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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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Uba Sani: Least Paid Worker In Kaduna Earns N72,000

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Uba Sani, governor of Kaduna, says no worker in the state earns less than N70,000 as salary in compliance with the new minimum wage.

Sani spoke on Thursday at Murtala Square in Kaduna on occasion the Workers’ Day celebration.

The governor said the least paid worker in the state earns N72,000, noting that he believes in the dignity of labour, adding that the issue of incremental adjustment of salaries would be addressed soon.

“I have been involved in the struggle for labour rights, workers’ rights. That is my antecedent. Because of my background, I sat down with the leadership of the Nigerian Labour Congress (NLC),” Sani said.

“I made it clear to them that though we have met the minimum wage requirement but there is something called incremental adjustment which is discretionary.

“Because of my relationship with both NLC and TUC, I asked them that we should sit down and come up with a formular that will make every worker in Kaduna state happy, irrespective of his or her status and they came up with three different options.

“Today, I want to reaffirm to all of you here that by the grace of God, we will look at the incremental adjustment and ensure that even senior civil servants will benefit because we have to make our workers happy.’’

The governor added that his administration also prioritises improving the living conditions of pensioners.

He said the state government has released N3.8 billion to settle outstanding gratuities, death benefits, and accrued rights under the contributory pension scheme in April.

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“Since the inception of our administration, we have cumulatively paid the sum of N10.4 billion in gratuity, death benefits, and accrued rights in the Contributory Pension Scheme,” Sani said.

The governor said the payment of such a huge sum to pensioners is “unprecedented.”

Commenting on the ongoing industrial action by the Kaduna State University branch of the Academic Staff Union of Universities (ASUU), Sani said his administration has done everything to reposition the school.

According to him, more than 60 percent of the courses were not accredited when he assumed office, but his administration spent over N300 million to secure National Universities Commission (NUC) accreditation.

The governor said the striking lecturers’ demands had accumulated over 17 years, with about three of his predecessors unable to settle the liabilities, which now total between N5 billion and N6 billion.

“In spite of this, the lecturers want us to settle these liabilities now, and I said no. I said that we have to sit down and have a dialogue. I then asked them, where were their voices in the last 17 years?” he said.

He promised that the problem would be addressed owing to the importance of education, which he described as the “greatest leveller”.

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PETROAN Asks FG To Prioritise Welfare Of Oil, Gas Workers

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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has asked the government to prioritise the welfare of oil workers, given the hazardous nature of their work.

In a statement on Thursday, Billy Gillis-Harry, PETROAN’s president, hailed oil and gas workers across the country on Workers’ Day.

According to Joseph Obele, PETROAN’s spokesperson, Gillis-Harry, while addressing journalists in Abuja, appealed to the government and stakeholders in the industry to improve welfare packages and expand health insurance for oil workers.

“Studies have shown that workers in areas where gas flaring is prevalent are at high risk of several health challenges, which can affect them physically, mentally and even increase cancer risks,” Gillis-Harry was quoted as saying.

The association said gas flaring remains a serious problem in Nigeria’s energy industry, exposing workers and nearby communities to harmful health and environmental effects.

The group said the impact of gas flaring highlights the urgent need for better health protection and general welfare for those working in the sector.

According to the statement, Gillis-Harry urged regulatory bodies to strictly enforce existing laws aimed at stopping gas flaring in the country.

“It’s imperative that we prioritise the health and well-being of our workers and protect the environment from the harmful effects of gas flaring,” the president said.

The spokesperson said PETROAN believes ending gas flaring would reduce its harmful impact on workers and host communities and help build a more responsible oil and gas industry.

Obele said PETROAN commended governors who have started paying the new minimum wage, especially those paying above the set rate.

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“Billy Gillis-Harry called on governors who are yet to comply to do so in the shortest possible time, emphasising the need for workers to receive fair compensation for their labour,” he said.

He said the association also reaffirmed its commitment to collaborating with stakeholders to support oil and gas workers and ensure safe and healthy working environments.

Obele said PETROAN is of the view that better welfare and an end to gas flaring would boost productivity, reduce accidents, and raise performance across the industry.

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MTN Nigeria posts N1trn revenue surge

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MTN Nigeria Communications Plc generated N1.0 trillion in service revenue in the first quarter of 2025.

This marks a 40.5 per cent increase from the N752.99 billion earned in Q1 2024.

The company confirmed this in a corporate filing with the Nigerian Exchange Ltd. on Tuesday.

Profit after tax dropped by 134 per cent, falling to N133.7 billion from N392.7 billion in the same period of 2024.

Its total subscriber base grew by 8.2 per cent to 84.1 million, with 3.2 million new additions in Q1 2025.

Active data users rose by 13 per cent to 50.3 million, following the addition of 2.6 million users.

EBITDA climbed 65.9 per cent to N492.7 billion, while EBITDA margin improved by 7.2 percentage points to 46.6 per cent.

The company recorded free cash flow of N209.9 billion and earnings per share stood at N6.38.

MTN Nigeria CEO, Karl Toriola, expressed satisfaction with the Q1 2025 results, citing strong strategic execution and resilient service demand.

He said momentum from Q4 2024 had helped put the firm on track to restore profitability and achieve a positive net asset position.

He added that regulatory approval for price adjustments was essential to sustain investment and maintain service quality.

This approval enabled N202.4 billion in capital expenditure, up 159 per cent, aimed at expanding capacity and enhancing user experience.

Toriola said the 40.5 per cent growth in service revenue underscored strong demand and commercial discipline.

He noted that Q1 results do not yet reflect the full impact of price changes made late in the quarter. (NAN)

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