Access, UBA, Zenith Drive Nigerian Banking Assets to ₦202 Trillion in Q1 2026

Nigeria’s top ten commercial banks held a combined ₦202 trillion in assets in the first quarter of 2026. This surge reflects stronger liquidity, recent regional acquisitions and the Central Bank’s recapitalization cycle. Access Holdings led with ₦53.4 trillion, followed by UBA at ₦33.1 trillion and Zenith Bank at ₦32.0 trillion. The traditional “FUGAZ” elite five now control over 81% of the top-ten asset pool. Larger balance sheets boost capacity for big corporate credits and mega-project financing. Investors will watch how banks manage asset quality, provisioning and funding costs amid rising interest rates. The sector’s size positions it well for FTSE Russell’s upcoming frontier market reclassification. With banks trading at steep price-to-book discounts, global index funds may target Nigerian lenders.

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