Special Feature
11 New Nigerian Banks That You Probably Don’t Know
In 2004, the Nigerian banking sector went through a process of consolidation.
This was when the Central Bank of Nigeria (CBN) mandated all banks to meet the N25billion minimum paid-up capital by 31 December, 2005.
Before the consolidation exerecise, Nigeria had 89 commercial banks.
Immediately after the consolidation exercise of 2005, the number of Nigerian commercial banks stood at 25.
The Central Bank of Nigeria (CBN), which oversees banks in Nigeria, grants financial institutions licenses to operate as banks. This happens after it has examined and found them eligible to function as banks.
In the last few years, several new commercial banks have been licensed to operate as regional, national banks, etc. Below are the newly licensed Nigerian commercial banks.
SunTrust Bank
SunTrust Bank Nigeria Limited (STBNL), or simply SunTrust Bank, was incorporated and founded in 2009 by Muhammad Jibrin Barde. It was incorporated as a mortgage bank. In November 2015, it was granted a regional commercial banking license by the Central Bank of Nigeria.
As a full-fledged commercial bank, it opened for business to the public on 15 August 2016.
Currently, Olanrewaju Shittu is the bank Chairman, while Halima Buba serves as the Managing Director/Chief Executive Officer.
The headquarter of SunTrust Bank is located at 1 Oladele Olashore Street, Victoria Island, Lagos.
Globus Bank
One of the recently established Nigerian commercial banks is Globus Bank Ltd, simply referred to as Globus Bank.
Globus Bank was incorporated as “Globus Bank Ltd” on March 6, 2019 and is licensed as a regional commercial bank by the Central Bank of Nigeria.
Currently, Peter Amangbo serves as the board’s chairman, while Elias Igbinakenzua serves as the Managing Director and Chief Executive Officer.
The headquarter of Globus Bank is at 6 Adeyemo Alakija St, Victoria Island, Lagos.
Heritage Bank
Heritage Bank Plc., simply referred to as Heritage Bank, is one of the relatively recently established commercial banks that was issued with a national operating license by the CBN.
The bank traces its roots to the late 1970s, when it was founded as Societe Generale Bank (Nigeria), by the late Dr. Olusola Saraki.
On 27 January 2015, AMCON officially transferred ownership of Enterprise Bank Ltd to Heritage Bank Plc.
Jani Ibrahim serves as the acting chairman of the board of directors. The managing director and chief executive officer is Akinola George-Taylor.
The bank’s head office is at 292B Ajose Adeogun Street, Victoria Island, Lagos.
Parallex Bank
Parallex Bank Limited, or simply Parallex Bank, was originally founded as a microfinance bank (Parallex Microfinance Bank).
In January 2021, after operating for ten years as a microfinance bank, it received an approval in principle for conversion from a MicroFinance to a regional commercial Bank. It thus became the first Microfinance Bank to transit to a Commercial Bank in Nigeria.
Femi Bakre is the bank’s Managing director while Dr. Adeola Adejoke Phillips serves as the board’s Chairman.
Parallex Bank headquarter is situated at 1261 Adeola Hopewell St, Victoria Island, Lagos.
Titan Trust bank
Titan Trust Bank was established on the 12th of December, 2018 and started operating fully as a commercial bank after obtaining its national banking license on the 26th of April, 2019.
In May 2021, Titan Trust bank completed the takeover of the more-than-a-century old Union Bank of Nigeria Plc.
Currently, Tunde Lemo is the Chairman of the bank, while Adaeze Udensi serves as its acting Managing Director.
The head office of Titan Trust Bank is situated at Plot 1680, Sanusi Fafunwa Street, Victoria Island Lagos.
Optimus Bank Limited
Optimus Bank was licensed as a national bank by the Central Bank of Nigeria (CBN).
The Chairman of the board is Oghogho Akpata while Ademola Ayodeji Odeyemi is the bank’s Managing director/ Chief Executive Officer.
Optimus Bank head office is at 1681 Sanusi Fafunwa Street, Victoria Island, Lagos.
Jaiz Bank Plc
Jaiz Bank Plc, or simply Jaiz Bank, operates under Islamic banking principles. It is the first non-interest bank established in Nigeria.
The institution was founded in 2003, as Jaiz International Plc. On 11 November 2011, Jaiz International received a license from the CBN, to operate as a regional bank.
On 6 January 2012, the institution commenced business as Jaiz Bank Plc with offices and branches in Abuja, Kaduna and Kano.
The stock shares of Jaiz Bank, Plc, are privately held. Although the detailed shareholding remains largely unknown.
Alhaji Umar Mutallab is the bank’s Chairman, while Dr. Sirajo Salisu is the Managing Director & Chief Executive Officer.
Jaiz Bank headquarters is at Plot 1073 J.S. Tarka Street, Area 3, Garki Abuja.
PremiumTrust Bank
PremiumTrust Bank joined the list of licensed Nigerian commercial banks in Nigeria in April 2022, with its first branch in Port Harcourt, Rivers State.
Perez Araka serves as the board’s Chairman, while Emmanuel Efe Emefienim, who is the founder, is the Managing Director & Chief Executive Officer.
The bank’s head office is at 1612 Adeola Hopewell Street, Victoria Island,Lagos state, Nigeria
Providus Bank Limited
ProvidusBank PLC (PB), or simply Providus Bank, was granted a regional banking license by the CBN in June 2016.
Walter Akpani is the Managing Director and Chief Executive Officer, while Alhaji Hussaini Dikko is the Board’s Chairman.
The headquarters of ProvidusBank is located at 724 Adetokunbo Ademola Street, Victoria Island, Lagos.
TAJBank Limited
TAJBank Limited, or simply TAJBank, was founded in 2019. It is Nigeria’s second non-interest bank, operating under Islamic banking principles.
On 3 July 2019, TAJBank received a license from the CBN to operate as a regional bank.
On 2 December 2019, the bank commenced business and it’s first branches were in Abuja, Kano and Sokoto.
In August 2022, TAJBank was issued a national operating License by the CBN.
Alhaji Tanko Isiaku Gwamna is the bank’s Chairman, while Hamid Joda is the founder and Managing Director.
The bank’s headquarters is at 72 Ahmadu Bello Way, Abuja, Federal Capital Territory.
LOTUS Bank
LOTUS Bank Limited, simply referred to as LOTUS Bank, is a non-interest Nigerian commercial bank.
In June 2021, the Central Bank of Nigeria (CBN) granted a non-interest banking license to LOTUS Bank Limited.
Hajara Adeola is the founder and Chairperson of Lotus Bank, while Kafilat Araoye is the Managing Director.
The head office of LOTUS Bank is at 182 Awolowo Road, Ikoyi, Lagos.