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All Commercial Banks in Nigeria ~ List & Functions

There are numerous types of bank with commercial as the most popular ones. Nigeria used to have more commercial banks but some of them had to merge or risk been shutdown according to a directive given in 2006 by the Central Bank of Nigeria (CBN).commercial banks in nigeria

This reduced the number of commercial banks operating in Nigeria to 21. Ten (10) of them have international authorization, another nine (9) were granted national authorization and the remaining 2 have regional authorization.

List of Commercial Banks in Nigeria.

This article will always be updated to reflect new inclusion when the need arises. In the mean time, below are the current ones.

They are listed in order of international (first 10), national and regional (last 2) authorization.

  • Access Bank Plc.
  • Diamond Bank Plc.
  • Fidelity Bank Plc.
  • First City Monument Bank Plc.
  • First Bank Nigeria Limited.
  • Guaranty Trust Bank Plc.
  • Skye Bank Plc.
  • Union Bank of Nigeria Plc.
  • United Bank of Africa.
  • Zenith Bank Plc.
  • CitiBank Nigeria Plc.
  • Ecobank Nigeria Plc.
  • Heritage Bank Limited.
  • Keystone Bank Limited.
  • Stanbic IBTC Bank Plc.
  • Standard Chartered Bank Limited.
  • Sterling Bank Plc.
  • Unity Bank Plc.
  • Wema Bank Plc.
  • Suntrust Bank Nigeria Limited.
  • Providus Bank Plc.

In case you were wondering which bank merged or were acquired, i have got you covered.

Also Read: Access Bank PayDay Loan.

Prudent Merchant Bank, EIB International Bank, Bond Bank, Reliance Bank and Co-operative Bank merged to become skye bank.

  • Intercontinental bank was acquired by Access bank.
  • Oceanic bank was acquired by Ecobank.
  • FinBank was acquired by FCMB.
  • Skye Bank Acquired Mainstreet Bank.
  • Sterling Bank acquired Equitorial Trust Bank.

Functions of Nigeria Commercial Banks.

Any bank designated commercial must be able to;

  • Accept deposits from communities, organizations, individual and government.
  • Grant loans to eligible individual, corporations and government.
  • Perform other basic financial transactions which include but not limited to money transfer (local and international), withdrawal, issue cheque and accept payment.

Head Office, Managing Directors & Year Established.

Here are even more details on some of the commercial banks that operates in Nigeria. They all have their main office in Lagos.

Access Bank: Established in December 1988, located at 999c, Danmole Street, Off Idejo Street, Off Adeola Odeku Street, Victoria Island and Mr. Herbert Wigwe as managing director.

Diamond Bank: Is located at Plot 1261, Adeola Hopewell Street, Victoria Island. Its year of establishment is December 1990 and Mr. Uzoma Dozie as managing director.

Fidelity Bank: Founded in 1988 with head office at 2, Kofo Abayomi Street, Victoria Island and Nnamdi Okonkwo as director.

FCMB: Established in 1982, located at Primose Towers, 17a, Tinubu Street with Adam Nuru as its managing director.

First Bank: Founded in 1894, located at Samuel Asabia House, 35 Marina with Dr. Adesola Adeduntan as managing director.

Gtbank: Established in Jan. 1990 with Segun Agbaje as its current managing director. There headquarter is at 635, Akin Adesola Street, Victoria Island.

Skye Bank: Five banks merged to form skye in 2006 and its current managing director is Mr. Tokunbo Abiru. Their head office is located at 3, Akin Adesola Street, Victoria Island.

Union Bank: Founded in 1917, located at Stallion Plaza, 36 Marina and Emeka Emuwa is their current director.

UBA: Was established in 1949 with head office at 57 Marina and Kennedy Uzoka as managing director.

Zenith Bank: Founded in 1990 and is located at Plot 84, Ajose Adeogun Street, Victoria Island with Mr. Peter Amangbo as the managing director.

Ecobank: Its headquarter is at 21, Ahmadu Bello Way, Victoria Island and current managing director as Ade Adeyemi.

Stanbic Ibtc Bank: Head office is at IBTC Place, Walter Carrington Crescent, Victoria Island and managing director is Yinka Sanni.

Wema Bank: Their headquarter is at Wema Towers, 54 Marina, Lagos Island with Segun Oloketuyi as director.

There you have it on commercial banks in Nigeria. Kindly share this article using the social sharing buttons below.

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Updated: August 29, 2018 — 8:07 pm

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