Nigeria’s banking sector remains one of the most dynamic pillars of its economic development, providing financing for businesses and deepening financial services.Â
With the federal government’s push for the GDP to hit a trillion dollars, well-padded banks with deep pockets are required more than ever before. Nigeria’s five largest banks by assets, as of the first quarter of 2025, have experienced remarkable transformation, showcasing resilience and strategic expansion in spite of continuing global economic uncertainty.
Following is a list of the leading banks propelling Nigeria’s banking industry by their assets as of Q1 2025.
1. Ecobank Nigeria – N44.53 Trillion ($28.98 Billion)
Ecobank Nigeria is presently Nigeria’s largest asset bank. Backed by its holding group, Ecobank Transnational Incorporated (ETI), the Pan-African bank posted the total asset value of N44.53 trillion at Q1 2025 year-end. This is a marginal increase from the N43.30 trillion it posted at year-end 2024.
With more than 270 branches and 500+ ATMs across the country, Ecobank is closing the rural-urban divide. Its huge African network, which spans 33 countries, provides it with a unique edge in cross-border banking, trade finance, and regional integration programs.
2. Access Bank – N39.08 Trillion ($25.43 Billion)
Access Bank Plc is Nigeria’s second-largest bank by asset size. Its Q1 2025 size was N39.08 trillion. Smaller than its year-end 2024 size of N41.50 trillion, Access is still an African banking titan.
As one of Access Holdings Plc’s members, Access Bank operates in 24 countries and serves over 63 million individuals worldwide. The bank has also made its mark worldwide with representative offices in developing countries like China, India, the UAE, and the UK. Access Bank is building a new financial future for Nigeria through technology and market consolidation.
3. Zenith Bank – N32.41 Trillion ($21.09 Billion)
Zenith Bank, Nigeria’s richest bank, ranks third by assets. The bank’s assets value increased to N32.41 trillion in Q1 2025 from N29.95 trillion as of Dec. 2024.
Founded in 1990, Zenith Bank has been a legend for decades with good business, governance, and customer-friendly service. It has close to 450 Nigerian and foreign offices and a subsidiary in the UK. In 2024, it recorded a profit after tax of over N1 trillion, making it an ever-performing organization.
4. United Bank for Africa (UBA) – N31.71 Trillion ($20.63 Billion)
UBA is still a pan-African banking behemoth with a robust local and foreign presence. At the close of last year, it had Q1 2025 assets of N31.71 trillion, up from N30.32 trillion at the close of last year.
UBA has a presence in 20 African countries and offices in the U.S., the U.K., the UAE, and France. It reaches more than 45 million customers in aggregate with physical and electronic distribution channels as it attempts to capture possibly underserved customers. Its drive for innovation and inclusiveness has seen it record robust growth despite business cycles.
5. First Bank (First HoldCo) – N26.52 Trillion ($17.25 Billion)
Completing the top five is First Bank of Nigeria, controlled by First HoldCo. Total Q1 2025 assets were also N26.52 trillion, the same as year-end 2024.
Over 130 years, First Bank has built one of the country’s largest branch banking networks. It operates around 600 branches and reaches nearly 280,000 agent points across Nigeria, even in the farthest rural towns, with financial inclusion. The bank maintains over 43 million customers’ accounts with a full range of services from retail to wealth and corporate finance.
End Thoughts
These five banks dominate Nigeria’s banking sector’s assets and play crucial roles in credit disbursement, e-banking expansion, and economic development. Nigeria’s future financial stability relies on the capacity of these banks to develop, innovate, and provide capital to strategic sectors.
