The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Nigeria Best Bank:Union Bank of Nigeria

Botswana I Ethopia I The Gambia I Ghana I Kenya I Malawi I Mauritius I Namibia I Nigeria I Senegal I South Africa I Swaziland I Tanzania I Togo I Uganda I Zambia I Zimbabwe Africa’s most populous country has benefited hugely from record oil prices – GDP grew 6.2% in 2005 – but observers are concerned that it will distract the government from a ambitious reform agenda that aims to get the country’s non-oil economy off its knees.

Certainly Central Bank of Nigeria governor Charles Soludo’s reform of the banking sector has been a great success resulting in a much slimmed-down and better-capitalized industry. In this very different environment, Union Bank of Nigeria – not to be confused with United Bank for Africa, which won Euromoney’s award last year – became the largest bank in Nigeria in 2005, overtaking First Bank of Nigeria.

Union Bank of Nigeria, which has 379 branches, 340 of which are electronically connected, has actively taken part in the consolidation urged by the central bank and recently acquired Universal Trust Bank, Broad Bank and Union Merchant Bank. With the successful acquisition of the three banks, Union Bank of Nigeria is one of the best-capitalized banks in Nigeria and has shareholders’ funds of N57.32

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree