Which banks have merged in Nigeria? Once upon a time, Nigeria had 89 banks — but after the banking sector went through some major changes, major reforms and consolidations, that number dropped. To how many, you may ask.
In this article, we’ll look at:
- How many banks merged in Nigeria?
- How many banks survived after consolidation?
- Which banks merged or were acquired?
- Which bank acquired Omega Bank?
- And when the bank consolidation in Nigeria took place.
Difference Between a Merger and an Acquisition
Let me guide you in the difference between the two.
A merger happens when two or more banks (in this case) come together to form a larger one. When this happens, they adopt a new name, and sometimes they mix their old names. What usually happens is that the bigger bank decides what that name will be.
An acquisition, on the other hand, is more of a complete takeover, where one bank buys the other ones assets and liabilities.
I don’t know how Nigerians keep using the terms interchangeably when there’s a clear difference.
Soludo’s 2004–2005 Consolidation/Reform
Between July 6, 2004, and December 31, 2005, Nigeria experienced one of its biggest financial shakeups.
It was led by the then Governor of the Central Bank of Nigeria (CBN), Charles Chukwuma Soludo. He is the State governor now, in Anambra.
From ₦2 billion, Soludo raised the minimum capital base for banks to as high as ₦25 billion. Some bank CEOs will never forget this exercise, even though it was aimed at making Nigerian banks stronger.
The outcome?
Sixty-three banks had to close shop, pack their bags and go! That was how eighty-nine banks were shrunk to just twenty-six. This major change totally revamped Nigeria’s financial sector.
Sanusi’s Consolidation (2009–2011)
When Sanusi Lamido Sanusi became CBN Governor, he continued from where Soludo stopped.
As if what his predecessor had done was not bad enough for the bank Chiefs, Sanusi launched another cleanup exercise and targeted insolvent banks.
In order to curtail the chaos his consolidation was going to throw the nation into, Sanusi created the Asset Management Corporation of Nigeria (AMCON). Its main job was to handle toxic assets and rescue the banking system.
Under Sanusi’s reform:
- Spring Bank, Afribank, and Bank PHB had their licenses revoked.
- Their assets and liabilities were transferred to new “bridge banks.”
The bridge banks were:
- Mainstreet Bank (for Afribank)
- Enterprise Bank (for Spring Bank)
- Keystone Bank (for Bank PHB)
This second wave of consolidation was one too many. The financial system, however, later gained public confidence.
List of Merged Banks in Nigeria
Here’s the full list of Banks that merged in Nigeria
Banks Formed During the 2004–2005 Consolidation
| Bank Name | Merged Institutions |
|---|---|
| Access Bank Plc | Access Bank + Marina Bank + Capital Bank International (2005). Later merged with Intercontinental Bank (2013) and Diamond Bank (2019). |
| Afribank Plc | Afribank + Afrimerchant Bank. |
| Diamond Bank Plc | Diamond Bank + Lion Bank + African International Bank (AIB). Later merged with Access Bank (2019). |
| EcoBank | EcoBank + Oceanic Bank + International Trust Bank. |
| Equatorial Trust Bank (ETB) | Equatorial Trust Bank + Devcom Bank. |
| First City Monument Bank (FCMB) | FCMB + Co-operative Development Bank + NAMBL + Midas Bank. Later merged with FinBank (2012). |
| Fidelity Bank Plc | Fidelity Bank + FSB International Bank + Manny Bank. |
| First Bank of Nigeria Plc | FBN Plc + FBN Merchant Bank + MBC International Bank. |
| First Inland Bank Plc | Inland Bank + First Atlantic Bank + NUB International Bank + IMB International Bank. |
| Guaranty Trust Bank (GTBank) | Maintained its structure, no merger. |
| IBTC Chartered Bank Plc | Regent Bank + Chartered Bank + IBTC. Later merged with Stanbic Bank to form Stanbic IBTC Bank. |
| Intercontinental Bank Plc | Intercontinental Bank + Equity Bank + Gateway Bank + Global Bank. |
| Oceanic Bank Plc | Oceanic Bank + International Trust Bank. |
| Platinum-Habib Bank (Bank PHB) | Platinum Bank + Habib Bank. |
| Skye Bank Plc | Prudent Bank + Bond Bank + Co-operative Bank + Reliance Bank + EIB International Bank. |
| Spring Bank Plc | ACB International Bank + Citizens International Bank + Fountain Trust Bank + Omega Bank + Trans International Bank + Guardian Express Bank. |
| Stanbic IBTC Bank | Stanbic Bank + IBTC Chartered Bank (Investment Banking & Trust). |
| Standard Chartered Bank Ltd | Operated independently. |
| Sterling Bank Plc | Trust Bank of Africa + Magnum Trust Bank + NBM Bank + NAL Bank + Indo-Nigerian Bank. |
| United Bank for Africa (UBA) | UBA + Standard Trust Bank + Continental Trust Bank. |
| Union Bank Plc | Union Bank + Universal Trust Bank + Broad Bank + Union Merchant Bank. |
| Unity Bank Plc | Intercity Bank + First Interstate Bank + Tropical Commercial Bank + Pacific Bank + Centre Point Bank + Société Bancaire + NNB International Bank + Bank of the North + New Africa Bank. |
| Wema Bank Plc | Wema Bank + National Bank + Lead Bank. |
| Zenith Bank Plc | Retained its independence. |
Post-2005 Consolidation and Acquisitions
| Period / Bank | Event Summary |
|---|---|
| 2011–2012 (AMCON Intervention) | AMCON acquired non-performing loans and stabilized struggling banks. |
| 2011 | Bridge banks created: Keystone (for Bank PHB), Mainstreet (for Afribank), Enterprise (for Spring Bank). |
| 2012 – FCMB & FinBank | FCMB merged with FinBank to expand retail operations. |
| 2013 – Access & Intercontinental | Access Bank finalized its merger with Intercontinental Bank. |
| 2018 – Polaris Bank | Polaris Bank acquired Skye Bank after CBN revoked Skye’s license. |
| 2019 – Access & Diamond | Access Bank completed its merger with Diamond Bank, creating one of Nigeria’s largest banks. |
How Many Banks Were Left After Consolidation?
Before the 2004 reform, 89 banks operated in Nigeria. But after Soludo finished with his consolidation, only 26 banks were left. And by the time Sanusi was through with his AMCON cleanup, only 22–25 banks now exist.
FAQ: List of Banks That Have Merged in Nigeria
Which banks have merged in Nigeria?
Banks like Access Bank, UBA, FCMB, Sterling, and Unity Bank came from mergers.
What is the history of bank mergers in Nigeria?
Most major mergers happened in 2004–2005 under Charles Soludo, cutting the number of banks from 89 to 26.
Why do Nigerian banks merge?
They merge to meet CBN capital requirements, stay financially stable, and expand.
How did the 2005 recapitalization policy influence mergers?
It increased the capital base to ₦25 billion, pushing smaller banks to merge.
How have mergers affected banking services?
They improved stability, technology, and branch networks, though early transitions caused some hiccups.
Which banks dominate Nigeria’s banking industry today?
Access Bank, Zenith Bank, UBA, GTBank, First Bank, and Stanbic IBTC lead the sector.
What challenges come with mergers?
Job losses, IT system integration, and culture clashes between merging banks.
How do mergers affect customers and investors?
They build stronger banks long-term, but can cause short-term service or stock disruptions.
What future mergers are likely?
More microfinance and regional banks may merge to grow and compete in digital banking.
Article updated 3 weeks ago ago. Content is written and modified by multiple authors.
