Seven Nigerian banking groups hold combined assets of $136.8 billion, accounting for about 10 per cent of the verified assets of Africa’s 50 largest banking groups, according to a ranking published by Proshare Research.
The figures highlight the growing scale of Nigeria’s banking sector, although South African and Moroccan lenders continue to dominate the continent’s banking industry in terms of total assets.
The seven Nigerian groups recorded combined assets of ₦188.19 trillion, equivalent to $136.78 billion. Their combined stock market value stood at ₦22.43 trillion, or $16.86 billion, based on market prices at the close of trading on October 9, 2026.
The ranking compares banking groups by total assets and market value, offering different perspectives on their financial size and how investors value them.
Access Holdings Leads Nigerian Banks by Assets
Access Holdings was Nigeria’s largest banking group by assets, with ₦53.44 trillion, equivalent to $38.84 billion, based on its March 2026 balance sheet.
United Bank for Africa (UBA) followed with ₦33.13 trillion in assets, or $24.08 billion, while Zenith Bank reported ₦32.65 trillion, equivalent to $23.73 billion, in its June 2026 half-year results.
First HoldCo ranked next among the Nigerian groups, with assets of $22.27 billion.
Other Nigerian groups in the ranking were Guaranty Trust Holding Company (GTCO), Fidelity Bank and FCMB Group.
Together, the seven groups accounted for a significant share of the assets included in the continental ranking. However, some institutions were assessed using March 2026 financial statements because their half-year accounts were not yet available.
South African and Moroccan Banks Dominate
South African banking groups maintained a substantial lead in the ranking, with six institutions holding combined assets of $737.25 billion.
Morocco’s seven banking groups recorded combined assets of $260.60 billion. Together, South Africa and Morocco accounted for approximately 73 per cent of the verified assets covered by the ranking.
Standard Bank Group remained Africa’s largest banking group, with assets of $232.07 billion as of June 2026. It was followed by FirstRand, with $167.17 billion, and Absa Group, with $139.11 billion.
The figures underline the concentration of banking assets among a relatively small number of institutions, particularly in Southern and North Africa.
Market Value Presents a Different Picture
Although Access Holdings led Nigeria’s banking groups by assets, its stock market valuation was considerably lower relative to the size of its balance sheet.
First HoldCo had a market value of $4.91 billion, making it the highest-valued Nigerian group in the ranking by this measure. Zenith Bank followed at $4.16 billion, while GTCO recorded $3.61 billion.
The differences show that a bank’s total assets do not automatically translate into a proportionately high stock market valuation. Investors also consider profitability, growth prospects, risks and expected returns.
Among the listed Nigerian groups, GTCO’s market value was equivalent to 25.81 per cent of its total assets, compared with 21.32 per cent for First HoldCo and 16.95 per cent for Zenith Bank.
Access Holdings’ market value represented 3 per cent of its assets, according to the report’s calculations.
Reporting Dates and Exchange Rates Matter
The comparison is affected by differences in reporting periods and exchange-rate movements. Access Holdings, UBA and Fidelity Bank were assessed using March 2026 balance sheets, while Zenith Bank’s figures reflected its June 2026 results.
Converting assets reported in different currencies into US dollars also affects the relative size of banking groups, particularly when exchange rates fluctuate.
The rankings may therefore change as more financial statements become available and institutions publish updated results.
Nigeria’s seven banking groups demonstrate the sector’s substantial presence in Africa’s financial landscape. However, the gap between their combined assets and those of the leading South African and Moroccan institutions shows that the continent’s banking strength remains concentrated in a few markets.
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