Banking
Gupta Takes Over Diamond Bank UK, Changes Name to CTB
By Dipo Olowookere
Indian-born British businessman, Mr Sanjeev Gupta, has completed the acquisition of United Kingdom subsidiary of the defunct Diamond Bank Plc, Business Post has confirmed.
The Diamond Bank UK was sold by the parent company in Nigeria before its merger with Access Bank Plc in March 2019.
As the new owner of Diamond Bank, Business Post reliably gathered that Mr Gupta will change the name of his newly acquired bank to Commonwealth Trade Bank (CTB).
It was learned that the businessman acquired the financial institution as part of a strategy to help UK businesses trade internationally, especially with emerging and Commonwealth markets.
The Commonwealth Trade Bank is expected to add significantly to the financial services offering within Mr Gupta’s global GFG Alliance, comprising metals, industrials, energy, finance and property businesses.
The CTB will facilitate greater international trade with countries such as Australia and India, giving customers the attention and support they need to unlock value within their businesses, we gathered.
Also, the new lender will offer a core range of trade solutions including receivables, inventory and supply chain finance, letters of credit discounting, and trade and documentary services associated with trade finance.
The Change in Control for the bank follows the granting of approval for the acquisition by the Prudential Regulation Authority.
As a regulated entity, the Commonwealth Trade Bank will be owned, governed and operated independently of Mr Gupta’s other businesses.
The banks specific expertise in emerging and Commonwealth markets will complement the role of Wyelands Bank, Mr Gupta’s other bank in the UK focused on working capital solutions for both domestic and global industrial companies, which was purchased by Mr Gupta in 2016. Both banks will operate independently.
Mr Gupta, founder and executive chairman of GFG Alliance, said The CTB will be a highly valuable partner for Britain’s dynamic and ambitious companies that are looking to export their goods and services to some of the highest growth markets around the world like Australia and India.
“This is an exciting time for British businesses, with many new opportunities opening up in emerging and Commonwealth markets. By helping businesses to capitalise on these opportunities and expand their global footprint, I believe the Commonwealth Trade Bank will play a significant role in expanding trade worldwide.
“Finance is the life blood of our economy and there is a clear gap in the market to provide accessible finance and bespoke solutions to facilitate greater trade flows.
“Utilising its global networks, breadth of experience and specialist expertise in emerging and Commonwealth economies, and adopting latest technological solutions, this bank will aim to become a leader among financial institutions globally that provide international trade finance. GFG companies have a long history of trade within the Commonwealth and we hope to use that experience to design a British bank focused on helping UK companies to access exciting new opportunities in a post-Brexit world.
“We are very excited to have been given the privilege of acquiring two of Britain’s banks in this coveted market. We will build on the success of Wyelands Bank and will make CTB a great champion also,” Mr Gupta said.
The bank’s chief executive, Mr Peter Horton, said, “Were looking forward to a bright future as a new, independent, entity.
“We will focus on making it easier for businesses, to trade internationally. We will take the time to understand their needs so we can tailor workable solutions that will enable them to make the most of existing value within their business.
“We will also invest significantly in our people and in latest technology so we can do more to empower businesses to trade internationally.”
By Modupe Gbadeyanka
About N2 billion is expected to be used to finance renewable energy products for customers by the end of 2026 in an effort to accelerate Nigeria’s clean energy transition.
To meet this goal, Sterling Bank is launching Sterling Solar Financing Hubs inside StarTimes retail outlets to embed on-the-spot solar financing at the point of purchase.
From the N2 billion earmarked for this initiative, N600 million has already been used up.
Under this programme, customers can now walk into participating outlets, select their preferred solar solution, receive financial guidance from dedicated Sterling Solar Financing Advisors, and begin the financing process immediately, subject to the bank’s credit assessment.
The first phase of the rollout commenced this July with five Solar Financing Hubs across Lagos, located in Lekki, Ikeja, Festac, Surulere, and Victoria Island.
The network will expand rapidly to 46 StarTimes outlets nationwide before the end of the third quarter of 2026, with a view to extending the model to more than 200 StarTimes locations nationwide.
Both parties have promised to continue working together to democratise access to clean energy financing, empowering more Nigerians to solarise their homes and businesses while contributing to a greener future.
“Sterling exists to enrich lives, and we believe that access to clean, reliable energy should be within everyone’s reach. Through this partnership with StarTimes, we are democratising access to solar by bringing financing directly to the point of need, enabling more families and businesses to transition to sustainable energy without the burden of prohibitive upfront costs. This is about unlocking opportunity, improving livelihoods, and powering Nigeria’s future,” the Divisional Head of Renewable Energy and Mobility at Sterling Bank, Mr Darlington Nwankwo, said.
Also commenting, the Vice President of StarTimes Nigeria, Mr Eric Xiao, said, “With the rollout of the Sterling Solar Financing Hubs, we are doing more than just selling solar products; we are building a sustainable energy ecosystem. By integrating StarTimes’ extensive service network with Sterling Bank’s professional financial services, we are significantly lowering the barrier for Nigerian households and small businesses to access clean energy.
“Moving forward, we will continue to deepen this partnership, ensuring that more Nigerians can enjoy reliable, affordable, and smart energy solutions, ultimately turning our vision of energy accessibility into a reality for all.”
By Modupe Gbadeyanka
The Nigeria Business Summit Regional Tour of Stanbic IBTC Bank made a detour to Jogor Centre, Ibadan, Oyo State, on Wednesday, July 15, 2026, to empower Micro, Small, and Medium Enterprises (MSMEs).
The event brought together business leaders, development partners and government representatives to discuss pathways for sustainable enterprise development across the South-West.
Participants engaged in practical masterclasses on export opportunities; access to finance and business growth strategies; gaining actionable insights into market expansion; trade documentation; credit readiness; financial record-keeping; and structured financing solutions designed to support long-term business success.
The Head of Enterprise Banking at Stanbic IBTC Bank, Ms Olajumoke Bello, informed participants that the programme is part of the lender’s commitments to supporting MSMEs through practical business education, strategic partnerships and improved access to growth opportunities.
The Executive Director of Business and Commercial Banking at Stanbic IBTC Bank, Mr Remy Osuagwu, on his part, said, “Our ambition is to be more than a financial institution to Nigerian businesses. We want to be a trusted growth partner, providing the financing, business insights and advisory support entrepreneurs need to build sustainable enterprises and unlock new opportunities.”
Similarly, the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who reinforced the company’s commitment to enterprise development, highlighted the importance of providing businesses with the right support structures to enable sustainable growth and long-term competitiveness.
“At Stanbic IBTC, we believe that sustainable economic growth depends on the success of small and growing businesses. That is why we are focused on providing access to finance, practical advisory support and the connections businesses need to move from ambition to scale,” he stated.
The Oyo State Commissioner for Investment, Trade, Cooperatives, and Industry, Professor Soliu Adelabu, said the initiative was designed to support businesses and strengthen the state’s entrepreneurship ecosystem, praising the bank for its support for traders, entrepreneurs, and artisans in the state.
The Permanent Secretary in the Oyo State Ministry of Women Affairs and Social Inclusion, Mrs O.M. Shotonwa-Roagess, highlighted the importance of strategic partnerships in expanding economic opportunities for women and vulnerable groups across Oyo State. She noted that the ministry remains open to collaborating with organisations such as Stanbic IBTC, development partners and the private sector to drive financial inclusion, entrepreneurship and sustainable economic empowerment.
The Nigeria Business Summit Regional Tour forms part of Stanbic IBTC’s broader commitment to empowering entrepreneurs through capacity building, financial inclusion and strategic business support, helping enterprises unlock new opportunities for growth and long-term success.
The Ibadan leg built on the momentum of previous tour stops in Katsina and Aba.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
