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Largest Banks In Nigeria By Total Assets As Of H1 2022

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Access Bank, Zenith, and FBN Holdings maintained the top spot as the largest banks in Nigeria based on the value of their total assets as of the first half of 2022.

According to Nairametric,the thirteen commercial banks listed on the Nigerian Exchange (NGX) with major operations in the country saw their aggregate asset value increase by 8.1% in the first six months of the year to stand at N63.59 trillion as of June 2022 from N58.83 trillion recorded as of the beginning of the year.

The top five banks were the major tier-1 financial institutions typically referred to as the FUGAZ, which is an acronym used to represent First Bank, UBA, GTCO, Access, and Zenith Bank. The top five banks accounted for 80.5% of the total asset of the industry. It is worth noting that Ecobank Transnational Incorporated was not included in the compilation because most of its operations are outside Nigeria.

A further breakdown of the data shows that the increase in the total assets of the banks was largely attributed to rises in customer loans. Although Union Bank recorded a decline in its total assets in the period under review, Stanbic IBTC recorded the highest increase with a 14.8% increase to stand at N3.15 trillion from N2.74 trillion as of the beginning of the year.

The top five banks in Nigeria by total assets are:

#5: GTCO – N5.69 trillion
Guaranty Trust Holding Company Plc (GTCO) posted a total asset value of N5.69 trillion as of June 2022, which is 4.6% higher than the N5.44 trillion recorded as of December 2021. GTCO accounted for 8.9% of the total assets of the thirteen banks.

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The banking giant, which also restructured into a holding company last year saw its cash and bank balances with the Central Bank rise to N1.04 trillion in June 2022 from N933.59 billion as of the end of last year.

Also, loans to customers increased marginally from N1.8 trillion as of December 2021 to N1.83 trillion by the end of June 2022. Meanwhile, financial assets at fair value through profit or loss improved significantly from N104.4 billion to N262.32 billion.

#4: UBA – N8.99 trillion
United Bank for Africa ranks fourth on the list of biggest banks in Nigeria based on total assets with a value of 8.99 trillion, representing a 5.4% increase from N8.54 trillion recorded by the beginning of the year.

UBA accounted for 14.2% of the total asset value of the entire thirteen banks on the list. A further breakdown of the bank’s statement of financial position showed that it’s cash and bank balances improved to N1.98 trillion from N1.82 trillion recorded as of the beginning of the year.

Also, its loans and advances to customers increased to N2.75 trillion from N2.68 trillion, while loans to banks improved to N198.1 billion as of the period under review. Property and equipment stood at N183.6 billion, while investment securities at fair value stood at N1.63 trillion.

Largest banks in Nigeria by total assets as of H1 2022

#3: FBN Holdings – N9.53 trillion
FBN Holdings posted a total asset valuation of N9.53 trillion as of June 2022, representing a 6.6% increase from N8.93 trillion recorded six months earlier. FBN Holdings, which is the parent company for First Bank accounted for 15% of the total aggregate assets for the thirteen banks.

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FBN’s asset growth can be attributed to increasing in its cash and balances, loan books, and investment securities. Its cash and balances with Central Bank rose from N1.59 trillion to N1.64 trillion in the six months period.

Also, its loans and advances to customers improved from N2.88 trillion as of December 2021 to stand at N3.38 trillion by the end of June 2022. It is worth adding that its investment securities rose to N2.16 trillion from N1.96 trillion.

On the flip side, its property and equipment declined marginally to N113.79 billion from N115.9 billion recorded as of December 2021.

#2: Zenith Bank – N10.12 trillion
Zenith Bank reported a total asset value of N10.12 trillion as of June 2022, an increase of 7.1% from N9.45 trillion recorded as of December 31st, 2022. Zenith Bank accounted for 15.9% of the total assets of the banks listed on the Exchange.

The increase in its total assets was as a result of improvement in its cash and balance with the Central Bank, treasury bills, loans to customers as well as investment securities.

The bank, which is also the most capitalized bank in the Nigerian equities market, saw its loan books increase to N3.49 trillion as of June 2022 from N3.36 trillion, while investment securities stood at N1.48 trillion.

In the same vein, property and equipment improved, albeit only marginally from N200 billion to N202.3 billion. Investment securities improved from N1.3 trillion recorded as of the beginning of the year to N1.48 trillion by the end of June 2022.

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#1: Access Bank – N13.19 trillion
Access Holdings Plc tops the list with a total asset value of N13.19 trillion as of June 2022, representing an increase of 12.5% compared to N11.73 trillion recorded as of the beginning of the year.

The financial institution, which is a newly restructured holding company accounted for 20.8% of the total assets of the thirteen banks under consideration. The uptick in the total asset value of the bank can be attributed to improvements in some of the asset components, especially loans and advances.

Specifically, loans and advances to customers rose to N4.62 trillion as of the period under consideration from N4.16 trillion recorded as of the beginning of the year. This means that Access Bank gave out an additional N458.2 billion in loans to its customers in the first six months of the year.

Also, investment securities rose by N493.6 billion to stand at N2.76 trillion. The value of its property and equipment increased to N261.8 billion from N247.7 billion, having spent N36.7 billion on the acquisition of property and equipment in the same period.

Meanwhile, Access Bank has entered into a binding agreement with Centum Investment Company Plc to acquire its entire 83.4% equity stake held by Centum in Sidian Bank Limited.

Also, the holding company received regulatory approval in August 2022 to acquire a majority equity stake in First Guarantee Pension Limited, in a bid to evolve into a financial service holding company.

Others include
Fidelity Bank – N3.69 trillion
Stanbic IBTC – N3.15 trillion
FCMB – N2.65 trillion
Union Bank – N2.54 trillion
Sterling Bank – N1.81 trillion

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Renaissance Energy assumes Shell’s liabilities, says NOSDRA

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April 10, 2025

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The National Oil Spill Detection and Response Agency (NOSDRA) confirmed Shell’s liabilities will transfer to Renaissance Africa Energy after its acquisition of SPDC.

NOSDRA Director-General, Mr Chukwuemeka Woke, stated this on Wednesday in Abuja during a visit by Renaissance Africa Energy’s Managing Director, Tony Attah.

Renaissance, a consortium of independent oil firms, has completed the acquisition of Shell Petroleum Development Company in Nigeria.

The acquisition gives Renaissance control of Shell’s onshore assets across the Niger Delta region.

Woke said Renaissance must address environmental issues resulting from Shell’s past operations and honour all liabilities incurred.

He assured the agency’s continued collaboration with Renaissance, particularly on projects like the Bodo cleanup and related efforts.

“As regulators, NOSDRA ensures oil operations align with international environmental standards and national laws,” Woke emphasised.

He added, “This acquisition does not exclude Shell’s responsibilities — they are now Renaissance’s to bear.”

He urged Renaissance to prioritise environmental sustainability and energy security while complying with all regulations.

He also noted the significance of abiding by the Polluter Pay Principle and addressing oil spills caused by third-party activities.

Earlier, the Renaissance MD clarified the company is not replacing Shell, but has a distinct mission.

“Our aim is to lead Africa in clean energy generation and security,” Attah stated.

He promised a viable partnership with NOSDRA and strong commitment to environmental preservation.

Attah identified energy poverty, environmental conservation and regulatory adherence as key industry challenges.

He outlined Renaissance’s focus on clean, affordable energy, especially natural gas, to fuel Nigeria’s industrial growth.

The company seeks NOSDRA’s partnership in achieving its goals while ensuring regulatory compliance. (NAN)

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CBN: Petroleum Imports Declined 23.2%, Non-Oil Imports Fell 12.6% In 2024

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April 10, 2025

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The Central Bank of Nigeria (CBN) has announced a balance of payments (BOP) surplus of $6.83 billion for the 2024 financial year.

The BOP is a record of all financial transactions made between a country and the rest of the world over a specific period—usually a year or a quarter.

CBN, in a statement signed on Wednesday by Hakama Sidi-Ali, its acting director of corporate communication, said the balance of payments in 2024 represents a surplus compared to the deficit of $3.34 billion recorded in 2023 and $3.32 billion in 2022.

The apex bank said the improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.

According to the CBN, the current and capital accounts recorded a surplus of $17.22 billion in 2024, driven largely by a goods trade surplus of $13.17 billion.

“Petroleum imports declined by 23.2% to $14.06 billion, while non-oil imports fell by 12.6% to $25.74 billion,” CBN said.

The decline in petroleum products imports occurred the same year Dangote Petroleum Refinery commenced petrol production, providing oil marketers an alternative to importation.

Dangote refinery began to sell petrol to the Nigerian market on September 20.

On the export side, CBN said gas exports rose by 48.3 percent to $8.66 billion, while non-oil exports increased by 24.6 percent to $7.46 billion.

“Remittance inflows remained resilient, with personal remittances rising by 8.9% to $20.93 billion. International Money Transfer Operator (IMTO) inflows surged by 43.5% to $4.73 billion, up from $3.30 billion in 2023, reflecting stronger engagement from the Nigerian diaspora,” CBN said.

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“Official development assistance also rose by 6.2% to $3.37 billion.”

More so, the apex bank said Nigeria recorded a net acquisition of financial assets totalling $12.12 billion.

“Portfolio investment inflows more than doubled, increasing by 106.5% to $13.35 billion, while resident foreign currency holdings grew by $5.41 billion, indicating stronger confidence in domestic economic stability,” the apex bank said.

“Although foreign direct investment fell by 42.3% to $1.08 billion, the overall financial account posted notable gains.”

CBN also reported that the country’s external reserves increased by $6.0 billion to $40.19 billion by year-end 2024, further strengthening its external buffer.

According to the financial regulator, net errors and omissions narrowed significantly by 79.5 percent to negative $5.10 billion in 2024 – down from $24.90 billion in 2023,

The development, the apex bank said, reflects progress in data capture, transparency, and reporting integrity.

Commenting on the report, Olayemi Cardoso, governor of CBN, said the positive turnaround in “our external finances is evidence of effective policy implementation and our unwavering commitment to macroeconomic stability”.

Carsoso also said the surplus marks an important step forward for Nigeria’s economy, benefiting investors, businesses, and everyday Nigerians alike.

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Naira-For-Crude Oil Deal Will Continue—FG says

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April 10, 2025

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BY ABUBAKAR YUNUSA

The federal government says the naira-for-crude oil deal will continue after the first phase ended on March 31.

The ministry of finance announced on Monday, after a meeting between the technical sub-committee on the crude and refined product sales in naira initiative, Wale Edun, minister of finance, and Zacch Adedeji, the chairman of the committee and the executive chairman of the Federal Inland Revenue Service (FIRS).

Also at the meeting are representatives of Dangote Petroleum Refinery and Dapo Segun, the chief financial officer of Nigerian National Petroleum Company (NNPC) Limited, the coordinator of NNPC refineries; management of NNPC Trading; and senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Senior officials from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), representatives of the African Export-Import Bank (Afreximbank), and the secretary of the committee, Hauwa Ibrahim, were also at the meeting.

“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC),” the ministry said.

“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.

“As with any major policy shift, the Committee acknowledges that implementation challenges may arise from time to time.”

The ministry said the issues are being actively addressed through coordinated efforts among all parties.

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“The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” the ministry said.

The sale of crude oil and refined petroleum products in naira to local refineries commenced on October 1, 2024, to improve supply, save the country millions of dollars in petroleum products imports, and ultimately reduce pump prices.

On March 10, Peoples Daily reported that the NNPC had halted the naira-for-crude deal until 2030, as the government-owned company has forward-sold all its crude oil.

Nine days later, the Dangote refinery said it had temporarily halted the sale of petroleum products in naira.

The refinery said the decision to halt sales in naira was “necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars”.

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