There are over twenty commercial banks in Nigeria with lots of good attributes, but this article is based on the top 5 commercial banks in Nigeria 2018 by tier-1 capital.
Tier-1 capital is simply the core measure of a bank’s financial strength from a regulators point of view. It consists of the types of financial capital that are considered most reliable, primarily equity. An example of tier-1 capital is common stock and retained earnings. The tier-1 capital is the most reliable form of capital.
The following banks rank as Top 5 Commercial Banks In Nigerian 2018 By Tier-1 Capital
Zenith Bank Plc
According to the tier-1 capital ranking, Zenith Bank ranks number 1 in Nigeria, 10th in African, and the 402nd in the world. It deserves to lead the list of the top 5 commercial banks in Nigeria 2018 by tier-1 capital. Founded in 1990 by Jim Ovia, is now worth more than $15.7 billion. It has branches in South Africa, the United Kingdom, and West African countries.
2. Guaranty Trust Bank Plc ( GTBank)
With the total assets worth of over $11.77 trillion, GTBank is the second on the list of the top 5 commercial banks in Nigeria 2018 by tier-1 capital, 14th in Africa, and the number 506th in the world. The bank has raised $750,000,000 from an initial public offering from the London stock exchange and Deutsche Borse.
3. FirstBank Nigeria Limited
Ranked 3rd in Nigeria, 16th in Africa, and 592nd in the world were established in 1894. It is fast becoming a multinational bank with a presence in some European countries like the UK, France, etc. they have total assets of above $21 billion. Truly merits its presence on the list of the top 5 commercial banks in Nigeria 2018 by tier-1 capital.
4. Access Bank Plc
It is the fourth on the list, 18th in Africa and the 630th bank in the world by tier-1 capital. It started operations in Nigeria in the year 1989. They recently acquired the intercontinental bank, another major commercial bank in Nigeria that commands a large customer base.
5. United Bank for Africa Plc
The last but not the least on the top 5 commercial banks in Nigeria 2018 by tier-1 capital is UBA. They are ranked 25th in Africa and the 856th in the world. Has branches in the USA, UK, and France. They merged with the former Standard Trust Bank, and they currently boast of an asset that is worth more than $12 billion.