First Bank has been named the most valuable banking brand in Nigeria in this rating. The bank is also the only Nigerian bank to fall in the top 10 banking brands in Africa. The other banks in that category are from South Africa and Morocco. First Bank has been rated 6 consecutive times.

This means that First Bank led other banks in this global ranking with a $301 million brand value. The bank ranked 357. GTB came next with a ranking of 395 and a brand value of $258 million. Zenith Bank had a brand value of $247 million with a ranking of 414. Access bank’s ranking was set at 476 with a brand value of $182 million while United Bank for Africa has a ranking of 487 with a brand value of $172 million in the world.

The ranking methodology was explained by Brian Caplen, a banker who revealed that the Brand Finance employs a discounted cash flow technique to discount estimated royalties at an appropriate rate in order to have a net present value of a bank’s trademark and the intellectual property it has.

The ranking was done in five steps which include obtaining brand specific financial and revenue data, modeling the market to identify the demand and position of the individual banks in the context of all other market competitions.