(c) Treasury & Financial Institutions.
The bank also offers capital markets and investment banking services.During the fourth quarter of 2011, Ecobank Nigeria acquired 100% of the shareholding in Oceanic Bank, creating the expanded Ecobank Nigeria Plc. As of December 2011, the expanded Ecobank Nigeria controlled total assets valued at approximately US$8.1 billion , making it one of the five largest banks in Nigeria at the time. At that time the bank had 610 free-standing branches, making it the second-largest bank in the country by branch network.

For more information please visit: Ecobank Nigeria

4. Access Bank Plc

Category: Banks in Nigeria

Access Bank plc, commonly known as Access Bank, is a Nigerian multinational commercial bank, owned by Access Bank Group. It is licensed by the Central Bank of Nigeria, the national banking regulator. It is presently one of the five largest banks in Nigeria in terms of assets, loans, deposits and branch network. Access Bank plc is a large financial-services provider. As of December 2015, the bank had an asset base in excess of US$12.2 billion (NGN:2.412 trillion), and shareholders’ equity valued at approximately US$1.86 billion .

For more information please visit: Access Bank Plc

5. Fidelity Bank Nigeria

Category: Banks in Nigeria

Fidelity Bank, also known as Fidelity Bank Plc., is a commercial bank in Nigeria. It is licensed as a commercial bank, by the Central Bank of Nigeria, the central bank and national banking regulator. In the year 1987,Fidelity Bank of Nigeria was incorporated and began its operations in 1988. It initially started with a Merchant Banking license, with the objective of positively impacting on the Nigerian economy through participation and contribution to the growth of the Nigerian Economy with the provision of quality and timely financial services. Fidelity Bank converted to a commercial bank in the year 1999 in an attempt to grow, as a private limited company and became a Public Limited Company also in the year 1999, in the month of August.

It re-branded to Fidelity Bank Plc that year. It secured its Universal Banking License in February 2001 and also obtained its International Banking License in the year 2011. Fidelity Bank of Nigeria has grown to a stable banking institution, during the 2005 Nigeria Banking consolidation, Fidelity Bank acquired FSB International Bank Plc (“FSB”) and Manny Bank Plc to become one of the top financially stabled banks in Nigeria Fidelity Bank currently has presence in all the States and Major cities in Nigeria, over the years the bank has been reputed for its financial stability Fidelity continues to rank among Nigeria’s most capitalized banks, with tier-one capital of nearly USD1 billion (One Billion US Dollars).

For more information please visit: Fidelity Bank Nigeria

6.Union Bank of Nigeria

Category: Banks in Nigeria

Union Bank of Nigeria Plc., commonly known as Union Bank of Nigeria, is a commercial bank in Nigeria. The bank was founded in 1917 as Colonial Bank. In 1925, Barclays Bank acquired Colonial Bank, changing the bank’s name to Barclays Bank (Dominion, Colonial and Overseas) or Barclays Bank (DCO). In the year 1969, Barclays Bank DCO was incorporated in Nigeria, as Barclays Bank of Nigeria Limited, to comply with new banking laws enacted in 1968. Union Bank is a large commercial bank, serving individuals, small and medium-sized companies, as well as large corporations and organizations. In July 2009, it was rated the 556th largest bank in the world and the 14th largest bank in Africa. As of June 2012, the bank’s asset base was estimated at US$6.784 billion (NGN:1.049 trillion). The shareholders’ equity at that time was estimated at US$1.22 billion (NGN:188.4 billion).

For more information please visit: Union Bank of Nigeria

7. First City Monument Bank

Category: Banks in Nigeria

First City Monument Bank (FCMB) Ltd is a full service banking group, headquartered in Lagos, with the vision ‘to be the premier financial services group of African origin’.The entity from which the bank was founded City Securities Limited, was established in 1977 by Oloye Subomi M. Balogun, the Otunba Tunwashe of Ijebu, a Yoruba tribal aristocrat. First City Monument Bank Ltd. was incorporated as a private limited liability company on 20 April 1982 and granted a banking licence on 11 August 1983. It was the first bank to be established in Nigeria without government or foreign support. On 15 July 2004, FCMB changed its status from a private limited liability company to a public limited liability company and was listed on the Nigerian Stock Exchange (NSE) by introduction on 21 December 2004.

For more information please visit: First City Monument Bank

8. Sterling Bank (Nigeria)

Category: Banks in Nigeria

Sterling Bank Plc is a full service national commercial bank licensed by the Central Bank of Nigeria. Its shares trade under the Banking sector of the Nigerian Stock Exchange with the symbol STERLNBANK. On Reuters and Bloomberg terminals, it is identified as STERLNB.LG and STERLNBA:NL respectively. Sterling Bank Plc originally incorporated in 1960 as Nigeria Acceptances Limited (NAL). The bank was licensed as Nigeria’s first merchant bank in 1969. Consequent to the indigenization decree of 1972, the Bank became fully government owned and was managed in partnership with Grindlays Bank Limited, Continental International Finance Company Illinois and American Express Bank Limited between 1974 and 1992. In 1992, the Bank was partly privatized and listed as a public company on the Nigeria Stock Exchange (NSE). Eight years later, in 2000, the federal government sold its residual interest in the bank, effectively making it a fully privatized institution.

For more information please visit: Sterling Bank Plc

9. Wema Bank

Category: Banks in Nigeria

Wema Bank Plc, commonly known as Wema Bank, is a Nigerian commercial bank. The bank was established on May 2, 1945, as a private limited liability company. It was granted a commercial banking license and commenced banking activities during the same year. Wema Bank converted to a public limited liability company in 1987. In 1990, the bank was listed on the Nigerian Stock Exchange. It trades under the symbol: WEMABANK. It was granted a Universal Banking License in February 2001.

For more information please visit: Wema Bank

10. United Bank for Africa

Category: Banks in Nigeria

United Bank for Africa (UBA) Plc, is a Nigerian multinational financial institution. It is one of Africa’s best and most resilient banking Groups with operations in 19 African countries and offices in three global financial centers: London, Paris and New York. UBA has been operating in Africa since 1949, referred to then as the British and French Bank Limited (BFB). It took over the assets and liabilities of BFB and was incorporated as a limited liability company on 23 February 1961 under the Compliance Ordinance (Cap 37) 1922.

In the year 2005, it completed one of the biggest mergers in the history of Nigeria’s capital markets with the business combination with Standard Trust Bank (STB) Plc. From then, it continued to expand to Ghana, Benin Republic, Côte d’Ivoire, Burkina Faso, Guinea, Chad, Cameroon, Kenya, Gabon, Tanzania, Zambia, Uganda, Liberia, Sierra-Leone, Mozambique, Senegal, Congo DR and Congo Brazzaville. UBA is listed on the Nigerian Stock Exchange, where it is publicly traded under the symbol “UBA”.

For more information please visit: United Bank for Africa

11. Jaiz Bank

Category: Banks in Nigeria

Jaiz Bank Plc, is a non interest bank in Nigeria. It is the first non-interest bank established in the country. The institution was founded in 2003, as Jaiz International Plc. On 11 November 2011, Jaiz International received a license from the Central Bank of Nigeria, the national banking regulator, to operate as a regional bank. On 6 January 2012, the institution commenced business as Jaiz Bank Plc in offices and branches in Abuja, Kaduna and Kano.

For more information please visit:  Jaiz Bank 

12. Guaranty Trust Bank

Category: Banks in Nigeria

Guaranty Trust Bank plc also known as GTBank or simply GTB is a Nigerian multinational financial institution, that offers Online/Internet Banking, Retail Banking, Corporate Banking, Investment Banking and Asset Management services, with its head office in Victoria Island, Lagos. In February 1991Guaranty Trust Bank plc was incorporated as a limited liability company licensed to provide commercial and other banking services to the Nigerian public in 1990 and commenced operations. In September the year 1996, Guaranty Trust Bank plc became a publicly quoted company and won the Nigerian Stock Exchange President’s Merit award. In February 2002, the Bank was granted a universal banking license and later appointed a settlement bank by the Central Bank of Nigeria (CBN) in 2003.

For more information please visit : Guaranty Trust Bank

13. Heritage Bank Plc

Category: Banks in Nigeria

Heritage Bank Plc, now known as Heritage Bank Plc., but often referred to as Heritage Bank, is a commercial bank in Nigeria. It is one of the commercial banks licensed by the Central Bank of Nigeria, the country’s banking regulator, with a National Operating License. The bank was founded as Societe Generale Bank (Nigeria) (SGBN), by the late Dr. Olusola Saraki. In January 2006, the Central Bank closed down SGBN on account of failure to meet new minimum capital requirements of US$155 million (NGN:25 billion) for a National Bank. SGBN successfully challenged the closure in court. In December 2012, CBN re-issued SGBN’s banking license, but as a regional bank. The bank re-branded as Heritage Banking Company Limited and reopened for business under the new name on 4 March 2013.

For more information please visit :Heritage Bank Plc

14. Skye Bank

Category: Banks in Nigeria

Skye Bank Pl, commonly known as Skye Bank, is a commercial bank based in Nigeria. It is one of the twenty-six commercial banks licensed by the Central Bank of Nigeria, the country’s banking regulator. The bank was founded in 1989 when Prudent Bank Plc., was incorporated as a limited liability company. In 1990, the bank was issued a license as merchant bank. That same year, it rebranded as Prudent Merchant Bank Limited.In January 2011, the bank introduced a Naira-denominated MasterCard debit card, called “MasterCard Verve”, the first of its kind in Nigeria. The bank also offers Internet banking and mobile banking.

For more information please visit : Skye Bank

15. Keystone Bank Limited

Category: Banks in Nigeria

Keystone Bank Limited, commonly referred to as Keystone Bank, is a commercial bank in Nigeria. The bank is one of the commercial banks licensed by the Central Bank of Nigeria, the national banking regulator. On Friday 5 August 2011, Keystone Bank Limited was issued a commercial banking license by the Central Bank of Nigeria (CBN). On the same day, CBN revoked the banking license of Bank PHB. Keystone Bank assumed the assets and some liabilities of the now defunct Bank PHB. On Wednesday, 22 of March 2017, Asset Management Company of Nigeria announced that Keystone bank had been sold to investors for 25 billion naira ($81.5 million). It was sold to Sigma Golf-Riverbank consortium.

For more information please visit : Keystone Bank Limited

16. Standard Chartered

Category: Banks in Nigeria

In 1965, the Standard Bank of South Africa merged with the Bank of West Africa acquiring businesses including a banking operation in Nigeria, which dated back to 1894. The name was then changed to Standard Bank of West Africa. Four years after the merger, Standard Bank Nigeria was incorporated locally to take over the business in Nigeria.Standard Chartered re-entered Nigeria in 1999 and opened to customers on 15 September 1999 as a wholly owned subsidiary of Standard Chartered Bank Plc, headquartered in United Kingdom.

For more information please visit : Standard Chartered

17. Rand Merchant Bank

Category: Banks in Nigeria

Rand Merchant Bank (RMB) Nigeria Limited, a member of the FirstRand Group, is a leading African corporate and investment bank and part of one of the largest financial services groups in Africa. We offer clients innovative advisory, capital markets, financing and principal investing solutions.

For more information please visit : Rand Merchant Bank

18. Stanbic IBTC Holdings

Category: Banks in Nigeria

Stanbic IBTC Holdings, commonly referred to as Stanbic IBTC, is a financial service holding company in Nigeria with subsidiaries in banking, stock brokerage, investment advisory, pension and trustee businesses. Stanbic IBTC Holdings is a member of the Standard Bank Group, a financial services giant based in South Africa. Standard Bank is Africa’s largest banking group ranked by assets and earnings operations in 20 African countries and 13 countries outside Africa.

For more information please visit : Stanbic IBTC Holdings

19. Enterprise Bank Limited

Category: Banks in Nigeria

Enterprise Bank Limited (EBL), also referred to as Enterprise Bank, is a commercial bank in Nigeria. It is licensed as a commercial bank by the Central Bank of Nigeria, the country’s banking regulator.Enterprise Bank was formed in August 2011 by taking over the assets and some of the liabilities of the now defunct Spring Bank, whose commercial banking license was revoked. EBL was issued a commercial banking license on 5 August 2011.

For more information please visit : Enterprise Bank Limited


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