Nigeria’s banking industry is an oligopoly and that position has been reinforced since the regulatory-induced industry consolidation exercise in 2007. Five banks account for 64% of the over N25 trillion total assets of deposit money banks at the end of 2015. The top five banks also account for about 70% of the total assets of the top 10 largest banks. With pressure on liabilities coming from the government’s treasury single account policy, most of the banks suffered declines on the asset side of the balance sheet in 2015.

FBN Holdings held the leadership of the banking industry by the size of the balance sheet in 2015 with an asset base of N4.17 trillion. This is however a decline of 4.1% from the peak figure it attained in the preceding year. The bank has held the position of the largest bank in Nigeria so far but its leadership gap has narrowed considerably. Another decline in asset base in the current year could end the bank’s over a century old status as Nigeria’s largest bank.

Zenith Bank is the second largest bank in Nigeria with an asset base of N4.0 trillion at the end of 2015. It has maintained a rapid growth over the years and has narrowed the gap with FBN Holdings over the past two years. It achieved a faster growth rate in the preceding year and again grew by 6.7% in 2015. If the trend is maintained in the current year, Zenith Bank could emerge Nigeria’s largest bank by asset base at the end of 2016.

United Bank for Africa maintained its third position on the banking industry leadership at the end of last year with total assets of N2.75 trillion. This was a slight decline from the preceding years’ figure – in which it also recorded a slow growth. Two years of apparent standstill has permitted faster growing banks to close in. If it fails to step up growth this year, its long held position on the banking industry league may be lost at the end of 2016.

Access Bank moved up one step to the 4th position on the top 10 industry ranking in 2015, displacing Guaranty Trust Bank in the year. It grew asset base by 23.1% to N2.59 trillion in the year, a record growth unmatched in the industry in 2015. It is also the only bank that achieved accelerated growth in asset base in the year. If the growth momentum is maintained in the current year, the bank may close the year as Nigeria’s third largest bank.

Guaranty Trust Bank

steps down to the 5th place on the table with total assets of N2.52 trillion at the end of 2015. Its growth rate slowed down from 12% in 2014 to 7.2% in 2015, which enabled the faster growing Access Bank to surge ahead. The bank maintains a slow but stable growth that equally threatens the position of UBA on the industry leadership ranking.

Ecobank Nigeria

moves one step ahead to the 6th position on the banking industry’s top 10 ranking by asset base though its 2015 figure could not be obtained at press time. It closed 2014 operations with an asset base of N1.77 trillion, which remains ahead of the next bank’s 2015 asset figure. The bank has maintained a rapid growth since it acquired Oceanic Bank International in 2011.

Diamond Bank

lost its 6th position on the table in the preceding year and landed on the 7th seat in 2015 with an asset base of N1.75 trillion at the end of 2015. It recorded one of the highest drops in total assets in the year at 9.3% compared to a top industry growth of 19.4% in 2014. A drop of 24.2% in credit volume after surging up by one-third in the prior year accounted largely for the decline in the size of the balance sheet in 2015.

Fidelity Bank

moves up one step to the 8th position on the top 10 largest banks in Nigeria at the end of 2015 with total assets of N1.23 trillion. It pushed Skye Bank one step down the ladder with a growth 3.8% in asset base though growth slowed down from 9.8% in the preceding year.

Skye Bank

slips to the 9th position with an asset base of N1.20 trillion at the end of 2015. The bank shows the widest swing among the top 10 members from the highest growth rate of 27.3% in asset base in 2014 to the highest drop of 13.6% in 2015. Asset drops were led by investment securities and balances with central banks.

First City Monument Bank

closes the list of top 10 banks by asset base, maintaining its position with total assets of N1.16 trillion at the end of 2015. It ended the year with a marginal decline of 0.8% in asset base against a top industry growth record of 16% in 2014.