Nigeria boasts one of the most stable and buoyant banking sectors in Africa. Nigerian banks have proven their resilience to withstand financial storms. Many have maintained a considerable presence over an extended period, with extensive histories leading to rebranding, mergers, and acquisitions. This article highlights Nigeria's top 10 oldest banks, tracing their foundation and transitions.
1. First Bank of Nigeria
In 1894, Sir Alfred Jones, a prominent shipping magnate from Liverpool, England, established First Bank. Initially headquartered in Liverpool, the institution began operations in Lagos, Nigeria, under the name Bank of British West Africa (BBWA). In 1957, it was renamed Bank of West Africa (BWA). A pivotal juncture occurred in 1966 when the bank merged with Standard Bank, UK, becoming Standard Bank of West Africa Limited. In 1969, it was locally incorporated as Standard Bank of Nigeria Limited. Notable name changes occurred in 1979 and 1991, resulting in First Bank of Nigeria Limited and First Bank of Nigeria Plc, respectively. In 2012, it rebranded as FirstBank of Nigeria Limited as part of a restructuring that created FBN Holdings Plc.
2. Union Bank
Union Bank of Nigeria is the second-oldest bank in the nation. In 1925, it became Barclays Bank DCO (Dominion, Colonial and Overseas) after acquisition by Barclays Bank. After Nigeria's independence and the Companies Act of 1968, it was incorporated as Barclays Bank of Nigeria Limited. Under the Companies and Allied Matters Act of 1990, it adopted the name Union Bank of Nigeria Plc. In line with the Central Bank of Nigeria's (CBN) consolidation strategy, Union Bank acquired the former Universal Trust Bank Plc and Broad Bank Ltd, and integrated its subsidiary, Union Merchant Bank Ltd.
3. Wema Bank
Established in 1945, Wema Bank Plc has a storied history of growth. Founded initially as Agbonmagbe Bank Limited in 1945, coinciding with the end of World War II, it transformed into Wema Bank Plc, marking a new chapter in its journey toward eminence.
4. United Bank for Africa (UBA)
With over seven decades of continuous banking operations, UBA traces its origins to 1949 when the British and French Bank Limited (BFB) began activities in Nigeria. As a foremost sub-Saharan African financial institution, UBA connects individuals and enterprises across the continent through retail and corporate banking, cross-border payments, trade finance, and investment banking. A significant milestone occurred in 2005 when it merged with Standard Trust Bank (STB), transforming UBA into a global brand.
5. Sterling Bank
In 1960, Sterling Bank began operations as NAL Bank. In January 2006, NAL Bank merged with four other banks: Magnum Trust Bank, NBM, Trust Bank of Africa, and Indo-Nigeria Merchant Bank (INMB). This amalgamation formed Sterling Bank. In 2012, the bank absorbed the complete business of Equatorial Trust Bank (ETB) and, in 2023, transformed into a holding company.
6. Heritage Bank
Heritage Bank traces its origins to the late 1970s with the establishment of Societe Generale Bank (Nigeria) (SGBN) by the late Dr. Olusola Saraki. After securing a banking license, the new owners rebranded it as Heritage Banking Company Limited, commencing operations on March 4, 2013. In 2015, Heritage Bank fulfilled Asset Management Corporation of Nigeria (AMCON) and CBN requirements to fully own Enterprise Bank Ltd.
7. First City Monument Bank (FCMB)
City Securities Limited (CSL), the foundational entity of FCMB, was established in 1977 by Oloye Subomi Balogun. In 1982, CSL provided initial capital for First City Merchant Bank, which obtained a banking license on August 11, 1983. In 2001, the bank transitioned to a universal banking institution, changing its name from First City Merchant Bank to First City Monument Bank Limited.
8. Ecobank Nigeria
Ecobank Nigeria began operations in 1989 as a universal banking entity offering wholesale, retail, corporate, investment, and transaction banking services. In the fourth quarter of 2011, Ecobank Nigeria, under parent company Ecobank Transnational Inc. (ETI), achieved full ownership of Oceanic Bank, establishing the expanded Ecobank Nigeria Limited.
9. Fidelity Bank
Established in 1987, Fidelity Bank began operations in 1988 after obtaining a Merchant Banking license. In 1999, it transitioned from a merchant bank to a commercial bank as a private limited company. In August 1999, it became a public limited company, adopting the name Fidelity Bank Plc. In February 2001, it obtained a Universal Banking License, and in 2011, an International Banking License, enhancing its global capabilities.
10. Access Bank
The CBN granted Access Bank its license in 1989, and it listed on the Nigerian Stock Exchange in 1998. In 2002, leadership changed under Aigboje Aig-Imoukhuede and Herbert Wigwe. In 2005, Access Bank merged, acquiring Marina Bank and Capital Bank (formerly Commercial Bank Crédit Lyonnais Nigeria). The bank expanded by establishing branches and acquiring institutions in Rwanda, Congo, Angola, Kenya, Mozambique, and other African regions.
