In Show of Public Confidence in Banking System, Customers’ Deposits in 10 Banks Hit N140.97tn in 2024

Kayode Tokede

Despite a severe competition from fintech companies operating in Nigeria, and other sub-Saharan African countries, a total of 10 Deposit Money Banks (DMBs) generated N140.97 trillion as deposits from customers in 2024.
This represents a 51 per cent growth in deposits when compared to N93.5 trillion generated in 2023, according to the audited results and accounts posted on the Nigerian Exchange Limited (NGX).

The development also indicates increased public confidence in the formal banking system amid the high cost of living, orchestrated by the double-digit inflation rate and devaluation of the naira.  
The DMBs are: Ecobank Transnational Incorporated (ETI), Access Holdings Plc, Zenith Bank Plc, United Bank for Africa (UBA) Plc, Guaranty Trust Holding Company Plc (GTCO), First Holdco Plc, Fidelity Bank Plc, FCMB Group Plc, Stanbic IBTC Holdings Plc, and Wema Bank Plc.    

These DMBs experienced a remarkable surge in deposits from customers in recent years.
Deposits from customers are among the most competitive assets in the banking sector, as they serve as the primary source for issuing loans and funding other investments.

Among the 10 listed DMBs on the Nigerian Exchange Limited (NGX), THISDAY gathered that ETI, followed by Access Holdings and Zenith Bank Plc has the highest deposits from customers in 2024.  
THISDAY learnt from the audited results and accounts posted on NGX that demand deposits from customers impacted total deposits in the year under review.

Investigation showed that average interest on 12 deposits closed December 2024 at 13.57 per cent from 9.75 per cent in December 2023, attributable to CBN’s increase in Monetary Policy Rate (MPR).  
The breakdown revealed that ETI announced N31.64 trillion deposits from customers in 2024, about 66.4 per cent increase over N19.01 trillion in 2023, while Access Holdings reported N22.52 trillion deposits from customers in 2024, representing an increase of 47 per cent from the N15.3 trillion posted in 2023.
The two Pan-African financial institutions have subsidiaries in over 30 African countries that have played a critical role in customers’ deposits.

In the year under review, Zenith Bank announced N21.96 trillion in customer deposits, up by 45 per cent from N15.17 trillion in 2023.
Following Zenith Bank was UBA with N21.89 trillion in customer deposits in 2024, a 47 per cent increase when compared to N14.89 trillion in 2023.
DMBs such as First Holdco declared N17.17 trillion deposits from customers in 2024, representing an increase of 61 per cent from N10.66 trillion in 2023, while GTCO posted N10.01 trillion deposits from customers in 2024, about 35 per cent growth from N7.4 trillion declared in 2023.  

Others are: Fidelity Bank, N5.9 trillion; FCMB Group, N4.3 trillion; Stanbic IBTC Holdings, N3.01 trillion and Wema Bank, N2.53 trillion. 

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    The Executive Director (Business Development), NEXIM Bank, Stella Okotete, has expressed excitement at the defection of Delta State Governor, Sheriff Oborevwori, to the All Progressives Congress (APC). 

    In welcoming Governor Oborevwori and several prominent Peoples Democratic Party (PDP) leaders, including former Governor Ifeanyi Okowa, into the governing party, Okotete, a former APC National Woman Leader, said this development will not only strengthen the party but also  enhance its chances of achieving greater success in the coming years, particularly in the South-south geopolitical zone and beyond.

    In a statement she personally signed, Okotete said: “This momentous decision marks not just a political transition, but a bold affirmation of vision, courage, and commitment to the development of Delta State through inclusive, progressive governance. Your Excellency, your entry into the APC is a powerful testament to our party’s rising influence and capacity to unite all well-meaning leaders under one formidable umbrella of growth and transformation.

    “As we welcome the governor and all the PDP members in Delta State into our fold, I call on every APC member—leaders, stakeholders, and grassroots supporters alike—to embrace this new era with open arms and renewed purpose. Let us put aside all divisive tendencies and prioritize loyalty to the party, unity of purpose, and service-driven governance.

    “Our collective strength lies in our unity. And today, with Delta State now firmly aligned with the centre, we stand at the threshold of greatness. Together, let us consolidate our efforts towards the reelection of President Bola Ahmed Tinubu, support the leadership of Governor Oborevwori, and ensure the continuous growth and dominance of the APC in every corner of our state.

    “A progressive Delta is not a dream—it is our present reality. Let us build it, protect it, and be proud of it.”

    Vice-President Kashim Shettima; APC National Chairman, Dr Abdullahi Ganduje, are set to receive Oborevwori and other defectors in Asaba on Monday, April 28, 2025. 

    Several APC leaders including the Minister of Aviation, Festus Keyamo (SAN); Delta APC founding leader, Olorogun Otega Emerhor; former Minister of Niger Delta Affairs, Elder Godsday Orubebe; the senator representing Delta South Senatorial District, Joel Onowakpo-Thomas; and his Delta Central counterpart, Senator Ede Dafinone, have all welcomed the defection of the governor to the party.

    ​  

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    Oborevwori Orders Prompt Revocation of DELSU’s Senate Building Contract 

    Oborevwori Orders Prompt Revocation of DELSU’s Senate Building Contract 

    * As varsity graduates 6,401

    Sylvester Idowu in Warri 

    Delta State Governor, Hon. Sheriff Oborevwori, has ordered the prompt initiation of revocation procedures for the abandoned Senate Building project of Delta State University (DELSU), Abraka.

    While giving the order at the 17th convocation of the university in Abraka, Saturday, he said the revocation would enable the state government to re-award it to a capable contractor and ensure its swift completion.

    The governor’s directive was in response to the Vice- Chancellor, Prof. Samuel Asagba’s request to complete the Senate building, abandoned for over 22 years.

    Oborevwori directed the Commissioner for Higher Education, Prof. Nyerowho Tonukari, to ensure the project was revoked to ensure prompt completion.

    In line with the tradition of the university, the governor also approved automatic employment for the overall best graduating student of the university, Okwa Favour Oghenemine, a Mathematics graduate from the Faculty of Science with 4.95 CGPA.

    Oborevwori congratulated the graduands who had been found worthy in learning and character for the award of various degrees of the great citadel of learning.

    The governor commended the university’s Governing Council and management for the impressive growth recorded by the institution over the years.

    He had on arrival inaugurated the 1km road linking the Faculty of Basic Medical Science to Faculty of Arts and lauded the university’s Governing Council and management for the various projects executed during the short period.

    The Pro -Chancellor and Chairman of Governing Council of DELSU, General Alexander Ogomudia (rtd), commended the governor for the assistance he had rendered to the school and called on donor agencies and philanthropic individuals to contribute to the infrastructural growth of the university.

    While calling on the state government to fast-track the completion of all ongoing and abandoned projects in the school, he equally reminded graduands of the need to be good ambassadors of the institution in their various endeavours.

    The Vice-Chancellor of the university, Prof. Samuel Asagba, had disclosed that 6,401 students were graduating from the 2023/2024 academic session, with a total of 830 postgraduate degrees, comprising 154 Doctor of Philosophy, 438 Master’s degrees and 238 Postgraduate Diploma.

    He said the university had attained 100 per cent accreditation of all its programmes, adding that it was recently ranked 20th among over 300 Nigerian universities and third among state-owned universities in the country by the global SciVal Ranking tool of Elsevier.

    The vice-chancellor commended Governor Oborevwori for his commitment to the growth and development of the citadel of higher academic learning.

    He said the university has completed several projects within the short period of his appointment as the eighth substantive vice-chancellor of the university.

    At the convocation, the university conferred the honorary Doctor of Science degrees on foremost entrepreneur and philanthropist, Chief Broderick Uvieoghene Arigbodi; renowned literary scholar, Prof. Tanure Ojaide with Doctor of Letters and outstanding industrialist and philanthropist, Chief Eta Enahoro with honorary Doctor of Business Administration.

    The valedictorian, Okwa Favour Oghenemine of the Faculty of Science with 4.95 CGPA, thanked God for their success and expressed appreciation to the vice-chancellor, management and staff of the university for instituting the Students’ Work and Scholarship Schemes, which enabled indigent students to achieve their academic pursuits.

    ​  

    * As varsity graduates 6,401 Sylvester Idowu in Warri  Delta State Governor, Hon. Sheriff Oborevwori, has ordered the prompt initiation of revocation procedures for the abandoned Senate Building project of

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