This is Follow the Money, our weekly series that unpacks the earnings, business, and scaling strategies of African fintechs, financial institutions, companies, and governments. A new edition drops every Monday.
Four of Nigeria’s biggest banks held ₦89.94 trillion ($65.63 billion) in customer deposits in 2025. Much of that money came from the millions of retail customers who save, transact, and bank with them every day.
Yet nearly 90% of the loans the banks disbursed went to corporate borrowers. Oil and gas companies, manufacturers, and telecom operators accounted for most of the credit exposure. For every ₦1 these banks lent to retail customers, they lent about ₦10 to corporates.
₦10 to Corporates, ₦1 to You.
Nigeria’s top four banks hold ₦89.9 trillion in deposits. But when it comes to lending that money back out, the gap between everyday consumers and large corporations is staggering.
The Retail to Corporate Ratio
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