Nigerian Banks Explained: Why Some Are PLC and Others Are Ltd (And How Many Banks Nigeria Has Today)
Introduction Nigeria’s banking sector is one of the most structured and tightly regulated in Africa. While Nigerians often interact with banks daily, fewer people understand why some banks end with “Plc” while others carry “Ltd”—and what that distinction truly means. This article explains: What Plc and Ltd mean in Nigerian banking Why banks choose either structure A list of Nigerian banks under each category How many commercial banks Nigeria currently has What Does PLC Mean in Nigerian Banking? A Public Limited Company (Plc) is a company registered under the Companies and Allied Matters Act (CAMA) that is allowed to offer its shares to the general public. In the banking sector, a Plc: Can raise capital from the public through the stock market Is often listed on the Nigerian Exchange Group (NGX) Is subject to higher disclosure, governance, and reporting standards Has widely dispersed ownership Most of Nigeria’s large, legacy banks are Plc entities because public funding enables large-sc...