Today , we want to look at the Best Banks in Nigeria 2016/ 2017 which is the latest ranking of the Biggest Banks in Nigeria and the Nigerian richest banks as well . The need for Nigerians to resort to banking has poped-up as they can no longer hold their cash at home and apart from that banks offer other services like keeping your valuablesm , loan giving and investment services .
Nigeria as witnessed a rapid growth and increase in population , today Nigeria is holding not less that 160 million people. As a result of this, there is great need for very strong and trustworthy banks to serve the huge population. Looking at Nigeria banking sector today , there are 21 licensed commercial banks in Nigeria. These banks emerged much stronger and diverse after consolidation than they were before . There are several banks in Nigeria but all of them can’t be equal because some are richer than the other .
This article is focus on revealing the Best Banks in Nigeria 2016 but they are also the biggest and the richest in Nigeria currently . Please note that we are judging from recent development not old glory .
1. Zenith Bank PLC
This best , biggest , richest and strongest bank in Nigeria 2016 is Zenith Bank . This Nigeria’s best bank is number 293 on the world list with a capital base of $3.0162 billion. Zenith Bank PLC bank started operations in 1990 and became popular in 2004. Zenith Bank is ranked number 6 in Africa.
2. Guaranty Trust Bank
It has been said that Guaranty Trust Bank is one of the largest financial institutions in the whole of West Africa and it is the second best bank in Nigeria . Guaranty Trust Bank also known as GTB and GTbank is ranked 415th out of world’s first 1000 banks in the world . The company raised $750,000,000 from an initial public offer from London Stock Exchange and Deutsche Börse. GTBank’s assets are worth about $9.874 billion.
3. First Bank Nigeria
First Bank is the third best banks in Nigeria 2016 but it is truely the first . This bank is ranked 10th in Africa with a capital base of $2.327 billion. First bank of Nigeria is the one of the richest and biggest bank in Nigeria comfortably sitting at the third spot on this list . First Bank is an international bank that cut accross borders , it has branches in South Africa, United Kingdom, France, China and recently acquired a leading bank in the Democratic Republic of Congo .
4. Access Bank Nigeria
Access Bank Nigeria is the number 15 African best bank with a capital base of $1.398 . The bank has a Customer Deposits of 33 trillion ,Gross Earnings: 44 billion ,Total Assets:33 trillion , hareholders Funds: 5 billion, Profit Before Tax (PBT): 9 billion, World Ranking: 532nd biggest bank in the world . This bank received license from the Central Bank of Nigeria and in 1998 but started it operation in 1989 which is the following year . Access Bank is very massive and it’s a major commercial bank in Nigeria .
5. United Bank for Africa
This bank is popular abbrievated as UBA and it is the fift best banks in Nigeria . UBA boast of nothing less than 7 million customers and 700 branches in Africa including United Kingdom, United States and France . This bank was forged from two banks – the UBA and Standard Trust – they were merged to create a stronger bank . The merging raised an asset worth $11.901 billion for the bank .
6. Fidelity Bank Nigeria
At the sixt spot is another wealthy bank called Fidelity bank . This bank is ranked 21 in Africa . It has a Customer Deposits of N806 billion, Gross Earnings of N127 billion, Total Assets of 08 trillion, Shareholders Funds of N167 billion, Profit Before Tax (PBT) is 08 billion, it World Ranking is 622 of the world’s first 1000 banks .
7. Ecobank Nigeria
Ecobank Nigeria was initially known as Oceanic bank, it was sold and the name was changed to Ecobank . Ecobank is operated in 32 countries and headquartered in Lome . It is also known as the – Pan African bank which is a subsidiary of Ecobank . The bank has witnessed a tremendously growth which increased it total asset to $6.174 billion .
8. Skye Bank Nigeria
Skye Bank is the least anthicilated bank to appear on this list but this bank deserve to be included here . Skye Bank has branches across Africa with subsidiaries in Sierra Leone, the Gambia, the Republic of Guinea, Liberia, Angola and Equatorial Guinea.
9. Union Bank of Nigeria
Union Bank of Nigeria is one of the oldest banks in Nigeria in thesme category with first bank . Union Bank is ranked the 556th largest bank in the world and the 14th largest bank in Africa in 2009. The bank has satellite offices in Johannesburg, London, Benin republic and some other countries in Africa .
10. Diamond Bank Nigeria PLC
At the last spot number ten precisely is another fast rising bank, Diamond Bank Nigeria PLC . Statistics reveals that Diamond Bank has assets worth more than $4.923 billion . Diamond Bank was Incorporated on 20th December, 1990 . It Profit Before Tax (PBT) is put at 1 billion .