Best Banks In Nigeria For The Wealthy

Here is a comprehensive list and review of the best banks in Nigeria for the wealthy.

It is of the utmost importance to take the necessary steps to ensure the stability of your financial situation, and one of the most sensible things you can do to accomplish this goal is to commit all of your banking requirements to best banks in Nigeria for the wealthy.

All of the financial institutions that are mentioned in this article have a significant market presence inside the country, and they are renowned for their unflinching reliability and extraordinary attention to ensuring that their clients are completely satisfied.

If you are looking to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me (advice@adamfayed.com) or WhatsApp (+44-7393-450-837).

We recommend that most wealthy locals and expats in Nigeria invest offshore despite this list, and we can help with that.

Access Bank

The financial organization known as Access Bank provides its clientele with access to a comprehensive selection of banking products and services.

It offers a wide range of goods and services, one of which is Access Bank, which is a licensed commercial bank that has been given approval by the Central Bank of Nigeria.

Access Bank has the reputation of being one of the best banks in Nigeria for the wealthy. Herbert Onyewumbu Wigwe CON is a well-known Nigerian banker and serial entrepreneur, and his name is associated with the bank ever since it was founded in 1989.

Access Bank began as a community-based financial institution but has since achieved remarkable growth in terms of both its wealth and its presence on a global scale.

When it comes to banks that have considerable client numbers, broad branch networks, and a comprehensive variety of financial services including loans, Access Bank is a prominent organization that merits respect.

The strategic merger that took place between Access Bank and Diamond Bank in 2019 is largely responsible for Access Bank’s meteoric ascension to the top of the banking market.

The bank was catapulted to new heights as a result of this important action, which ultimately led to it being the richest bank in the nation.

Both banks demonstrated impressive skills in the financial industry, which contributed to their status as fierce competitors.

Nevertheless, Access Bank was given a significant advantage as a result of the merger of the two banks, which positioned it as a dominating force in terms of competitiveness, expansion, and client base.

Access Bank provides its clients with a comprehensive selection of services, some of which include conventional investments, loan solutions, online services, premium cards, and foreign banking services.

The bank in question is well-known for having a widespread presence since it is active on both the national and international levels.

It has established itself not only in Nigeria but also in a number of other African nations thanks to its extraordinary presence of over 366 branches throughout the continent.

Access Bank in Nigeria is a significant participant in the banking business as a result of its enormous client base of more than 52.20 million people. The bank assures that its clients will get service that is both effective and dependable by maintaining a team of more than 7000 committed personnel.

One of the most well-known financial institutions in the world, Access Bank, has an amazing estimated asset worth of more than N13.19 trillion.

In addition, the value of the bank’s shareholder ownership represents a respectable percentage—at least 10%—of the institution’s overall asset value.

Zenith Bank

Access Bank has just overtaken Zenith Bank as the top financial organization in terms of wealth. This development followed the publication of the 2021 annual revenue report, which showed that Zenith Bank had lost its status as the leading financial institution.

In 1990, Mr. Jim Ovia, CFR established the financial institution in the form of a private limited liability business.

The bank was able to achieve substantial expansion throughout the course of its history as a result of the support and contributions made by its customers, employees, and shareholders. 

This expansion may be due to the bank’s dedication to providing outstanding client service, adherence to industry-standard best practices and standards, as well as a comprehensive selection of financial products and services.

A significant financial institution in Nigeria, Zenith Bank, distinguishes out among its competitors due to the singular approach it takes to the expansion of its capital. It is one of the best banks in Nigeria for the wealthy.

By pursuing an alternative course of action, namely an initial public offering (IPO), Zenith Bank was able to escape going out of business completely, in contrast to the majority of other banks in the nation, who were forced to consolidate their operations with those of other existing financial organizations.

Because of this move, the bank has been able to preserve its autonomy and carve out a solid position for itself within the Nigerian banking industry.

The expansive branch network of Zenith Bank, which includes more than 500 locations throughout Ghana, Nigeria, Sierra Leone, the Gambia, and the United Kingdom, is one of the bank’s greatest assets.

This particular financial organization has created a substantial presence in a number of different nations thanks to its staff of over 10,000 committed personnel.

In order to satisfy the needs of its enormous client base of more than 1.6 million different people, the bank provides a comprehensive selection of financial services and products.

These services include a wide range of domains, including international transactions, loans, retail banking, trade services, corporate banking, investments, and internet services, among others.

Because it places such an exceptional focus on technology, Zenith Bank stands out among its rivals in the banking business and distinguishes itself as a market leader.

It is noteworthy that this financial institution makes full use of technology improvements and has even been a pioneer in the creation of a mobile banking app, which is an accomplishment that no other bank had before accomplished.

The Nigerian Stock Exchange has honored Zenith Bank as one of the best financial organizations in terms of having highly liquid stocks. This recognition came as a result of Zenith Bank’s strong stock market performance.

The bank has won a number of major honors, including the title of Bank of the Year (Nigeria) three times: in 2005, 2013, and 2020. These awards serve to showcase the remarkable client experience that the bank provides as well as its great financial success.

With a sizeable shareholder ownership of over 3% and an astounding estimated asset of N10.12 trillion, Zenith Bank has firmly established itself as a significant participant in the banking market.

United Bank of Africa

The United Bank of Africa (UBA) is a monetary establishment that provides customers with a comprehensive selection of banking services.

It is well-known for having a significant presence in Africa and has earned a reputation for being able to provide banking solutions that are dependable and effective. 

The United Bank for Africa (UBA) has risen to an enviable position on the list of best banks in Nigeria for the wealthy.

The bank was established in 1948, and a well-known Nigerian businessman named Tony O. Elumelu serves as the current chairman of its board of directors.

It operates in more than 200 locations over the whole of Nigeria, in addition to branches in 20 other African countries, including Senegal, Gambia, Côte d’Ivoire, and France.

This company has a significant global footprint. In addition to this, it has extended its scope of operations to include nations such as the United States of America, the United Arab Emirates, and the United Kingdom.

This particular financial organization has up to 20,000 devoted personnel to service its approximately 27 million unique clients, making it one of the largest customer bases in the world.

They provide a vast array of financial services, such as investment banking, domestic and international transactions, treasury products, corporate banking, online and mobile banking, trade financing, debit cards, loans, savings and current accounts, and credit cards.

Customers have easy access to carry out their financial activities thanks to the availability of an outstanding network that includes more than 1,000 branches and 2,669 automated teller machines (ATMs).

The United Bank of Africa is well-known for the strategic alliances it has formed in a variety of industries, including oil and gas, agricultural, export, and infrastructure, among others.

This partnership has proved to be profitable for the bank, as seen by the fact that it has been seeing a continuous growth in income year after year.

The under-discussion bank brags an excellent market valuation of up to $1.5 billion, thus establishing itself as a significant participant in Nigeria’s financial industry.

In addition, the bank’s total asset worth is N8.99 trillion, which further demonstrates the considerable wealth the institution has and its importance within the sector.

First Bank of Nigeria

In addition to its status as the nation’s oldest financial organization, the First Bank of Nigeria has grown into one of the country’s most prosperous financial institutions throughout the course of its history.

The bank in question has an illustrious history spanning more than a century, and it can trace its origins all the way back to the influential and visionary British industrialist Sir Alfred Jones, who established the financial organization.

To counter this, it is important to point out that Adesola Kazeem Adeduntan, who now holds the position of chief executive officer (CEO), is successfully guiding the Nigerian subsidiary. This is an important fact to keep in mind.

Since its founding in 1947, the bank in Nigeria has developed a remarkable reputation for the provision of financial services to both public institutions and private persons. These customers include both business and individual customers.

It has undergone remarkable development over the years, which has resulted in an expansion of its reach and impact within the sector.

During the course of the previous year, the bank saw considerable growth in its profits, which ultimately reached an amazing 34%.

When we look to the future, there are reasons to be hopeful that there will be even more growth by the end of this year.

The expansion of First Bank of Nigeria may be seen in a number of different facets, such as its yearly income, client base, deposit base, number of branches, loan amounts, and product variety.

The large client base of First Bank of Nigeria—which includes more than 10 million people—is served through an extensive network that includes more than 700 branches and 2,600 automated teller machine locations spread out over the nation.

The financial institution in question is proud to operate a vast branch network in several nations throughout the world.

Some of these countries include the United States of America, the United Kingdom, China, Ghana, France, Sierra Leone, the Gambia, South Africa, the United Arab Emirates, and Guinea.

The First Bank of Nigeria is well-known for offering a diverse selection of services to meet the varied requirements of its customers.

Retail banking, banking for the public sector,  commercial banking, banking for multinational corporations, and corporate banking are all included in these services.

First Bank of Nigeria has firmly established itself as one of the most prosperous banks in Nigeria, boasting a considerable asset worth that is more than N9.53 trillion. This position was earned by the bank.

Guaranty Trust Group Holding Company Plc

According to the general consensus, Guaranty Trust Group Holding Company Plc (GTCo), which was previously known as GTBank, has garnered a reputation for being one of the best bank in Nigeria for the wealthy.

The aforementioned financial institution was founded in 1990 by Tajudeen Afolabi Adeola and Tayo Aderinokun, who are both well-known in the Nigerian business and investment community. However, the bank did not begin doing its business in an official capacity until the year 1991.

A well-known financial institution known as GTCo often launches cutting-edge goods and innovations in order to improve the ease and swiftness of financial dealings for its enormous client base, which includes more than 9 million different people

 The dedication of the bank to providing great customer service, the bank’s commitment to the digitalization of financial products, and the bank’s adherence to solid corporate ethics are among the primary motivating elements that lead the majority of individuals to choose GTCo as their preferred financial institution.

Because of this, the bank has seen a huge increase in the amount of income it has brought in.

It is to the credit of the bank in question that it has taken the initiative to broaden the scope of its transactional reach beyond the 264 branches it now operates in the Nigerian market.

It has been able to effectively create a presence in a number of other nations, including the United Kingdom, Kenya, Liberia, Ghana, Sierra Leone, Rwanda, Tanzania, Côte d’Ivoire, Uganda, and Gambia, amongst others.

This strategic decision enables the bank to serve a more diverse clientele and to extend its services to people and companies located in a number of different countries.

The Guaranty Trust Group Holding Company Plc is well-known for its plain financial arrangements, precise administrative structure, and corporate attitude that has received a number of honors throughout the years.

Guaranty Trust Bank (GTB) was renamed Guaranty Trust Group Holding Company Plc (GTCo Plc) after it successfully completed a series of restructuring processes in the year 2021. These procedures culminated in the bank’s rebranding.

This tactical decision was made with the intention of stimulating future growth and improving the company’s ability to provide great services to its respected clients. It is hypothesized that the under scrutiny bank has a total asset worth of 5.69 quadrillion Nigerian naira.

Stanbic IBTC Bank

Stanbic IBTC Bank, one of the best banks in Nigeria for the wealthy, is a financial organization that provides its clients with access to a comprehensive selection of banking services.

Stanbic IBTC Bank, although having its parent business situated in South Africa, has managed to position itself as one of the top banks in Nigeria in terms of wealth.

This is due to the fact that the bank has a significant presence in Nigeria. In 1989, Atedo Peterside CON established the bank that bears his name.

The particular bank in issue has expanded as a result of its capacity to provide cutting-edge solutions for the accomplishment of various financial goals, as well as its dedication to delivering great client care.

Following the purchase of Chartered Bank Plc and Regent Bank Plc by the bank’s founder in 2005, as well as the bank’s subsequent merger with Stanbic Bank Nigeria Limited in 2007, the bank’s client base and financial stability both underwent major expansions, respectively.

Stanbic IBTC Bank provides a diverse selection of services to meet the requirements of individual customers as well as the requirements of organizations, enterprises, and corporations.

Their services include retail banking, investments, private banking, stock brokerage, pension management, trustee banking, insurance, asset management, corporate banking, and internet banking.

In addition, they provide a variety of investment options and private banking services. Stanbic IBTC Bank guarantees that consumers have access to a wide variety of financial solutions to satisfy their individual needs by maintaining such a comprehensive product offering (portfolio).

With an excellent network that includes 166 branches and 732 automated teller machines (ATMs), Stanbic IBTC Bank provides its 2.4 million clients located across Nigeria with easy access to the bank’s services.

As a result of the remarkable asset worth of N3.15 trillion that it has, Stanbic IBTC Bank has firmly established itself as one of the richest banks in Nigeria.

Fidelity Bank

There is no way to compile a list of the best banks in Nigeria for the wealthy without include Fidelity Bank, which is a popular option among business owners of small and medium-sized enterprises.

When it was first created in 1988, Fidelity Bank functioned as a merchant bank. In 2001, however, the institution transformed itself into a universal bank.

The bank has expanded its reach to encompass over 240 branches and an excellent network of 774 ATMs thanks to the leadership of Mustafa Chike-Obi, who has been responsible for the substantial expansion that has occurred at the institution.

The diversified clients of the bank are prioritized when it comes to the bank’s efforts to satisfy their financial requirements. The bank has more than 4 million customers.

Because of the strategic mergers that took place in 2005 with other noteworthy banks such as FSB International Bank Plc and Manny Bank Plc, the in question bank saw a significant improvement in its financial condition as a direct consequence of the mergers.

In addition to this, the bank has established fruitful agreements with highly regarded financial institutions located in a variety of countries, which has further strengthened its position in the sector.

In addition to mortgages, investments, credit cards, loans, and savings accounts, the Fidelity Bank offers a comprehensive selection of financial goods and services to its customers.

The respected title of Best in Mobile Banking was bestowed upon Fidelity Bank, one of the many important honors that the bank has received in recent years.

In addition to this, they have been recognized as having the Most Improved status within the Corporate/Investment Banking industry.

The robustness of Fidelity Bank’s financial position is shown by the fact that the bank has an estimated total asset value of N3.69 trillion and shareholder equity that is more than $600 million.

Union Bank

The financial organization known as Union Bank provides customers with a comprehensive selection of banking products and services.

Union Bank is the second oldest bank in Nigeria and was established in 1918 by a group of London bankers and British merchants.

It is well-known for its dedication to putting the needs of its customers first and has earned a reputation for being customer-focused. In spite of the fact that it has a long and illustrious history, it has managed to maintain a prominent place among the top 10 richest banks in Nigeria.

The financial institution, which had previously been known as the Colonial Bank, was purchased in 1925 and afterwards renamed the Barclays Bank DCO (Dominion, Colonial and Overseas) after the acquisition completed a considerable change. After it was founded, the bank went through a major transition when it was formally established in Nigeria.

This occurred not long after it opened for business. It changed its name to Union Bank of Nigeria Plc after undergoing a reorganization as part of this process, which led to the adoption of the new name.

As a result of Union Bank’s successful purchase of numerous other banks, notably Universal Trust Bank Plc, Broad Bank Ltd., and Union Merchant Bank Ltd., the company was able to significantly increase its financial capacity and strength.

The financial institution in issue provides a comprehensive variety of services that are held in very high esteem.

Cash management, loans and working capital, foreign currency, deposits and collections, mortgages, savings, and liquidity management are all included in these services.

This particular financial institution is able to meet the requirements of its sizable clientele by using its large network, which includes more than 934 automated teller machines and 284 service centers located in different parts of Nigeria.

Customers have easy access to these facilities, making it possible for them to do a broad variety of financial operations.

It is common knowledge that Union Bank has a stellar reputation and holds a prominent position within the banking sector as one of the best banks in Nigeria for the wealthy.

This acclaimed financial organization has received a great deal of praise, and as a result, it was given the distinguished status of being the 14th biggest bank in Africa.

The asset value is estimated to be over N2.54 trillion, and the shareholder equity is more than 286 billion dollars.

First City Monument Bank

The First City Monument Bank (FCMB) is one of the best banks in Nigeria for the wealthy that is well-known for its dedication to the complete fulfillment of its clients’ financial needs and has built a stellar reputation in this regard.

The First City Monument Bank, often known as FCMB, has amassed a sizeable client base of more than 7.1 million people, which has contributed significantly to the bank’s growing popularity.

This remarkable statistic is evidence that the bank is able to cultivate cordial connections with its clients, which has led to a steadily expanding customer base for the institution.

Over the course of its history, First City Monument Bank, which was once known as First City Merchant Bank and was established in 1982 by Oloye Michael Olasubomi Balogun, has seen extraordinary expansion.

It is now ranked among the top 10 richest banks in Nigeria, where it has a prominent position. The bank provides a broad variety of services, such as the payment of utility bills, the opening of savings accounts, the administration of pensions and other retirement benefits, brokerage services, asset management, microfinance services, and internet banking.

First City Monument Bank has become a significant participant in the banking industry in Nigeria because to the breadth and depth of the products and services it provides.

The following year, after having been initially founded with start-up funding from City Securities Limited (CSL), First City Monument Bank was successful in its application for a banking license. 

The bank has been able to achieve exceptional success on its own, despite the fact that it does not get help from the government or investors from other countries.

In 2021, FCMB took a significant step by purchasing a portion of AIICO Pension Managers Limited. This action garnered a lot of attention.

This tactical choice had a significant influence on FCMB’s financial capabilities, which, as a result, contributed to the company’s increased overall strength.

Customers are able to make use of a wide variety of financial services at any time that is convenient for them thanks to the bank’s extensive network of branches, which includes over 206 sites in Nigeria alone as well as many other nations.

The bank brags about having an outstanding total asset worth of N2 trillion, which demonstrates the significant financial strength and stability it has.

Ecobank

Ecobank has been honored by being placed on the prestigious list of the best banks in Nigeria for the wealthy.

Ecobank, a globally recognized banking institution, first opened its doors in Togo in 1985. At the helm at that time was a very successful Togolese businessman named Gervais Djondo, who was known for his innovative leadership.

After those three years, in 1988, Ecobank extended its operations to Nigeria, which further cemented the institution’s position in the banking landscape of Africa.

Since it first opened its doors in Nigeria, the bank has made it a priority to provide customers, both private and commercial, with the highest possible level of service.

The bank had a noteworthy degree of financial soundness, which was further strengthened by the strategic mergers that it conducted in 2011 with Oceanic Bank and in 2014 with Banco ProCredit Mozambique.

These mergers not only increased the bank’s total capacity but also greatly increased its yearly income and client base, both of which were benefits of the expansion of the bank’s customer base.

Ecobank has firmly established itself as a leading financial institution in Nigeria, where it serves customers with a comprehensive portfolio of financial goods and services.

These may come in the form of savings accounts, investment chances, lending facilities, foreign exchange services, accessible mobile banking solutions, smooth payment alternatives, quick cash transfers, dependable card services, and even prospects for microfinancing.

Ecobank is a financial institution that provides its services via the operation of three separate business divisions, namely Domestic Bank, Ecobank Capital, and Corporate Bank.

Each of the divisions has a reputation for providing a diverse range of one-of-a-kind services to a variety of clients, including individuals, small and medium-sized businesses (SMEs), government agencies, and multinational organizations, amongst others, including financial institutions.

Ecobank demonstrates its dedication to servicing clients in a variety of areas by maintaining a comprehensive branch network that includes more than 100 locations throughout Nigeria.

In addition, the bank has extended its operations outside of Nigeria, establishing a presence in a number of other nations in addition to France, the United Arab Emirates, London, and China. Ecobank is able to serve a varied clientele because of its worldwide base, which also enables the bank to provide its services on an international basis.

The bank is able to demonstrate its great financial strength and stability by boasting an exceptional estimated asset worth of N2.3 trillion.

Final Thoughts

Nigeria boasts a robust banking sector comprising more than 22 esteemed financial institutions. These banks play a pivotal role in bolstering the nation’s economy by diligently fulfilling their tax obligations and generating substantial revenues.

These esteemed financial institutions have demonstrated remarkable success and unwavering dependability across a wide range of financial services.

Therefore, you may confidently contemplate selecting any of these esteemed banks to facilitate your transactions.

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Adam is an internationally recognised author on financial matters, with over 760.2 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.