Nigeria’s 10 largest companies by assets in 2022

Access Bank, Zenith, Ecobank Transnational Incorporated and FBN Holdings have secured their position as the largest banks in Nigeria based on the value of their total assets as of September 2022, data compiled by BusinessDay shows.

After surveying the 30 biggest listed companies on the NGX, data shows Access Holdings, Zenith Bank, Ecobank Transnational, FBN Holdings, UBA, GTCO, Fidelity Bank, Stanbic IBTC, FCMB Group, and Union Bank led as the largest companies by assets.

The companies recorded combined total assets worth N trillion in the period which ended in September 2022, a 16 percent increase from N63.14 trillion in the corresponding period of 2021.

Access Holdings

Access Holdings led in first place with total assets worth N13.45 trillion in September 2022, a 29.7 percent increase from N10.36 trillion in September 2021.

The bank’s total assets stood at N13.45 trillion in September 2022, a 14.6 percent increase from N11.73 trillion in December 2021.

Access Bank’s total liabilities grew to N12.41 trillion in September 2022, a 16.2 percent increase from N10.68 trillion in December 2021.

Zenith Bank

Zenith Bank ranked in second place with total assets of N11.34 trillion in September 2022, up 29.6 percent from N8.75 trillion in September 2021.

The bank’s total assets grew 20 percent to N11.34 trillion in September 2022 from N9.44 trillion in December 2021.

Zenith Bank’s total liabilities jumped 22.7 percent to N10.03 trillion in September 2022 from N8.17 trillion in December 2021.

Ecobank Transnational

Ecobank Transnational ranked next in third place with its total asset at N11.22 trillion in September 2022, a 2.84 percent increase from N10.91 trillion in September 2021.

However, the bank’s total assets dropped 4 percent to N11.22 trillion in September 2022 from N11.69 trillion in December 2021.

Ecobank Transnational’s total liabilities dropped 3 percent to N10.46 trillion from N10.77 trillion in December 2021.

FBN Holdings

FBN Holdings topped the list in fourth place with N9.85 trillion worth of total assets in the period which ended September 2022, up 15.7 percent from N8.51 trillion in the same period of 2021.

The bank’s total assets stood at N9.85 trillion in September 2022, a 10.3 percent increase from N8.93 trillion in December 2021.

Total liabilities grew 11.3 percent to N8.96 trillion in September 2022 from N8.05 trillion in December 2021.

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United Bank for Africa (UBA)

UBA’s total assets stood at N9.32 trillion in September 2022, up 15.7 percent from N8.35 trillion in September 2021.

The bank’s total assets rose to N9.32 trillion in September 2022, a 9.1 percent increase from N8.54 trillion in December 2021.

Total liabilities jumped 10.1 percent to N8.51 trillion in September 2022 from N7.73 trillion in December 2021.

Guaranty Trust Holding Company (GTCO)

GTCO’s total assets grew by 13 percent to N5.81 trillion in September 2022 from N5.14 trillion in September 2021.

The bank’s total assets increased to N5.81 trillion in September 2022, a 7 percent increase from N5.43 trillion in December 2021.

Similarly, UBA’s total liabilities increased to N4.93 trillion in September 2022, 8.3 percent from N4.55 trillion in December 2021.

Fidelity Bank

Fidelity Bank’s total assets stood at N3.80 trillion in September 2022, a 19.5 percent increase from N3.18 trillion in September 2021.

The bank’s total assets surged to N3.80 trillion in September 2022, a 15.5 percent increase from N3.29 trillion in December 2021.

Fidelity bank’s total liabilities increased to N3.48 trillion in September 2022, a 16 percent increase from N3 trillion in December 2021.

Stanbic IBTC Holdings

Stanbic IBTC Holdings recorded N2.95 trillion worth of total assets in September 2022, this indicates a 7 percent increase from N2.75 trillion in September 2021.

The Holding company saw its total asset climb 0.3 percent to N2.75 trillion in September 2022, which is coming from N2.74 trillion in December 2021.

Stanbic IBTC Holdings’ liabilities surged 9 percent to N2.57 trillion in September 2022 from N2.36 trillion in December 2021.

FCMB

FCMB recorded total assets worth N2.93 trillion in September 2022, a 21 percent increase from N2.41 trillion in September 2021.

The bank’s total assets stood at N2.93 trillion in September 2022, up 17.6 percent from N2.49 trillion in December 2021.

Total liabilities grew to N2.67 trillion in September 2022, an 8.6 percent increase from N2.25 trillion in December 2021.

Union Bank

Union Bank’s total assets stood at N2.66 trillion in September 2022, up 4 percent from N2.56 trillion in September 2021.

The bank recorded a 2.3 percent growth in total assets to N2.66 trillion in September 2022, which is coming from N2.6 trillion recorded in December 2021.

Union Bank’s liabilities grew 3 percent to N2.4 trillion in September 2022 from N2.33 trillion in December 2021.