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.
First City Monument Bank Limited (FCMB), a subsidiary of FCMB Group Plc, reported total assets of N7.40 trillion ($4.81 billion) as of the first quarter of 2025, up from N7.05 trillion ($4.59 billion) recorded at the end of 2024.
- Founded in 1982 by the late Otunba Subomi Balogun, FCMB has evolved into a leading bank-led financial services group in Nigeria, serving over 8.7 million customers.
- The bank operates 205 branches across all 36 states and maintains a fully licensed UK subsidiary, FCMB Bank (UK) Limited, which is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA).
FCMB continues to consolidate its position as one of Nigeria’s top 10 lenders, leveraging its diversified offerings across retail, corporate, and investment banking.
