Nigeria’s commercial banks continue to play a pivotal role in driving economic growth, credit expansion, and financial inclusion.
As the country pursues its ambitious $1 trillion GDP target, the strength of its banking sector has become even more critical.
In Q1 2025, the ten largest banks in Nigeria reported a combined total asset base of N218.99 trillion ($142.48 billion) up from N212.75 trillion ($137.63 billion) at the end of 2024.
This growth signals a resilient financial sector capable of supporting lending, infrastructure investment, and broader economic activity.
Bank assets matter because they reflect capacity; the more assets a bank controls, the more it can deploy to power businesses, fund government projects, and deepen access to credit.
In a country where capital remains scarce for many, strong balance sheets can unlock inclusive, sustainable development.
Below is the ranking of Nigeria’s top 10 banks by total assets as of the first quarter of 2025, highlighting the institutions at the heart of the nation’s economic engine.
Wema Bank ranks tenth among Nigeria’s largest banks by total assets as of the first quarter of 2025. The bank reported total assets of N3.60 trillion ($2.34 billion) in Q1 2025, showing marginal growth from its full-year 2024 figure of N3.59 trillion ($2.34 billion).
- Established on May 2, 1945, as Agbonmagbe Bank Limited by the Late Chief Mathew Adekoya Okupe, Wema Bank has grown to become one of Nigeria’s oldest surviving indigenous banks.
- It was listed on the Nigerian Stock Exchange in 1990 and currently trades under the ticker WEMABANK.
- The bank received a Universal Banking License in February 2001 and now operates a network of over 149 branches and service stations nationwide.
- While it remains relatively smaller than Nigeria’s tier-1 banks, Wema Bank continues to strengthen its presence, particularly through investments in digital banking.
Its ALAT platform, in particular, has positioned it as a nimble player focused on innovation and operational efficiency in Nigeria’s evolving financial landscape.
