The Nigerian banking sector is a pacesetter within the continent’s monetary sector. The full property have been linked to N 66.76 trillion ($151 billion) as of August 2022, 19.13% from the identical interval in 2021. The banking sector gives almost 80,000 jobs for prime executives, junior workers and contract employees in Africa’s largest economic system. The sector has steadily contributed to the event of entrepreneurship and companies within the Nigerian economic system.
However the story was not glamorous for the Nigerian banking trade because it additionally shared within the bitter drugs of monetary meltdowns. Between 1994 and 2008, about 52 business banks liquidated within the nation and had their license revoked by the Central Financial institution of Nigeria (CBN). The development damage many shoppers and invariably led to new banking reforms within the West African state.
So, after a sequence of liquidations, the CBN applied a brand new coverage that will guarantee banks present a minimal capital base of N25 billion in order that banks can keep secure and defend folks’s deposits. With that, they might take in such losses and preserve going by way of good occasions and dangerous. That revolutionized the Nigerian banking system because it noticed the emergence of younger aspiring bankers who spearheaded investments, constructing investor confidence and a sequence of mergers and acquisitions.
Because the early twentieth century, Nigeria has seen the delivery of recent banks and a rise in revolutionary options, regardless of the liquidation of some banks. Beneath is an inventory of notable male icons within the Nigerian banking trade who’ve considerably impacted the trade with their inventive ingenuity.
Ated Peterside
Atedo Peterside is a Nigerian businessman, funding banker and economist. In 1989, on the age of 33, he based the Funding Banking & Belief Firm Restricted (IBTC) and served as CEO of the financial institution till 2007 when it turned Stanbic IBTC Financial institution Plc after a merger and acquisition course of with Stanbic Financial institution Nigeria Ltd .
Previous to this merger, IBTC had raised capital to amass two business banks in 2005: Chartered Financial institution Plc and Regent Financial institution Plc. That was achieved in accordance with the CBN order that every one depository banks should have a minimal capital base of N25 billion on the time. These earlier acquisitions made it a common financial institution, so it turned IBTC Chartered Financial institution Plc 2005.
Peterside was elected Chairman of Stanbic IBTC Financial institution in October 2007 and later turned Group Chairman of Stanbic IBTC Holdings Plc. in August 2012 earlier than saying his resignation in 2017.
He’s the Chairman of Anap Enterprise Jets Ltd (an organization he based in 2015) and the Atedo NA Peterside Basis. He additionally sits on the boards of each The Commonplace Financial institution of South Africa Ltd and Commonplace Financial institution Group Ltd.
Ated Peterside
Jim Ovia
Jim James Ovia is the founder and former CEO/Managing Director of Zenith Financial institution Plc, one among Nigeria’s tier-1 business banks. Zenith Financial institution Plc was based in Could 1990 and began operations in July of the identical yr as a business financial institution. Nevertheless, the financial institution turned a restricted legal responsibility firm on June 17, 2004 and was listed on the Nigerian Inventory Alternate (NSE) on October 21, 2004.
Along with greater than 500 branches in Nigeria, Zenith Financial institution has branches in the UK (UK), Ghana, Gambia and Sierra Leone. It additionally has representatives in China.
Ovia presently serves as chairman and particular person majority shareholder of the financial institution. He additionally owns prime actual property throughout Nigeria, and cell telecom operator Visafone, which has 3 million subscribers.
Jim Ovia
Tony Elumelu
Anthony Onyemaechi Elumelu (Tony Elumelu) is a Nigerian economist and philanthropist. In 1985, he served as a youth corps member at Union Financial institution Nigeria earlier than beginning his profession as a salesman.
In 1997, Elumelu led a small group of traders to take over a struggling Crystal Financial institution (later renamed Commonplace Belief Financial institution). Inside just a few years the financial institution turned worthwhile and in 2005 he spearheaded one of many largest mergers within the sub-Saharan African banking trade by buying United Financial institution for Africa Plc (UBA).
Elumelu led the corporate as Group Managing Director from a single nation banking group to a pan-African financial institution with subsidiaries in 20 African international locations, France, the USA (US) and the UK.
Whereas Elumelu presently serves as chairman of the board of administrators of UBA, he’s additionally the founder and chairman of Heirs Holdings, Transcorp Group and the Tony Elumelu Basis (TEF).
Tony Elumelu
Tajudeen Afolabi Adeola
Tajudeen Afolabi Adeola is a Nigerian businessman and investor. He’s the founding father of Warranty Belief Financial institution (GTBank Plc.), a monetary establishment he co-founded with the late Tayo Aderinokun. Adeola is GTBank’s pioneering MD.CEO, however handed over to Aderinokun in 20o2 and went on to function chairman of a number of boards within the monetary, power, funding banking, brewing and telecommunications industries.
GTBank is now a multinational monetary providers firm providing retail and funding banking, pension administration, asset administration and cost providers. The financial institution is predicated in Lagos and has footprints within the US, UK and no less than 9 different African international locations. Adeola is a member of the Fee for Africa and founder and president of the FATE Basis.
Tajudeen Afolabi Adeola
Aigboje Aig-Imoukhuede
Aigboje Aig-Imoukhuede is a banker, lawyer and philanthropist. He’s the founder and chairman of Coronation Capital Ltd and its subsidiaries, Coronation Asset Administration Ltd and Trium Ltd.
He is among the founders of the Assured Belief Financial institution (GTBank) in 1991 on the age of 25 and was liable for establishing what is going to later be known as retail banking or business banking. On the age of 32, he was the manager director liable for working the financial institution within the absence of the overall supervisor and deputy normal supervisor.
On the age of 34, in partnership with Herbert Wigwe, his pal and former colleague at GTBank, he purchased a struggling business financial institution, Entry Financial institution, buying 51% p.c of the financial institution’s share. The pair went on to turn into Entry Financial institution’s normal supervisor and deputy normal supervisor, respectively.
Aigboje Aig-Imoukhuede
Herbert Wigwe
Herbert Onyewumbu Wigwe is a Nigerian banker and entrepreneur. He’s the previous CEO of Entry Holdings Plc, an establishment he acquired in a joint partnership along with his pal and former colleague, Aigboje Aig-Imoukhuede. He and his pal left GTBank as Government Director to co-lead the transformation of Entry Financial institution Plc in March 2002 as Deputy Managing Director.
Wigwe was later appointed Group Managing Director/CEO with impact from 2014 following the resignation of Aig-Imoukhuede. He held that capability till Could 2022, when he stepped down from his place and was subsequently appointed as a non-executive director of the financial institution, with impact from Could final yr.
In 2020, Wigwe was named “African Banker of the 12 months” on the African Banker Awards, recognizing his management and the influence Entry Financial institution has made on the African monetary panorama. Greater than that, Wigwe has helped develop a few of Africa’s largest corporations within the development, telecommunications, power and oil and gasoline sectors by way of a singular mannequin, involving understanding and monetary assist and experience.
Entry Financial institution is one among Nigeria’s tier-1 banks or prime 5 banks. As of March 31, 2022, Entry Financial institution had complete property of roughly $28.8 billion. Entry Financial institution presently has footprints in 17 markets throughout 3 continents. Because of Wigwe’s dedication to pan-African growth.
Herbert Wigwe