Globally, Chief Financial Officers (CFOs) play a pivotal role in the financial landscape, serving as key architects of financial strategies and operational success. Positioned at the management forefront, they oversee critical functions such as financial planning, risk management, and investment strategies. Additionally, they manage finance and accounting divisions, ensuring the accurate and timely completion of financial reports. By leveraging their financial expertise and strategic insight, CFOs navigate industry complexities to safeguard institutional stability.
Against the backdrop of the new CBN’s directives regarding banking recapitalisation, the minimum capital for merchant banks and non-interest banks was raised—in addition to commercial banks—as a way of strengthening their capacity to navigate the prevailing and possible future economic headwinds, enhance their resilience and solvency, and continue to support the growth of the Nigerian economy.
Q: “By leveraging their financial expertise and strategic insight, CFOs navigate industry complexities to safeguard institutional stability.”
Source: Annual Financial Statements of the Banks, 2023
As Nigerian banks prepare to meet regulatory requirements in support of the nation’s aim to become a US$1 trillion economy by 2030, estimates suggest merchant banks will need approximately $229.3b and non-interest banks an additional $1.4b in capital to meet the threshold. A pressing issue is whether these banks are ready to attract the necessary capital. CFOs play a pivotal role in this scenario, tasked with evaluating capital adequacy, raising funds, and ensuring compliance with regulations.
Recognising their indispensable role in the performance of their banks, BusinessDay Intelligence (BDI) tracks the performance of CFOs of merchant banks and non-interest banks in Nigeria. This effort is to shine the spotlight on these agents entrusted with navigating the financial future of their companies.
Merchant Banks
1. Daniel Ajoma- CFO, NOVA Merchant Bank
Daniel is a seasoned finance professional with over 17 years of experience in the banking and finance industry. Prior, Daniel served as team lead in performance management, sales reporting, and budgeting at UBA Group and was a vital figure in the finance group at Ecobank.
His proven track record in performance management, financial reporting, and strategic planning makes him a key asset in formulating and executing strategies to help Nova Bank navigate the challenges posed by the current recapitalization requirement in Nigeria.
Given Daniel’s extensive experience in the industry and his visionary leadership, he will be very pivotal to NOVA’s meeting the additional ₦34bn needed given the bank’s current minimum capital of ₦16bn as of 2023-year end.
2. Oluwaseun Omole- CFO, FSDH Merchant Bank
Seun is an accomplished banker and chartered accountant with over a decade of experience in the finance industry. Having held various leadership roles at prestigious institutions, Seun has honed his expertise in business strategy, financial reporting, risk management, and operations control. His role as the CFO at FSDH Merchant Bank presents a unique opportunity to navigate the bank through the challenges posed by the current recapitalization requirements in Nigeria. With FSDH’s current share capital standing at ₦2.37bn, Seun’s expertise will come to bear in FSDH’s drive to meet the minimum base.
3. Adewale Adeniyi- CFO, Greenwich Merchant Bank
Adewale is an esteemed professional with nearly two decades of experience in the banking industry. He is a fellow of the ICAN and an associate member of various prestigious institutions. At Greenwich Merchant Bank, Adewale’s role will be pivotal in steering the bank towards meeting the paid-in minimum equity. With the bank’s current share capital standing at ₦17.7bn and a target of ₦50bn, his strategic financial leadership is essential to achieving this ambitious goal.
4. Awotunde Arini- CFO, Coronation Merchant Bank
Awotunde is an accomplished financial professional with a wealth of experience spanning banking, accounting, and finance. He is a member of several reputable accounting bodies and his extensive experience and expertise in financial management, strategic planning, and regulatory compliance position him as a key asset in navigating Coronation Merchant Bank through the recapitalization exercise declared by the CBN. With the bank’s current share capital at ₦8.71bn and a target of N50bn, his track record suggests that he is well-equipped to drive the bank’s performance in meeting and exceeding this ambitious goal.
5. Olamide Adeosun- CFO, FBNQuest Merchant Bank
Olamide brings a wealth of experience and expertise to the table. With 23 years of experience in finance, Olamide has demonstrated her proficiency in various areas including financial reporting, accounting, financial analysis, audits, budgeting, cash management, and tax planning. Her track record of managing strategic relationships with internal and external stakeholders positions her as a key asset in driving the bank’s growth and success.
Given FBNQuest Merchant Bank’s current share capital of ₦8.21bn and the target of ₦50bn, Olamide’s experience and leadership will be instrumental in devising and executing a comprehensive strategy to optimize capital, attract investments, and ensure compliance with regulatory requirements.
Olamide Adeosun’s background, experience, and expertise make her a valuable asset in guiding FBNQuest Merchant Bank through Nigeria’s recapitalization exercise, positioning the bank for sustainable growth.
Non-Interest Banks
Babatunde Lawal- CFO, Lotus Bank
A seasoned banker, Lawal brings over two decades of expertise to the banking industry. Lawal’s keen insight into operational risks and extensive experience enabled him to identify potential pitfalls and offer strategic solutions within the banking sector. Since its inception in 2022 under Babatunde Lawal’s leadership as CFO, Lotus gross earnings surged from ₦994m to a remarkable ₦9.2bn. This growth was not only substantial but also strategically significant, aligning Lotus Bank’s share capital, which stands out at ₦13.03bn, well above the central bank requirement of ₦10bn.
Ahmed Alhaji Hassan- CFO, Jaiz Bank
Ahmed is an accomplished financial professional currently holding the position of Chief Financial Officer & Executive Director at Jaiz Bank PLC since 2021. He held key roles at reputable institutions such as FinBank Plc and Dangote Group Ltd, where he gained extensive experience in corporate finance, risk management, and financial controls. Under his guidance, the bank experienced notable financial growth, with profits surging from over ₦4bn in 2021 to an impressive ₦6.8bn in 2022. His expertise spans various areas of banking operations, including corporate finance, risk management, and branch/regional banking which is important to take necessary measures to fulfil CBN’s requirement to ensure compliance as it is just short of ₦1.38bn of the ₦20bn required.
Muhammad is a research and data analyst at BusinessDay Intelligence. He has over seven years of quality analytical experience on issues related to the economy, finance, and human capital development.
Chiamaka is a junior research and data analyst at BusinessDay Intelligence. She has a degree in Economics with over one year of cognate experience in data visualization and handling.
For Enquiries: Nike Alao-Chief Research Officer: +2348034856676
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