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The Big 5: Nigeria’s Most Powerful Banks and Their Success Secrets

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From Local to Global: How Nigeria’s Top Banks Are Expanding Worldwide

By Femi Oyewale

Nigeria’s banking sector remains a critical pillar of the country’s economy, with several financial institutions leading the charge in innovation, expansion, and customer service. As of  2024 records, five banks stand out as the largest in terms of assets, market influence, and strategic operations. This report delves into the reasons behind their dominance and what sets them apart.
Access Bank Plc – The Industry Giant
With total assets valued at approximately ₦36.57 trillion, Access Bank is Nigeria’s largest financial institution. The bank’s aggressive expansion strategy, both domestically and internationally, has played a crucial role in its growth. Access Bank operates in over 20 countries, enhancing its global reach.
Key Success Factors:
Strategic mergers and acquisitions (e.g., the merger with Diamond Bank in 2019).
A strong digital banking infrastructure.
Expansion into multiple markets across Africa and beyond.
The Big 5: Nigeria’s Most Powerful Banks and Their Success Secrets
United Bank for Africa (UBA) – The Pan-African Leader
UBA maintains a strong position with assets worth about ₦31.8 trillion. Known for its widespread presence across Africa, UBA has established itself as a pan-African banking powerhouse. The bank also has operations in the United States, the UK, and France.
Key Success Factors:
A strong international footprint with operations in 20 African countries.
A diversified range of banking products tailored for SMEs, corporate clients, and retail customers.
Heavy investment in fintech and digital banking solutions.
Zenith Bank Plc – The Financial Powerhouse
Zenith Bank Enhances E-Channel Services for Customers
Zenith Bank ranks top among the financial gladiators with assets in the range of ₦30.4 trillion. It is widely recognized for its financial stability and customer-centric approach. Over the years, Zenith Bank has built a solid reputation for efficiency and trustworthiness.
Key Success Factors:
Strong corporate governance and risk management strategies.
A focus on technology-driven banking solutions.
A large and loyal customer base in both retail and corporate banking.
First Bank of Nigeria – The Industry Pioneer

FirstBank has announced that its FirstEdu product designed to put schools at an advantage in the financing of capital projects such as the acquisition of new property, school expansion and reconstruction has been remodeled to a period of up to a maximum tenor of 48 months.

With over 130 years of banking history, First Bank remains one of Nigeria’s most influential financial institutions. Its total assets stand at about ₦29.58 trillion, making it one or the largest banks in the country.
Key Success Factors:
A vast branch network, serving millions of Nigerians.
Deep-rooted trust and reliability among customers.
A focus on digital transformation while maintaining strong traditional banking services.
Guaranty Trust Bank (GTBank) – The Digital Innovation Leader
GTCO’s Guaranty Trust Bank Named Best Bank for Corporate Social Responsibility in Nigeria by Euromoney
GTBank, with total assets of around ₦15.5 trillion, ranks as Nigeria’s beloved financial institution. The bank is widely praised for its customer service, innovative digital banking platforms, and strong financial performance.
Key Success Factors:
A leading digital banking platform with user-friendly services.
Strong brand loyalty and recognition.
Consistent financial growth and expansion into new markets.
Why These Banks Lead the Industry?
Several factors contribute to the continued dominance of these five banks in Nigeria’s financial sector:
Strategic Expansion: Access Bank and UBA, for instance, have expanded aggressively across Africa and beyond, increasing their asset base.
Innovative Banking Solutions: The adoption of fintech, mobile banking apps, and AI-driven customer service platforms has attracted millions of customers.
Strong Corporate Governance: These banks adhere to strict financial regulations, ensuring transparency and stability.
Diverse Financial Offerings: From personal banking to corporate and investment services, these banks provide tailored financial solutions that cater to a wide range of customers.
Nigeria’s banking landscape continues to evolve, with these five institutions setting the pace in asset growth, digital innovation, and customer engagement. As they expand their reach and refine their services, they are expected to play an even more significant role in driving Nigeria’s economic progress.

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GTCO vs. Very Dark Man: Why Nigerians Must Stop the Judgment of Emotions

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*GTCO vs. Very Dark Man: Why Nigerians Must Stop the Judgment of Emotions*

By Osho Oluwatosin

The internet has literally been on ‘fire’ since Friday following the arrest of self-acclaimed Nigerian activist, Martins Vincent, also known as Very Dark Man. He was reportedly picked up by the Economic and Financial Crimes Commission (EFCC) for reasons yet unknown.

While it’s not the first time VeryDarkMan or any prominent Nigerian would be arrested by the EFCC — a government agency not under the authority of any private organization — it seems some Nigerians are passionately trying to push a narrative that his arrest was orchestrated by one of Nigeria’s biggest financial institutions, Guaranty Trust Holding Company (GTCO).

Although this narrative isn’t far-fetched — VDM had criticized the bank due to ‘mysterious’ deductions from his mother’s bank account for unjustifiable reasons. He approached the bank’s branch in Abuja to make an official complaint and, afterwards, he was picked up by the EFCC. But what many Nigerians have failed to realize is GTCO may not even be involved in his arrest.

VeryDarkMan was seen in the bank, quite alright, but in a CCTV released by the bank, he was seen moving out of the bank when he finished. He even had a celebrity moment with some of his followers who took pictures with him before he was arrested. So I’m wondering, what has GTB got to do with his arrest? That someone got knocked down by a vehicle after leaving church, does it mean the church orchestrated the accident? That someone got attacked after leaving a lecture room, does it mean the lecturer orchestrated it? That someone even got attacked in a courtroom, does it mean the judge orchestrated it? Absolutely not.

Although it would have been better if the EFCC had come out to clear the air regarding the reason for VDM’s arrest, because in the absence of information, rumours are bound to thrive. In fact, the commission should have actually released a statement regarding these rumours, not to vindicate GTB, but to keep Nigerians informed.

Let’s even think about it logically: what can warrant GTCO to order VDM’s arrest by the EFCC? Did he defraud GTCO? Did he steal from a GTB customer? Did he launder money through a GTB account? These are questions that should be asked before passing judgments. But Nigerians are always emotional when it comes to issues like this, and that’s why people who are culpable in serious crimes get away with anything as long as they get involved in charity or activism.

GTCO has been a very friendly organization, and in 2024 alone, the bank paid a record dividend of N8 per share. The bank is happy, shareholders are happy, customers are happy — who is Very Dark Man?

Osho Oluwatosin is a Nigerian journalist and writes from Lagos.

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Can We Have More Bankers Like Victoria Mulero? An epitome of ‘omoluabi’

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Can We Have More Bankers Like Victoria Mulero? An epitome of ‘omoluabi’

In February of this year, I needed to open a new bank account for salary purposes, as required by the management of the new company I had just joined.

I considered First Bank, Access Bank, and Sterling Bank. After some thought, I chose Sterling Bank—not because I found them superior—but because I believed they had fewer customers, which I hoped would save me from long queues and unnecessary delays.

I visited the Sterling Bank branch at Akowonjo to open the account. Unfortunately, the staff member who attended to me didn’t inspire confidence. She appeared distracted—smiling at her phone, clearly engrossed in a private chat—far from the level of professionalism one would expect in a bank setting. I had a feeling this would lead to problems down the line.

 

When my first salary was paid into the account, my suspicion was confirmed. Sterling Bank restricted access to my funds—I couldn’t transfer money or make withdrawals at the counter. I visited their Fatai Atere branch at Ladipo, Mushin to complain, where I was informed that the account opened for me was a “Kaikai” account—a type I had never heard of. Apparently, this account type is meant for individuals who lack the required documents during account creation. But I had submitted all necessary documents, so why was such an account opened for me?

Can We Have More Bankers Like Victoria Mulero? An epitome of 'omoluabi'

At the Fatai Atere branch, I was attended to by a remarkable banker named Victoria Mulero. She requested my NIN, which I didn’t have on me at the time. Rather than send me back home, she asked if I had a digital copy. I did, and she graciously gave me her email address so I could forward it to her. With that, she resolved the issue promptly and professionally.

However, the following month, in March, the same restriction happened again. I returned to the Fatai Atere branch, and once again, Victoria Mulero handled my complaint with efficiency and kindness, resolving it without delay.

I hoped the matter was finally settled, but when my April salary arrived, the restriction was imposed yet again. This time, I was beyond frustrated and ready to replace Sterling Bank as my salary account. Still, I visited the Fatai Atere branch one last time. Once more, Victoria Mulero resolved the issue with grace and determination.

This write-up is a tribute to Victoria Mulero of Sterling Bank, Fatai Atere branch. She is a rare gem—respectful, diligent, and genuinely customer-focused. She went above and beyond, following up with the Akowonjo branch through calls and emails until the matter was fully resolved. She handled every situation with patience and empathy, treating the job as if the bank belonged to her family.

To be honest, I’ve had unpleasant experiences with many bankers, especially female staff. Too often, they carry personal frustrations into the banking hall and take it out on customers. But Victoria is different. She exemplifies what true customer service should be.

We may not all be the same, but treating people with respect and kindness is a skill that can be learned—and Victoria clearly has. Let’s celebrate her for being a model professional and a beacon of hope in an industry that too often lacks empathy.

Without any fear of contradiction, I say boldly that Victoria Mulero is a good ambassador of Sterling Bank and her parents too deserve encomium for raising a well trained daughter and impacting an attitude of ‘ omoluabi’ in her. We need more of Victoria Mulero in our banking industry.

Seun Jacob Ogunbiyi
Known as Olùkọ́, the therapeutic writer and Lagos based journalist

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Air Peace Airlines’ failure to adhere to scheduled departure times results in prolonged delays …causing undue hardship for Nigerians on board

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Air Peace Airlines' failure to adhere to scheduled departure times results in prolonged delays ...causing undue hardship for Nigerians on board ~Oluwaseun Fabiyi

Air Peace Airlines’ failure to adhere to scheduled departure times results in prolonged delays
…causing undue hardship for Nigerians on board

~Oluwaseun Fabiyi

Traveling is undoubtedly the most effective form of education, enabling individuals to observe human quirks from diverse perspectives

On Saturday, 3rd May 2025, an Air Peace Airlines flight from Akure Airport was delayed, causing undue inconvenience to a Nigerian traveller and a prominent Nigerian man of God, an unfortunate incident that befell the nation’s citizens

Does Nigerian law consider it a criminal offense for travelers to book flights with Air Peace, a leading Nigerian airline, instead of other airlines that fail to depart on schedule, such as remaining at 10am instead of departing at 10am? Certainly, some Nigerian citizens may opt to travel with airlines like Arik, Aero, Dana, rather than Air Peace.

Air Peace Airlines' failure to adhere to scheduled departure times results in prolonged delays
...causing undue hardship for Nigerians on board
~Oluwaseun Fabiyi

It is evident that many Nigerians actually believe Air Peace airline came to rescue Nigerians from the subpar fly-and-die experience of other airlines, such as Dana, which is why many have fallen in love with Air Peace Airlines’ domestic operations

 

Air Peace Airlines’ decision to reschedule a 12:00 flight from Akure in Ondo State to 3:00 on Saturday, 3rd May 2025, has been met with disappointment from some affected Nigerian passengers, who deem this change unreasonable and unjustified.

Nigeria is hindered by self-imposed challenges that impede our collective advancement. I remain optimistic that future leadership will emerge, focusing on nuanced details that cumulatively enhance the lives of citizens, including access to housing, affordable food, petrol, quality healthcare, and a decent standard of living. The fact that we produce rice, only to have its price inflated by some, thereby rendering it unaffordable, is a pressing concern

It is baffling to me why some people or airlines deliberately provide poor services, causing undue hardship for their passengers, without taking the courtesy to apologize

How can passengers ensure they arrive at Akure Airport by 10 a.m. to catch a 12 p.m. flight from Akure to Lagos and complete check-in as usual

Only for them to fall victim to an extremely harrowing experience. The first indication was the outrage of a passenger at the Nigeria Air Peace counters. He yelled at the ticketing officials that his time had been wasted by three hours and demanded to be refunded his money, as his business was equally affected.

The scene was remarkably congested, and indeed there was an exceedingly large number of passengers traveling to Lagos on this particular Air Peace flight.Which none of them can comprehend what could cause a delay from 12 O’clock to 3:15 pm, without considering individuals with an assignment or occasion in Lagos, is so crazy and devastating.

*How Passengers suffer through endless delays waiting for Air Peace aircraft.*

Accordingly, they embarked on an extended wait after Air Peace notified them that the flight had been postponed by an hour. Ultimately, the delay proved to be three hours, with the flight arriving at 3:30 pm, followed by the commencement of boarding procedures

On a final note the Nigerian aviation industry, including airlines, can certainly improve their treatment of fellow Nigerians

Onboard passengers display concern and raise eyebrows.

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