Banking
Nigeria’s 5 Biggest Banks Generate N2tr in 9Months, Post N418b Profit as Assets Hit N21tr
By Dipo Olowookere
The ‘big five’ banks in Nigeria; First Bank, UBA, GTBank, Access Bank and Zenith Bank under the nickname FUGAZ, generated nearly N2 trillion (precisely N1.979 trillion) as revenue in the first nine months of 2017 compared with N1.338 trillion they achieved in the corresponding period of 2016.
This is according to the Q3 financial statements released by the lenders last month to the Nigerian Stock Exchange (NSE) for the period ended September 30, 2017, which was analysed by Business Post Nigeria.
From the analysis, Zenith Bank raked the highest figure during the period under review, N531.226 billion versus N380.352 billion last year.
It was closely followed by First Bank, which earned N439.2 billion in 2017 against N417.4 billion in 2016, and Access Bank, which posted N365.055 billion as gross revenue in Q3 2017 in contrast to N275 billion in the same period of 2016.
UBA came fourth with N333.905 billion generated as revenue in Q3 of 2017 versus N265.527 billion in 2016; and GTBank, which came last, suffered a drop in its revenue in the period under review; N310 billion in 2017 against N329.284 billion in 2016.
Further analysis by Business Post Nigeria showed that the five banks grew their profits during the period by 16.5 percent, posting a cumulative gain of N417.967 billion in 2017 in contrast to N358.677 billion in the same period of last year.
A breakdown showed GTBank recording the highest gain; N125.577 billion in Q3 of 2017 versus N117.081 billion in Q3 of 2016.
Zenith Bank came second with N129.235 billion posted as profit in Q3 of 2017 against N95.386 billion in Q3 of 2016; and UBA claimed the third position with N60.920 billion posted as profit in Q3 of 2017 compared with N49.512 billion a year ago.
Access Bank recorded N56.396 billion profit in the period under review against N54.081 billion posted 12 months ago; while First Bank declared N45.839 billion as profit in Q3 of 2017 versus N42.617b in Q3 of 2016.
Also, the FUGAZ banks increased their total assets during the first nine months of this year, with the value of their assets closing at N20.520 trillion in the period under review against N19.581 trillion as at December 31, 2016.
Zenith Bank remains number one with N5.132 trillion total assets as at September 30, 2017 against N4.739 trillion as at December 31, 2016.
It was trailed by First Bank, which has N4.864 trillion as total assets as at September 30, 2017 versus N4.737 trillion as at December 31, 2016; and UBA, which has assets worth N3.771 trillion as at September 30, 2017 compared with N3.505 trillion as at December 31, 2016.
Access Bank’s total assets stood at N3.541 trillion in the period under review compared with N3.484 trillion as at December 31, 2016; while GTBank recorded a total assets of N3.212 trillion as at September 30, 2017 in contrast to N3.116 trillion as at December 31, 2016.
Business Post Nigeria reports that as at the close of business on Thursday, shares of three of the FUGAZ banks were pointing north, while two were pointing south.
GTBank, which closed the day at N42.50k per share, rose by 0.95 percent; First Bank increased by 0.7 percent to end at N7.24k per share; and Access Bank improved by 0.2 percent to finish at N10.3k per share.
Zenith Bank went down by 1.88 percent to settle at N25.10k per share, while UBA depreciated by 1.02 percent to end at N9.70k per share.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
