• FirstBank and Union Bank have operated in Nigeria for over a century, making them the longest-surviving commercial banks
• Three of Nigeria’s largest banks today, GTBank, Zenith Bank, and Access Bank, were founded in the late 20th century
• Citibank is the oldest foreign bank in Nigeria
• Only five banks have existed in Nigeria for over fifty years

• Listed banking groups in Nigeria are all audited by the big four
• KPMG is the top auditor for the industry, auditing five companies
• Deloitte audits four companies, close behind KPMG
• EY and PwC audit three of the five tier one banks

• Nigeria’s first ATM was deployed in 1990 by Société Générale Bank, marking the start of a new era in banking.
• Interswitch kicked off interbank transactions in 2003, allowing Nigerians to use ATMs provided by other banks asides their own.
• The CBN has implemented several policies to regulate ATM deployment, fees, and usage.
• ATM fees have fluctuated over the years, with a major reduction in 2020 and an increase in 2025.

• Nigeria's Central Bank has adjusted the minimum capital requirement for commercial banks three times in two decades.
• The newest capital requirements will see an over 300% increase in capital requirement across all commercial banking licences.
• Banks with international licences will see the biggest jump in capital requirement, needing 900% more capital under the new rules.
• Banks have undertaken rights issuance, public offers and private placements to meet the 2026 deadline.

• Heritage Bank emerged from the ashes of Société Générale Bank Nigeria (SGBN), which lost its license in 2006.
• The bank rebranded and re-entered the market in 2012, later acquiring Enterprise Bank in 2014 to expand its reach.
• Despite its growth, financial instability and poor loan performance plagued its operations.
• By 2021, it recorded a staggering 81.2% non-performing loan (NPL) ratio.
• Regulatory pressures mounted, leading to the revocation of its banking license in June 2024.

• Bank PHB was among the banks flagged in the 2009 CBN/NDIC audit for capital inadequacy and governance failures.
• Despite regulatory interventions, it failed to recapitalise by the September 30, 2011 deadline, leading to its license revocation.
• The CBN and Nigeria Deposit Insurance Corporation (NDIC) established Keystone Bank as a bridge bank to take over Bank PHB’s assets and liabilities.
• The Asset Management Corporation of Nigeria (AMCON) managed Keystone Bank until 2017, when it was sold to private investors.
• The bank later divested from its international subsidiaries, focusing on the domestic market.
• In 2024, the CBN dissolved its board, signalling ongoing financial and governance concerns.

When Aigboje Aig-Imoukhuede and Herbert Wigwe acquired Access Bank in 2002, it ranked 65th in Nigeria. Today, it is the largest bank in Nigeria by asset size, with a vision to be Africa's most respected bank.