Nigeria’s oldest banks: Full list from First Bank to Access Bank

Nigeria has one of the most stable and buoyant banking sectors in Africa. Nigerian banks have, over the years, proven their resilience to withstand financial storms. Many have maintained a considerable presence over an extended period. Their extensive history has led to various rebranding, mergers and acquisitions. As a result, they have strengthened their positions and enhanced their security significantly.

Here are Nigeria’s top 10 oldest banks, tracing their foundation and transitions to their current state.

1. First Bank of Nigeria

In 1894, Sir Alfred Jones, a shipping magnate from Liverpool, England, established First Bank. Initially headquartered in Liverpool, the institution started operations in Lagos as Bank of British West Africa (BBWA). In 1957, it was renamed Bank of West Africa (BWA). A pivotal moment came in 1966 when the bank merged with Standard Bank, UK, becoming Standard Bank of West Africa Limited. In 1969, it incorporated locally as Standard Bank of Nigeria Limited. Further name changes occurred in 1979 and 1991, resulting in First Bank of Nigeria Limited and First Bank of Nigeria Plc. 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 after acquisition by Barclays Bank. After independence and the Companies Act of 1968, it incorporated as Barclays Bank of Nigeria Limited. Following the Companies and Allied Matters Act of 1990, it adopted the name Union Bank of Nigeria Plc. As part of the Central Bank of Nigeria’s (CBN) consolidation strategy, Union Bank acquired Universal Trust Bank Plc and Broad Bank Ltd, and integrated its former subsidiary Union Merchant Bank Ltd.

3. Wema Bank

Established in 1945, Wema Bank Plc has a storied history. It started as Agbonmagbe Bank Limited in 1945, coinciding with the end of the Second World War. The bank later transformed into Wema Bank Plc, marking a new chapter in its journey toward eminence. It is now a national bank with a wide branch network and pioneering technology.

4. United Bank for Africa

With over 70 years of continuous operations, United Bank for Africa (UBA) traces its origins to 1949 when British and French Bank Limited (BFB) started banking in Nigeria. UBA is a leading sub-Saharan African financial institution, offering retail and corporate banking, cross-border payments, trade finance and investment banking. In 2005, UBA merged with Standard Trust Bank (STB), a monumental step that transformed it into a truly 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. The combined entity now operates as Sterling Bank. In 2012, the bank absorbed Equatorial Trust Bank (ETB) and transformed into a holding company in 2023.

6. Heritage Bank

Heritage Bank traces its roots to the late 1970s when Societe Generale Bank (Nigeria) (SGBN) was established by the late Dr Olusola Saraki. After a change in ownership, the institution rebranded as Heritage Banking Company Limited and started operations on March 4, 2013. In January 2015, Heritage Banking Company Ltd fulfilled AMCON and CBN requirements to acquire full ownership of Enterprise Bank Ltd.

7. First City Monument Bank (FCMB)

City Securities Limited (CSL), the foundation of First City Monument Bank, was established in 1977 by Oloye Subomi Balogun. In 1982, CSL provided initial capital for First City Merchant Bank, which got its banking license on August 11, 1983. When the bank became a universal bank in 2001, it changed its name from First City Merchant Bank to First City Monument Bank Limited.

8. Ecobank Nigeria

Ecobank Nigeria started operations in 1989. It is a universal bank offering wholesale, retail, corporate, investment and transaction banking services. In 2011, Ecobank Nigeria, under parent company Ecobank Transnational Inc. (ETI), acquired full ownership of Oceanic Bank. This created the expanded Ecobank Nigeria Limited.

9. Fidelity Bank

Fidelity Bank was established in 1987 and began operations in 1988 after obtaining a merchant banking license. In 1999, it transitioned to a commercial bank as a private limited company. By August 1999, it became a public limited company and adopted the name Fidelity Bank Plc. In February 2001, it obtained a universal banking license. In 2011, it secured an international banking license.

10. Access Bank

The Central Bank of Nigeria granted Access Bank its license in 1989. It listed on the Nigerian Stock Exchange in 1998. In 2002, new leadership under Aigboje Aig-Imoukhuede and Herbert Wigwe took over. In 2005, Access Bank merged with Marina Bank and Capital Bank. The bank has since expanded across Africa, including Rwanda, Congo, Angola, Kenya and Mozambique.