Business
Ecobank Nigeria Announces Appointment of New Chairman, Directors
The Board of Directors of Ecobank Nigeria has announced the appointment of three non-executive directors: . Mrs. Bola Adesola, Mrs. Titilayo Olujobi and Mrs. Bimbola Wright. According to the Board, the new Directors have distinguished themselves in their various careers bringing with them a wealth of experience in the financial services industry, their professionalism and integrity, that has earned them international respect.
Mrs. Adesola who has also been appointed as the Chairman of the Board, following the end of tenure of Mr. John Aboh, is a highly respected professional with over thirty-three (33) years of experience in the banking sector. She has commendable leadership qualities and successfully driven expansion initiatives in several banks. Mrs. Adesola retired from Standard Chartered Bank as the Senior Vice- Chairman, Africa. Prior to this role, she was the Managing Director/ Chief Executive Officer for Standard Chartered Nigeria and West Africa for eight years with oversight over the bank’s West African subsidiaries, including Ghana, Cote D’Ivoire, The Gambia, Sierra Leone, and Cameroun. Mrs. Adesola was also the Chairperson of the Board of Standard Chartered Bank Mauritius and a Director at Standard Chartered, Ghana.
Mrs. Adesola had also served as an Executive Director, Corporate Banking and Executive Director Lagos Directorate at First Bank of Nigeria Plc; Managing Director, Kakawa Discount House, Nigeria. An alumnus of Harvard Business School and Lagos Business School, she also holds a Law degree from the University of Buckingham, UK and is an Associate of the Chartered Institute of Arbitrators, U.K and Nigeria amongst others.
Commenting on her appointment as Director and Chairman of the Board, Mrs. Adesola said; “I am honoured to be appointed as Chairman of the Board of Ecobank Nigeria. I am familiar with the brand and the proud history that is built on strong foundation across the African continent and indeed globally. I look forward to working with the other members of the Board and Executive team as we continue our journey to be top in the Nigerian market, by setting the standards in financial services for our customers. I would also like to express my thanks to my predecessor, Mr. John Aboh, a consummate and respected banker for a very successful tenure and wish him all the best for the future.”
Patrick Akinwuntan, Managing Director, Ecobank Nigeria said: “The entire staff and Management of Ecobank Nigeria warmly welcome Mrs. Bola Adesola and the other new directors to the Board. We will give them our full support in ensuring the actualization of the Bank’s strategic plans in Nigeria. I also thank Mr. John Aboh who recently retired from the Board after successfully completing his tenure of office. Under his tenure as Chairman of the Board, the Bank made remarkable progress in growing its market share and repositioning Ecobank Nigeria for leadership in the Nigerian financial services sector”.
Mrs. Titilayo Olujobi also a new director on the Board is a well-rounded and experienced professional with nearly four decades experience in Public Accounting, Banking, Training Facilitation, Business Consulting and Coaching. She is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a Certified Professional Coach of the International Coaching Federation (ICF). Mrs. Olujobi who is currently Non-Executive Director of IBFCAlliance Limited, started her professional career at Z. O. Ososanya & Co and Coopers and Lybrand (now PriceWaterhouse Coopers) where she led audit assignments and consulted on tax issues. She was at Nigeria International Bank Limited (now Citibank Nigeria Limited) as a Management Associate and rose through the ranks across multiple positions to become Vice President (Deputy General Manager); She was Managing Director, IBFCAgusto Training Limited; Executive Director of IBFCAlliance Limited after the merger of IBFCAgusto and Alliance Consulting. She holds a B.Sc. Degree in Economics from the University of Ife (now Obafemi Awolowo University).
Mrs. Bimbola Wright is a transformative and human-centered professional with thirty three (33) years banking experience in top financial institutions, over 20 years of which was at senior leadership levels. She is currently an Executive Director with Wright & Co Limited, a management consulting firm based in Lagos; Chairperson of the Board of Arami Essentials; member of the Institute of Directors, where she sits on the board of IoD Centre for Corporate Governance; and Fellow of the Nigeria Institute of Management. Her career commenced with NAL Bank Plc (now part of Sterling Bank), from where she moved to Kakawa Discount House which was later acquired by First Bank Holdings to become FBNQuest Merchant Bank; she was Executive Council member of Women in Management, Business and Public Services (WIMBIZ). Bimbola holds a B.Sc in Human Biology from Surrey University, an M.A. in International Relations from University of Kent at Canterbury.
Sterling Bank, on Wednesday, announced the removal of account maintenance fees on all personal accounts, describing the decision as a “gift” to Nigerians in celebration of the country’s 65th Independence Day.
The decision, which follows the abolition of transfer fees on local online transactions in April 2025, was outlined in a statement shared by the bank. The bank said the policy would allow customers to keep more of their earnings, framing it as a step toward financial freedom.
“Every fee we remove is one less barrier between our customers and true financial freedom. This was the rationale behind eliminating transfer fees in April, and it is the same principle we uphold as we eliminate account maintenance fees,” Sterling Bank’s Managing Director, Abubakar Suleiman, said.
The statement highlighted that in 2024 alone, tier-1 banks in Nigeria earned over ₦650 billion from account maintenance and e-banking charges. “This decision cuts at the heart of a revenue model that has long cost Nigerian customers dearly,” the bank noted.
Obinna Ukachukwu, Sterling’s Growth Executive for Consumer and Business Banking, said the initiative was intended to strengthen long-term relationships with customers. “This initiative is about building lasting relationships that fuel sustainable growth. We put transparency and customer value first, and in doing so, we are building a foundation that serves both our customers and Sterling’s future,” he said.
Sterling Bank also framed the removal of fees as part of a broader strategy to make banking more inclusive and customer-focused. The April 2025 transfer fee abolition had already eliminated charges on all local online transactions, easing costs for individuals and small businesses. At the time, Ukachukwu described the move as a values-driven decision aimed at ensuring fair access to money.
“Access to your own money shouldn’t come with a penalty. This is more than a financial decision—it’s about redefining banking to put customers first,” Ukachukwu said.
The latest move aligns with Sterling’s positioning as a bank committed to transparency, customer value, and digital innovation, and it signals a continued effort to reshape banking practices in Nigeria.
Guaranty Trust Holding Company Plc has reported a profit before tax of N600.9 billion for the half year ended June 30, 2025.
The figure is contained in the company’s audited consolidated and separate financial statements, which were released to the Nigerian Exchange Group and the London Stock Exchange.
The group stated that the performance was driven by growth in core earnings lines, including interest income and fee income, which rose year-on-year by 31.5% and 33.0%, respectively.
It explained that the growth helped to cushion the absence of N493.01 billion in fair value gains recorded in 2024, resulting in a 40 per cent decline.
GTCO stated that its total assets stood at N16.7 trillion, while shareholders’ funds totaled N3.0 trillion during the review period.
It added that its balance sheet remained strong, diversified, and de-risked across operating jurisdictions, as well as its payments, pension, and funds management businesses.
The group disclosed that its Capital Adequacy Ratio closed at 36.2 per cent, while asset quality improved with IFRS 9 Stage 3 loans declining to 3.2 per cent.
At the group level, Stage 3 loans stood at 4.5 per cent, compared with 5.2 per cent in December 2024.
Similarly, the cost of risk improved to 1.7 per cent from 4.9 per cent recorded in December 2024.
The company stated that its net loan book increased by 20.5 per cent, from N2.79 trillion in December 2024 to N3.36 trillion in June 2025.
Deposit liabilities also increased by 16.6 per cent from N10.40 trillion to N12.13 trillion during the same period.
The board of GTCO approved an interim dividend of N1.00 per share for the half year ended June 30, 2025.
Commenting on the results, Segun Agbaje, Group Chief Executive Officer, said the half-year performance reflected business strength and progress towards building a diversified financial services ecosystem.
He said beyond last year’s extraordinary one-off gains, the group was now driving sustainable growth with recurring earnings that demonstrated the resilience and scalability of its model.
Mr Agbaje noted that continued investment in technology, particularly in core banking upgrades, was delivering stronger uptime, efficiency, and greater capacity to scale with a growing customer base.
He added that across banking, funds management, pension, and payments, GTCO was leveraging a de-risked balance sheet to reinforce its market position while maintaining strategic flexibility. According to him, this foundation positions the group to seize emerging opportunities and deliver lasting value for all stakeholders.
Mr Agbaje stressed that GTCO had continued to post some of the best metrics in Nigeria’s financial services industry in terms of key financial ratios. He said the group recorded Pre-Tax Return on Equity of 60.4 per cent, Pre-Tax Return on Assets of 10.6 per cent, Capital Adequacy Ratio of 36.2 per cent, and Cost-to-Income ratio of 30.1 per cent.
NAN
In line with its commitments of promoting sports and developmental initiatives at all levels, First Bank of Nigeria Limited is partnering the organizers of the first of its kind E1 Lagos GP an all-electric powerboat racing championship, set to hold between the 3rd and 5th of October 2025.
Disclosing this at the E1 Lagos GP Stakeholder Immersion session in Lagos recently, Olayinka Ijabiyi, the Acting Group Head, Marketing and Corporate Communication of FirstBank, reaffirmed the Bank’s commitment to supporting initiatives that engender human development across the country while cementing legacies.
“Our involvement in the E1 Lagos GP is about driving legacy and enabling the passions and aspirations that unite Nigerians. We are a bank that has been in business for over 131 years and we recognize that sports drives us as a country, which is why through our First@Sports initiative, we continue to invest in platforms that inspire and elevate our people. We have been supporting legacy sport tournaments like the Georgian Polo Cup which we have hosted for 105 years, and the Lagos Amateur Open Golf Championship for 64 years now,” Ijabiyi said.
With the event slated for the start of the fourth quarter, FirstBank is aligning its partnership with the annual DecemberIssaVybe initiative, a campaign that celebrates the vibrant spirit of Nigerians during the festive season by curating unforgettable experiences that blend culture, entertainment and lifestyle. “FirstBank is deeply woven into the fabric of society and the lives of our customers. As presenting partner, we are creating meaningful touchpoints with customers and prospects, offering them a world-class experience of relaxation and celebration that captures the true essence of Lagos during the festive season,” he added.
Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, who was also at the event, described the initiative as an event that will grow not just the sports but also showcase Lagos’s vibrant culture, dynamic people, and global relevance, while commending FirstBank for their support.
The teams owned by notable stars like Tom Brady, LeBron James, Didier Drogba, Will Smith, Marc Anthony, Steve Aoki, Rafael Nadal will compete in the Lagos leg before the 2025 season of the competition terminates in Miami in the United States.
