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REELS UNDER DEBT: OWES N43B TO CONTRACTORS, N163B DOMESTIC BORROWING, N70B TO CBNENUGU RETIREES LANGUISH AS GOVERNOR MBAH OWES OVER N26.8B IN PENSIONS, GRATUITIESPROF UCHE LUCY ONYEKWELU EMERGIES VICE CHANCELLOR, LUX MUNDI UNIVERSITYTAX REFORM BILLS PASS SECOND READING IN SENATE AS HOUSE OF REPS GOES INTO EXECUTIVE SESSIONHOW POLICE KILLED 24 #ENDBADGOVERNANCE PROTESTERS, DETAINED OVER 1200 OTHERS, INCLUDING MINORS – AMNESTY INTERNATIONALTAX REFORM BILLS: NIGERIANS EARNING BELOW N1M EXEMPTEDNIGERIA TO CONDUCT NATIONAL CENSUS IN 2025WIKE, FUBARA ACCUMULATE HUGE DEBTS FOR RIVERS GOVTIBB, ORTOM, TAMBUWAL TOP LIST OF PUBLISHED LAND TITLE DEBTORS200 TRUCKS LOAD 150,000BP DAILY AT PH REFINERY, ELEME PLANT DORMANTFINISH COURT FIXES MAY 2025 DATE AS SIMON EKPA’S TRIALSACKED VC SUES GUSAU UNIVERSITY FOR DENYING HIS PROFESSORSHIPNIGERIANS MORE LOYAL TO ETHNIC GROUPS, THAN NIGERIA – GOODLUCK JONATHANVAT: LAGOS GETS 17%, IMO – 1.716%MAN KILLS MOTHER, GRANDMOTHER, SISTER AND CHILD FOR MONEY RITUAL 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Trending News: IF YOU CONTINUE THIS WAY YOU WILL MILK NIGERIA TO DEATH – OBI OF ONITSHA TO POLITICIANSUK TO DEPORT NIGERIAN PASTOR OVER ALLEGED FRAUDNORTHERN SENATORS DEMAND SUSPENSION OF ACTION ON TAX REFORM BILLSBISHOP KUKAH TUTORS TINUBU’S SPOKESPERSONS ON COMMUNICATION STRATEGIES: IT’S NOT ABOUT INSULTING PEOPLEFIRE DESTROYS INEC OFFICE IN DELTATAX REFORM BILLS DIVIDE STATE GOVTSSOUTH AFRICA RELAXES VISA RULES FOR NIGERIAN INVESTORS, TOURISTSWHY WE WITHHELD IDENTITIES OF OWNERS OF SEIZED 753 UNITS DUPLEXES IN ABUJA – EFCCFG CONDEMNS ETHNIC SLURS ON TAX REFORM BILLS, ASKS FOR INPUTSHALT RETIREMENT OF 1000 STAFF PENDING INVESTIGATION – REPS TO CBNUPROAR IN HOUSE OF REPS OVER TAX REFORM BILLSAGF FAGBEMI ASKS ICC TO STOP PROBE OF NIGERIAN MILITARYOVER 61,000 FCT RESIDENTS ON HIV/AIDS TREATMENTNLC BLASTS EBONYI GOVERNOR, SAYS THREAT TO SACK WORKERS IRRESPONSIBLE, UNHELPFULFIVE KEY TAKEAWAYS FROM TAX REFORM BILLS BY OPEYEMI BAMIDELEMINIMUM WAGE: STRIKING WORKERS SHUT DOWN KADUNA, NASARAWA, EBONYI, CROSS RIVERYORUBA, HAUSA LIVING IN ABIA, FAULT REUBEN ABATI, SAY WE’RE NOT DENIED LANDEARLY MORNING FIRE KILLS CUSTOMS OFFICER, WIFE, FOUR CHILDRENLACK OF AUTONOMY, CORRUPTION, CRIPPLING LOCAL GOVTS – HOUSE OF REPS SPEAKER, TAJUDEEN ABBASFG BEGINS ROAD REPAIRS IN ENUGU, EBONYI, ANAMBRA FOR CHRISTMASGOVERNORS SAYING TAX BILLS WILL CAUSE HARDSHIP ARE RESPONSIBLE FOR POVERTY IN NORTH – SANI SHINKAFIFORMER CBN GOVERNOR, EMEFIELE, OWNS 753 DUPLEXES RECOVERED BY EFCC – SOWOREWHY SIMON EKPA CANNOT BE GRANTED BAIL – FINNISH AUTHORITIESEBONYI GOVERNOR THREATENS TO SACK STRIKING WORKERS OVER MINIMUM WAGEGUNMEN KIDNAP GOD IS GOOD MOTORS PASSENGERS IN KOGI, DEMAND N100M PER VICTIMOIL MARKETERS REJECT N1,O30/LITRE PETROL PRICE AS PH REFINERY OPENS UP ON HALTING OPERATIONSTOP TEN BANKS IN NIGERIA BY SHAREHOLDERS FUND IN Q3 2024NIGERIANS IN URBAN AREAS NOW USE CHARCOAL, FIREWOOD FOR COOKINGPORT HARCOURT REFINERY ANNOUNCES RESUMPTION OF FULL OPERATIONCBN TO RETIRE 1,000 EMPLOYEESSEVEN FOUNDERS OF LOCAL AIRLINES IN NIGERIA’S $1.78B AVIATION INDUSTRYTRUMP APPOINTS NIGERIA-LEBANESE BUSINESSMAN ADVISOR ON ARAB MIDDLE EASTERN AFFAIRS2027: ATIKU, OBI’S PARLEY IN YOLA REIGNITES MERGER PERMUTATIONSPH REFINERY STILL OPERATING – ENGINEERS CLAIMCOURT STOPS UNN FOR CONDUCTING CONVOCATION ELECTIONGOWON, OJUKWU NEVER RECONCILED – ONOHNIGERIANS LIVING FAKE GOOD LIFE’ PRIOR TO REMOVAL OF OIL SUBSIDY – TINUBUYET-TO-BE IDENTIFIED CATHOLIC PRIEST KIDNAPPED IN ENUGUFEDERAL PENSIONERS PLAN PROTEST OVER N32,000 INCREMENTMAN LOSES WIFE, DAUGHTER IN CKC ABA STAMPEDEOBASANJO DISOWNS GOWON, SAYS HE NEVER KNEW HE TOLD ABACHA NOT TO KILL HIMA HISTORY OF ZIONIST ATROCITIES, BY FEMI FANI-KAYODECHIDIOKA ACCUSES INEC OF ELECTION RIGGING, QUITS PDPWE’RE NOT PART OF BIAFRA DECLARATION IN FINLAND – IPOBATIKU, OBI PLAY DOWN 2027 AMBITION, SAY WE’RE FRIENDSNIGERIANS TO PAY MORE FOR MTN, GLO, AIRTEL FROM DEC 13PH REFINERY SHUTS DOWN TEMPORARILYSIMON EKPA NOT BAILABLE, FOLLOWERS DECLARE 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REELS UNDER DEBT: OWES N43B TO CONTRACTORS, N163B DOMESTIC BORROWING, N70B TO CBNENUGU RETIREES LANGUISH AS GOVERNOR MBAH OWES OVER N26.8B IN PENSIONS, GRATUITIESPROF UCHE LUCY ONYEKWELU EMERGIES VICE CHANCELLOR, LUX MUNDI UNIVERSITYTAX REFORM BILLS PASS SECOND READING IN SENATE AS HOUSE OF REPS GOES INTO EXECUTIVE SESSIONHOW POLICE KILLED 24 #ENDBADGOVERNANCE PROTESTERS, DETAINED OVER 1200 OTHERS, INCLUDING MINORS – AMNESTY INTERNATIONALTAX REFORM BILLS: NIGERIANS EARNING BELOW N1M EXEMPTEDNIGERIA TO CONDUCT NATIONAL CENSUS IN 2025WIKE, FUBARA ACCUMULATE HUGE DEBTS FOR RIVERS GOVTIBB, ORTOM, TAMBUWAL TOP LIST OF PUBLISHED LAND TITLE DEBTORS200 TRUCKS LOAD 150,000BP DAILY AT PH REFINERY, ELEME PLANT DORMANTFINISH COURT FIXES MAY 2025 DATE AS SIMON EKPA’S TRIALSACKED VC SUES GUSAU UNIVERSITY FOR DENYING HIS PROFESSORSHIPNIGERIANS MORE LOYAL TO ETHNIC GROUPS, THAN NIGERIA – GOODLUCK JONATHANVAT: LAGOS GETS 17%, IMO – 1.716%MAN KILLS MOTHER, GRANDMOTHER, SISTER AND CHILD FOR MONEY RITUAL IN ENGLISH COMMUNITYNORTH MUST NOT TEAR NIGERIA APART – GOWONPH REFINERY WILL CRASH FUEL PRICE, CREATE JOBS – IPMAN, PETRAONSOUTHEAST STAKEHOLDERS WANT NNAMDI KANU RELEASED, SIMON EKPA JAILEDSUPREME GIVES FINAL VERDICT ON AUTHENTIC APGA NATIONAL CHAIRMANOUR MARKETERS PAID N1,045/LITRE FOR PH REFINERY’S PETROL, SAYS PETROANUPROAR IN SENATE OVER TINUBU”S TAX REFORM BILLSEBONYI GOVT APPROVES PRIVATIZATION OF MEDIA OUTFITSYAHAYA CREATES SCENE AS JUDGE ANGRILY LEAVES COURTROOMPH REFINERY OPERATING AT 70% CAPACITY, TO BLEND 1.4M LITRES OF PETROL PER DAYAHEAD OF 2027, ATIKU, OBI MULL NEW POLITICAL PARTYTINUBU WILL RELEASE NNAMDI KANU – BIANCA OJUKWUOBASANJO LAMENTS DEATH RUMOUR CIRCULATING IN SOCIAL MEDIA, SAYS ‘I’M ALIVE’TRUTH ABOUT THE IGBO NOT SELLING LAND TO NON-IGBOCONTROVERSY OVER PETROL PRODUCTION FROM PORT HARCOURT REFINERY: NNPCL NOT PRODUCING – REPORT; IT’S MISLEADING CLAIMS, WE’RE PRODUCING – NNPCENUGU TO LAUNCH AIRLINE AS GOV MBAH PRESENTS N971.8B FOR 2025WILL PRICE OF PETROL DROP?, NIGERIANS ASK AS PORT HARCOURT REFINERY BEGINS OPERATIONBREAKING: EFCC ARRESTS YAHAYA BELLOEBONYI GOVERNOR, NWIFURU, SUSPENDS TWO COMMISSIONERS, OTHERSPORT HARCOURT, WARRI, KADUNA REFINERIES TO BE PRIVATIZED – PRESIDENCYEND OF DARK TUNNEL: PORT HARCOURT REFINERY COMMENCES CRUDE OIL PROCESSINGOPEN LETTER TO SOUTHEAST SENATORS, HONOURABLE MEMBERS OF HOUSE OF REPRESENTATIVES, OHANAEZE YOUTH COUNCIL
Wed. Dec 4th, 2024

TOP TEN BANKS IN NIGERIA BY SHAREHOLDERS FUND IN Q3 2024

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TOP 10 BANKS IN NIGERIA BY SHAREHOLDERS FUNDS IN Q3 2024

In the third quarter of 2024, Nigerian banks experienced a remarkable 79% year-on-year surge in shareholder funds, which soared from N11.2 trillion in the same period the previous year to N20 trillion, reflecting a substantial increase.
This growth, according to data from Nairalytics, is driven by the shareholder figures of 10 major Nigerian banks, compiled for the third quarter of 2024.
On a quarterly basis, shareholder funds for these banks grew by 12%, climbing from N17.9 trillion in the second quarter of 2024.
Shareholder funds are a key measure of a bank’s financial health. A larger fund indicates lower risk, greater stability, and better growth potential, boosting investor confidence and reflecting a stronger financial position.
With this in mind, here’s a closer look at the top 10 banks in Nigeria with the largest shareholder funds for the third quarter of 2024:

United Bank for Africa (UBA) 
At the top of the list is UBA, with N3.5 trillion in shareholder funds for Q3 2024, marking an impressive 102% year-on-year increase from N1.7 trillion. On a quarter-on-quarter basis, the bank’s funds grew by 20%, from N2.9 trillion in Q2 2024.
Additionally, UBA reported a 111% year-on-year growth in pre-tax profit, reaching N207.3 billion for the quarter.
Source:

Sterling Bank 
Sterling Bank ranks 10th on the list, with shareholder funds of N207.7 billion in the third quarter of 2024. This represents a 25% year-on-year growth from N165.8 billion in the same period last year.
On a quarter-on-quarter basis, the bank’s funds rose by 9%, increasing from N190.3 billion in Q2 2024, indicating a consistent upward trajectory in its financial health.

Wema Bank 
Wema Bank holds the 9th position, with N224.7 billion in shareholder funds for Q3 2024. This marks a significant 89% year-on-year increase from N118.5 billion.
On a quarterly basis, the bank’s shareholder funds grew by 13.16%, rising from N198.6 billion in Q2 2024, demonstrating strong growth in a short period.

Stanbic Bank 
Stanbic Bank is 8th, with N630.5 billion in shareholder funds for Q3 2024, showing a 34% increase from N471 billion in the previous year. Compared to the second quarter of 2024, the bank saw an 8% rise from N584.4 billion.
Stanbic also posted an impressive 68% growth in pre-tax profit, reaching N78.2 billion for the quarter, further reinforcing its solid financial position.

Fidelity Bank 
Fidelity Bank ranks 7th, with shareholder funds totalling N688.2 billion for Q3 2024, up 67% from N410.7 billion in the same period last year. On a quarterly basis, Fidelity saw a 9% increase, up from N629.4 billion in Q2 2024.
Additionally, the bank achieved an outstanding 135% growth in pre-tax profit, reaching N81.6 billion for the quarter.

First Bank of Nigeria
First Bank of Nigeria comes in 6th, with N2.5 trillion in shareholder funds for Q3 2024, a remarkable 89% increase from N1.3 trillion in the previous year.
The bank also saw a 17% rise in shareholder funds compared to the second quarter of 2024, climbing from N2.2 trillion. FBN’s pre-tax profit surged by 210% year-on-year, reaching N198.8 billion for the quarter.

Guaranty Trust Bank
Guaranty Trust Bank ranks 5th, reporting N2.6 trillion in shareholder funds for Q3 2024, a staggering 107% year-on-year growth from N1.2 trillion.
On a quarterly basis, the bank’s funds rose by 12%, increasing from N2.3 trillion in Q2 2024. Additionally, Guaranty Trust Bank posted a 104% year-on-year growth in pre-tax profit, amounting to N215.6 billion for the quarter.

Ecobank 
Ecobank is 4th, with N2.7 trillion in shareholder funds for Q3 2024, reflecting a 57% increase from N1.7 trillion in the same period the previous year. On a quarter-on-quarter basis, the bank saw a robust 20% rise from N2.2 trillion in Q2 2024.
Ecobank also posted a remarkable 137% year-on-year growth in pre-tax profit, which reached N265 billion for the quarter.

Access Bank 
Access Bank ranks 3rd, with N3.3 trillion in shareholder funds for Q3 2024, reflecting a 101% year-on-year increase from N1.6 trillion.
On a quarterly basis, the bank’s funds grew by 16%, from N2.8 trillion in Q2 2024. Additionally, Access Bank reported a 65% growth in pre-tax profit, reaching N209.2 billion for the quarter.

Zenith Bank 
Zenith Bank is 2nd, with N3.5 trillion in shareholder funds for Q3 2024, representing an 82% year-on-year increase from N1.9 trillion.
The bank’s funds grew by 10% compared to the previous quarter, rising from N3.1 trillion in Q2 2024. Zenith also achieved a 78% year-on-year growth in pre-tax profit, reaching N275.8 billion for the quarter.

    • Dons Eze

    DONS EZE, PhD, Political Philosopher and Journalist of over four decades standing, worked in several newspaper houses across the country, and rose to the positions of Editor and General Manager. A UNESCO Fellow in Journalism, Dr. Dons Eze, a prolific writer and author of many books, attended several courses on Journalism and Communication in both Nigeria and overseas, including a Postgraduate Course on Journalism at Warsaw, Poland; Strategic Communication and Practical Communication Approach at RIPA International, London, the United Kingdom, among others.

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    SEVEN FOUNDERS OF LOCAL AIRLINES IN NIGERIA’S $1.78B AVIATION INDUSTRY

    l SEVEN FOUNDERS OF LOCAL AIRLINES IN NIGERIA’S $1.7B AVIATION INDUSTRY The Nigerian aviation sector, despite being a critical element in the country’s transportation system and economy, has not reached its full potential compared to other African nations. The International Air Transport Association (IATA) estimates that aviation supports $63 billion in economic activity across Africa. However, Nigeria’s aviation industry contributes a modest $1.7 billion to GDP, representing 0.4% of the national economy—far behind South Africa’s aviation sector, which contributes $12 billion, or 3.5% of GDP. With 20 airports, 23 active domestic airlines, and operations by 22 foreign carriers, Nigeria’s aviation sector holds immense potential. It has created over 241,000 jobs and facilitated international trade and tourism, connecting Nigeria directly to major global business hubs such as London, New York, Johannesburg, Dubai, and Paris. Additionally, Nigeria’s attainment of the FAA International Aviation Safety Assessment (IASA) Category One Certification allows its carriers to fly directly into the United States, a significant milestone for the sector. Passenger and aircraft traffic has consistently risen by an average of 10% annually, with Murtala Muhammed International Airport (MMIA) in Lagos handling over 60% of the country’s total air traffic. Within this sector are owners of domestic airlines of Nigerian descent. These individuals have invested private capital and helped to a certain extent provide job opportunities and new pathways for growth in the industry. Take a look at some of these personalities as spotlighted by Nairametrics. Allen Ifechukwu Onyema, a Nigerian lawyer and entrepreneur, founded Air Peace in 2013 to create economic opportunities for Nigerian youth. His vision was to build a thriving airline that would serve both domestic and international markets, and over the years, Air Peace has grown into one of the country’s most prominent carriers. The airline’s fleet has expanded significantly, now including Boeing 737s, Boeing 777s, Dornier 328s, Embraer 145s, Embraer 195-E2s, and Airbus 320s. This diverse range of aircraft has supported Air Peace’s growing network, which now includes routes to international destinations such as Accra, Ghana, Sharjah, and Johannesburg, South Africa. Onyema’s commitment to expanding the airline’s reach has positioned Air Peace as a key player in West African aviation, offering affordable air travel options while creating jobs and boosting the local economy. Jacky Hathiramani, the pioneer Managing Director/CEO of Dana Airlines and now the Group Managing Director/CEO of Dana Group of Companies, is a Nigerian born in Jos, Plateau state. He holds a degree in Business Administration from the European Business School of London and sits on the board of several blue-chip companies and PLCs. Jacky started his career in the manufacturing industry, where he was appointed as an Executive Director of Ashmina Limited in 1998. He led major business transformation in the company, which led to his appointment as Group Managing Director. He has been responsible for the strategic development and expansion of the Group, which has evolved into a multi-billion dollar conglomerate with interests in key sectors of the Nigerian economy, including transportation, steel, and aviation. Jacky’s drive and passion for quality service led to the establishment of Dana Air in 2006. The introduction of the airline and its redefining role in the aviation industry, offering world-class customer and in-flight service, with an on-time performance that is still unrivaled, earned Jacky multiple CEO of the Year awards. Jacky’s superior business performance and innovations have enabled the company to achieve commendable market share and recognition as one of Nigeria’s Most Respected Companies. Kunle Soname is a Nigerian entrepreneur, sports enthusiast, and the chairman of Bet9ja, a leading betting platform he founded in 2013. He made history in 2015 as the first Nigerian to acquire a European football club, C.D. Feirense. Soname studied Estate Management at Obafemi Awolowo University, graduating in 1988, and later…

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