Meet faces behind Nigeria’s banking industry innovation, expansion

Nigeria’s banking industry commenced in the early 20th century during the British colonial period. The first bank to operate in the country was the African Banking Corporation, which opened its doors in Lagos in 1892, primarily to serve the colonial government and expatriate businesses.

In 1892, the African Banking Corporation and the Bank of British West Africa, now the First Bank of Nigeria, were established in Nigeria.

The first domestic bank In Nigeria was established in 1929 and called the Industrial and Commercial Bank.

The bank was liquidated in 1930 and was replaced by Mercantile Bank in 1931. The African Continental Bank was created in 1949 as the only sustainable indigenous bank after the liquidation of the Industrial and Commercial Bank.

The year 1947 shows the emergence of an agricultural bank called the Nigerian Farmers and Commercial Bank.

However, over three decades ago, the banking sector witnessed a tremendous transformation which made it to lure the smartest graduates from Nigerian tertiary institutions.

Here are some of the individuals at the forefront of banking innovation and expansion in the sector.

Subomi Balogun

Late Subomi Balogun is the founder of First City Monument Bank (FCMB) and was one of the pioneers of investment banking and indigenous financial entrepreneurship in the country.

Balogun was 48 years old when he established the bank in 1982. He attended Ijebu-Ode Grammar School and CMS Grammar School in Lagos before proceeding to study law at the London School of Economics.

His foray into the financial sector began in 1973 when he joined the Nigerian Industrial Development Bank (NIDB) as an executive director. He was instrumental in setting up the bank’s merchant banking arm, ICON Limited (Merchant Bankers), which he later headed as the managing director and chief executive officer.

Balogun passed away on May 18, 2023, and was laid to rest on Saturday, July 8, 2023, at his residence— Otunba Tunwase Court in Ijebu Ode, Ogun State.

Herbert Wigwe

Late Herbert Wigwe was another prominent figure in the Nigerian banking industry, Wigwe was 36 years old when he took over in Access Bank Plc.

Alongside his business partner Aigboje Aig-Imoukhuede, Wigwe acquired Access Bank, and under their leadership, the bank embarked on a journey of aggressive expansion and transformation.

Wigwe was born on August 15, 1966, in Lagos, and before his death, he holds a Bachelor of Science degree in Accountancy from the University of Nigeria, Nsukka, and a Master’s degree in Banking and International Finance from the University College of North Wales (now Bangor University).

Read also: Research Insight: Echoes from the past: Sub-Saharan Africa’s journey in banking recapitalisation

Jim Ovia

Jim Ovia is another notable personality in Nigeria’s banking sector innovation and expansion. Ovia, the founder of Zenith Bank, was born on November 4, 1951.

He obtained B.Sc. degree in Business Administration from Southern University, Baton Rouge, Louisiana (1977), and an MBA from the University of Louisiana, Monroe, in 1979. He is also an alumnus of Harvard Business School.

Ovia, a key figure in Nigeria’s banking industry’s evolution and digital transformation, founded Zenith Bank in 1990 and started the Bank with 20 million Naira at an exchange rate of 4 Naira to a dollar.

Tony Elumelu

Another prominent figure when it comes to banking innovation in Nigeria is Tony Elumelu (Anthony Onyemaechi Elumelu). In 1997, Elumelu led a small group of investors to take over a struggling Crystal Bank (later renamed Standard Trust Bank).

He turned it profitable within a few years and in 2005, he led one of the largest mergers in the banking sector in Sub-Saharan Africa by acquiring United Bank for Africa (UBA).

Elumelu studied Economics at the then, Bendel State University (now Ambrose Alli University), obtaining a Bachelor of Science with a Lower Second Class. Afterward, he obtained a Master of Science degree in Economics from the University of Lagos.

He was born 22 March 1963 and is a Nigerian economist, banker, and philanthropist. He chairs Heirs Holdings, Transcorp, United Bank for Africa (UBA), and is the founder of The Tony Elumelu Foundation.

Premier Oiwoh

Premier Oiwoh is a seasoned banking professional with over three decades of multi-functional and international experience. He is the managing director and Chief Executive Officer of Nigeria Inter-Bank Settlement System Plc (NIBSS).

He holds a Bachelor’s degree and an MBA, is a Member of the Chartered Institute of Bankers of Nigeria, an alumnus of Lagos Business School and several prestigious Nigerian and International Executive Business Schools.

He commenced his banking career in 1992 and has served in various capacities ranging from head of operations, business manager, and director of operations at the International office in Francophone Africa, Director/Head of operations and IT, and head, business development, Northern Nigeria.

Segun Agbaje

Segun Agbaje is the Group CEO, of Guaranty Trust Holding Company (GTCO) also known as GTCO PLC) a multinational financial services group, that offers retail and investment banking, pension management, asset management, and payments services, headquartered in Victoria Island, Lagos, Nigeria. He is also a Director of PepsiCo and a member of the Mastercard Advisory Board, Middle East and Africa.

Agbaje attended St Gregory’s College, Obalende, Lagos State, Nigeria, and St Augustine Academy, Kent, England, for his secondary education. He then proceeded to the University of San Francisco, California, where he earned Bachelor of Accounting and Master of Business Administration degrees.

He began his career working for Ernst & Young in San Francisco and left in 1991 to join the startup GTBank. He rose through the ranks to become an Executive Director in January 2000, and Deputy Managing Director in August 2002.

Agbaje was appointed Group CEO of Guaranty Trust Holding Company in August 2021 after he stepped down from his role as Managing Director of Guaranty Trust Bank. Agbaje who was named substantive Managing Director of Guaranty Trust Bank in June 2011 following the death of Tayo Aderinokun, handed over the reins of the Bank to Miriam Olusanya in August 2021.