5 Biggest Offshore Banks In Nigeria

Offshore banking in Nigeria, though relatively new, is gradually gaining ground as financial institutions expand their global reach to cater to international clients and businesses. Offshore banks typically operate outside the jurisdiction of their parent country, offering a range of services such as wealth management, investment portfolios, and tax efficiency strategies. While offshore banking itself is in a developmental stage within Nigeria's Free Trade Zones, some of the country's largest banks are pushing boundaries through international expansions, offering cross-border services in key financial markets.

Here’s a look at five of the biggest banks in Nigeria that have an offshore presence or operate extensively in international markets.

1. Access Bank Plc

Access Bank has grown into one of Nigeria’s largest banks by asset size, reaching approximately ₦32.57 trillion as of 2024. Its aggressive expansion strategy includes subsidiaries and offices in over 20 countries, including the UK, the UAE, Ghana, and Kenya. Access Bank’s international footprint is supported by its strong presence in Africa and notable branches in European and Middle Eastern financial hubs. Their offshore banking services cater to large multinational companies and affluent individuals, offering a range of investment and wealth management options.

2. United Bank for Africa (UBA)

UBA is one of the leading Pan-African banks, with operations in over 20 African countries, as well as offices in New York, London, and Paris. UBA's offshore banking operations provide cross-border trade solutions, multi-currency accounts, and international financial services to its diverse client base. As of 2024, UBA holds assets worth ₦25.37 trillion, positioning it as a top player in Nigeria and Africa at large. Their focus on providing global banking services allows clients to tap into both African and international markets with ease.

3. Zenith Bank Plc

Zenith Bank is a prominent name in Nigeria’s banking industry, known for its vast asset base of ₦24.28 trillion. Incorporated in 1990, the bank has since expanded beyond Nigerian borders, with branches in Ghana, Sierra Leone, and the UAE, among other countries. Zenith Bank’s offshore services, especially in the UAE, provide international trade facilitation, wealth management, and offshore investment portfolios to clients. Zenith’s success in offering both local and global services has cemented its reputation as a reliable partner for investors looking to diversify their holdings across borders.

4. First Bank of Nigeria (FBN)

As Nigeria’s oldest bank, FBN has grown into a leading player in both domestic and international banking. With assets totaling over ₦21.58 trillion, First Bank operates a subsidiary in the UK—FBN Bank (UK)—which provides services like wealth management and offshore banking. The bank also has a representative office in China, catering to clients involved in international trade between Africa and Asia. Its offshore banking unit offers global investment opportunities, multi-currency accounts, and other bespoke services tailored to the needs of high-net-worth individuals and corporations.

5. Guaranty Trust Bank (GTBank)

GTBank’s expansion into international markets has positioned it as one of Nigeria’s most globally recognized financial institutions. The bank’s offshore services extend to clients in the UK and other European markets, where it provides private banking and investment solutions. With total assets of approximately ₦13 trillion as of 2024, GTBank’s reputation for innovation and excellent customer service also follows it into the offshore banking space. The bank’s international portfolio appeals to both individuals and businesses looking for a secure and efficient way to manage their global financial interests.

The Future of Offshore Banking in Nigeria

While offshore banking is still developing in Nigeria, particularly with ongoing plans for establishing offshore banking in Free Trade Zones, the country’s largest banks have been at the forefront of offering international banking services. The Central Bank of Nigeria (CBN) has been working on the legal frameworks to allow full offshore banking in these zones, aiming to attract more foreign investment and enhance Nigeria’s position as a financial hub.

These institutions are leading the charge by creating international banking opportunities, tapping into global markets, and facilitating cross-border trade and investments. As more Nigerian businesses and individuals look beyond the country’s borders for investment opportunities, the role of offshore banking is set to expand even further in the coming years.