May 2026
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Largest Commercial Banking Public Companies in Nigeria
Benchmark revenue and EBITDA valuation multiples for public comps like
Zenith Bank, Guaranty Trust Holding, First HoldCo, Stanbic IBTC Holdings and United Bank for Africa.
 | Zenith Bank PLC is a Nigeria- based company. Its core business is the provision of banking and other financial services to corporate and individual customers. The bank provides services such as granting of loans and advances, corporate finance and money market activities. It also provides banking and pension custodial services to a diverse group of corporations, financial institutions, investment funds, governments and individuals; provision of investment advisory, financial planning services and investment product offerings; providing brokerage services, financing services and securities lending services to institutional clients, including mutual funds, pension funds and to high-net-worth individuals. Revenue generated by bank consists of interest income, fees and commission received. | $0 | -- | $4B | $4B | 1.4x | — | ||
| Guaranty Trust Holding Co PLC is a multinational financial institution that provides individuals, businesses, private and public institutions across Africa and the United Kingdom with a broad range of market key financial products and services. The company has six reportable segments: Corporate banking which Incorporates current accounts, deposits, overdrafts, loans and other credit facilities, Commercial banking which Incorporates current accounts, deposits, overdrafts, loans and other credit facilities, Business banking which Incorporates current accounts, deposits, overdrafts, loans and other credit facilities, Retail banking which Incorporates private banking services, private customer current accounts, savings deposits, SME banking and Public sector. | $0 | -- | $4B | $4B | 2.5x | — | ||
| First Holdco PLC is a financial holding company and one of the financial services organizations in Africa. It is a diversified and financial service group offering a broad types of products and services through its subsidiaries, across commercial banking, merchant banking, capital markets, trusteeship and insurance brokerage to millions of customers. | $0 | -- | $3B | $4B | 1.4x | — | ||
| Stanbic IBTC Holdings PLC provides banking services. The company's operating segments include Personal & Private Banking (PPB), Business & Commercial Banking (BCB), Insurance & Asset Management (IAM), and Corporate & Investment Banking (CIB). It generates a majority of its revenue from the Corporate and Investment Banking segment, which serves companies, governments, parastatals, and institutional clients across Africa and internationally. | $0 | -- | $2B | $2B | 3.4x | — | ||
| United Bank for Africa PLC is a financial services institution. It offers banking and other financial and pension fund custody services. The geographical segments of the company are Nigeria, the Rest of Africa and the Rest of the world. The business segments of the company are 1) Corporate Banking, which provides financial solutions to multinationals, regional companies, state-owned companies, non-governmental organizations, international and multinational organizations and financial institutions. 2) Retail/ Commercial banking segment products and services to the middle and retail segments of the market. 3) Treasury and Financial Markets segment provide financing and risk management solutions and advisory services to the company's corporate and institutional customers. | $0 | -- | $1B | $2B | 1.2x | — | ||
| Access Hldgs PLC is a multinational financial services company that offers commercial banking, lending, payment, insurance, and asset management services. The Company's business segments include banking, consumer lending, payment services, insurance brokerage and pension funds administration. The company operates in Coporate, Commericial, Banks, and Others. The company operates in Nigeria, Rest of africa, and Europe. | $0 | -- | $999M | $3B | 1.9x | — | ||
| Wema Bank PLC is a commercial bank. The company offers retail banking, SME banking, corporate banking, treasury, trade services and financial advisory to its customers. Its services include granting of loans and advances, corporate finance and money market activities. The bank operates in four geographical regions: South-west, South-South, Abuja, and Lagos zones. Wema derives the majority of its revenues from Lagos. | $0 | -- | $910M | $1B | 5.9x | — | ||
| Fidelity Bank PLC offers banking and other financial services to corporate and individual customers. It operates through segments including Retail banking that offers retail, personal and commercial services to individuals, small and medium business customers and E-Business products to serve retail banking. Its Corporate Banking segment offers commercial and corporate banking services to corporate business customers, it covers the Power and Infrastructure, Oil and Gas Upstream and downstream, Real Estate, Agro-Allied, and other industries. Investment banking segment is involved in the funding and management of the bank's securities, trading, and investment decisions. | $0 | -- | $771M | $2B | 3.2x | — | ||
| FCMB Group PLC provides banking products and services in Nigeria. Its business is divided into eight segments including Investment Banking, SME (Small and Medium Enterprises) Banking, Commercial Banking, Corporate Banking, Personal Banking, Institutional Banking, Treasury and Financial Markets, and Investment Management. The bank generates the majority of its revenue from the Corporate banking segment that offers direct debit facilities, current accounts, deposits, overdrafts, loan and other credit facilities, foreign currency, and derivative products. It has geographic operations in Nigeria and Europe. | $0 | -- | $355M | $838M | 1.0x | — | ||
| Jaiz Bank PLC is a full-fledged Non-Interest financial institution in Nigeria. The company's business divisions include Retail Banking and Corporate Banking. The products and services of the company include JAIZ Kids Savings Account, JAIZ Premium Savings Account, Working Capital Finance, Project Financing, and JaizOnline. | $0 | +195% | $304M | $324M | 7.2x | — | ||
| Sterling Financial Holdings Co PLC is a developer of a nonoperating financial holding structure designed to support and grow a diversified portfolio of banking and financial service companies. The company offers commercial banking, non-interest banking, and asset management through subsidiaries, enabling individuals, businesses, and institutions to access loans, trade finance, digital banking, and investment products. The Group has five reportable segments: Retail Banking, Commercial Banking, Institutional Banking, Corporate & Investment Banking, and Special Purpose Vehicle (SPV), which are the Bank’s strategic business units. | $0 | -- | $251M | $399M | 2.7x | — | ||
| Median | $0 | +195% | $999M | $2B | 2.5x | — |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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