Banking
Coronation Merchant Bank Targets Top-Tier African Status in Next Growth Phase
By Adedapo Adesanya
Coronation Merchant Bank has set its sights on attaining top-tier status among African banks, leveraging a decade of operations and Nigeria’s ongoing economic reforms to drive its next phase of growth across key sectors.
Speaking at the Chairman’s Dinner held to commemorate the bank’s 10th anniversary in Lagos, the chief executive of the lender, Mr Paul Abiagam, said the institution had successfully carved out a distinct niche in Nigeria’s highly competitive financial services market despite a decade defined by economic volatility, policy shifts and macroeconomic uncertainty.
“Over the last 10 years, we have found our own space in a very tight market and built credible footprints in the specific markets we chose to serve,” Mr Abiagam said.
Describing the bank’s journey as “valiant” amid the changing economic landscape, he said the anniversary represents both a moment of gratitude to the bank’s founder, shareholders, board and partners, and a recommitment to scale new heights in the decade ahead.
Mr Abiagam attributed the bank’s resilience and steady growth to strong shareholder and board support, as well as a clear and disciplined corporate strategy.
He noted that Coronation Merchant Bank’s focus on defined target markets had enabled it to expand its footprint across key sectors of the economy while maintaining operational clarity.
Looking ahead, the CEO said ongoing reforms and the Federal Government’s ambition to build a $1 trillion economy present significant opportunities for financial institutions with the right expertise and positioning.
He identified infrastructure, construction, real estate, oil and gas, and manufacturing as priority sectors where the bank is already aligning its strategy.
“Volatility often comes with opportunity, What we see clearly is opportunity, and our strategy is to ensure we are well positioned to take advantage of it.” Mr Abiagam said.
Among the bank’s notable milestones, Mr Abiagam highlighted its international credit ratings, placing Coronation among a small group of internationally rated merchant banks in Nigeria.
He also pointed to human capital as a core strength, describing the bank’s people and talent as its greatest asset.
In his remarks, the Chairman of Coronation Merchant Bank, Mr Babatunde Folawiyo, reflected on the challenges of operating in Nigeria’s banking sector over the past decade, noting that the true measure of success lies in an institution’s ability to grow through uncertainty and emerge stronger.
“Anyone who has operated in Nigeria’s banking space over the last 10 years knows how challenging it has been,” Mr Folawiyo said, citing policy changes, macroeconomic shifts and leadership transitions. “The real test is whether you can grow through those challenges—and we have.”
Mr Folawiyo said recent reforms have introduced greater certainty into the economy, particularly in the foreign exchange market, which is critical for business planning and sustainable growth. While acknowledging that the adjustment period has been difficult, he stressed that predictability, even at higher exchange rates, is far more beneficial than extreme volatility.
“No business thrives without some level of stability. What hurts the economy most is wild and sudden swings. Predictability allows businesses to plan, adjust and grow,” he said.
On the outlook for the sector, Mr Folawiyo said Nigeria remains significantly underbanked, creating room for diverse players within the financial system. While technology and fintechs are expanding access to financial services, he emphasized the enduring role of specialized institutions such as merchant banks in serving corporate and structured finance needs.
“A corporate client structuring commercial papers or complex funding solutions needs more than a fintech app. It needs a bespoke, one-stop financial partner. That is where merchant banks like ours play a critical role,” the Chairman said.
He added that Coronation Merchant Bank’s strategy is anchored on long-term economic fundamentals rather than political cycles, noting that the current policy direction of the Central Bank and the Federal Government, though initially painful, aligns with sound economic principles.
“These are textbook reforms. There is no gain without pain, and we are already beginning to see the gains, not just in the financial sector but across the broader economy,” he added.
Banking
Proxy Share Acquisition: Nothing to Worry About—LivingTrust Mortgage Bank Assures Shareholders
By Aduragbemi Omiyale
The board of LivingTrust Mortgage Bank Plc has assured the investing public, particularly its shareholders, that its operations are not being affected by reports of an alleged proxy share acquisition surrounding the organisation.
It was claimed that an investor attempted to take over the control of the real estate lender with funds alleged to have been from questionable sources.
In a clarification to the investing public through the Nigerian Exchange (NGX) Limited on Tuesday, April 7, 2026, the company said it cannot confirm if security operatives investigating the claims have submitted their report to the Central Bank of Nigeria (CBN).
However, it assured that, “Our bank is stable and that in the event of any change in ownership, we will file the necessary formal notifications and publish detailed announcements.”
In the notice today, LivingTrust Mortgage Bank narrated that, “As a company listed on the Growth Board of NGX, there are regular movements on the bank’s shareholder register.
“The bank’s monitoring of material movements showed an acquisition of 2.24 per cent of its shareholding by Apel Asset Ltd-Nominee, as per its register of June 25, 2025, as obtained from our registrar. However, one month later, in July 2025, the register obtained from the bank’s registrar showed the same shares to be listed in favour of Deril Academy Limited. We are further aware that in July 2025, Deril Academy Limited teamed up with some other shareholders in a takeover attempt via a matter filed in the Federal High Court, Lagos. The attempt failed, and the matter has now been withdrawn.
“Please note that we do not reveal the veil of corporations of juridical entities investing in the shares of the bank, below the level considered statutorily significant.
“While the CBN assesses the source of funds invested in financial institutions, persons purchasing shares of less than 5 per cent of total shareholdings in the open market are not required to be reported to the CBN.”
Business Post reports that the majority shareholders of LivingTrust Mortgage Bank, formerly Omoluabi Mortgage Bank, are Cititrust Holdings Plc and the Osun State Government.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) registry surged to 68.6 million in the first three months of 2026 from 67.8 million in the last quarter of 2025, reflecting continued uptake of the unique identity platform for bank customers amid new regulatory directives to strengthen the Nigerian financial landscape further.
Data released by the Nigeria Inter-Bank Settlement System (NIBSS) showed that the database expanded by 754,128 in the first quarter of the year.
Last year, the sector recorded 4.3 million new registrations, largely driven by the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to register remotely, thereby boosting cross-border financial inclusion.
The data for fresh enrolments in 2026 showed a slowing rate of registrations, with fewer than one million recorded in the first three months. The total number of active bank accounts in Nigeria stood at over 320 million as of March 2025, highlighting a gap between BVN coverage and the broader banking population. While a single BVN can be linked to multiple accounts, unlinked accounts remain a challenge for financial oversight.
Last month, the Central Bank of Nigeria (CBN) introduced a revised BVN regulatory framework to strengthen identity verification and fraud prevention. Among the new provisions, only individuals aged 18 and above are eligible for BVN enrolment, and customers are now permitted to update the phone number linked to their BVN only once.
The apex bank also directed financial institutions to maintain a temporary watch list of BVNs associated with suspected fraudulent transactions. Affected BVNs remain on the list for up to 24 hours, during which owners are contacted for clarification before further action is taken.
According to the CBN, the measures are designed to tighten fraud monitoring, protect transaction integrity, and enhance identity management across Nigeria’s banking system.
By Modupe Gbadeyanka
One tune that is on the lips of young and energetic Nigerians is the new ALAT: The Evolution jingle.
The melodious clink was designed to capture the energy of a smarter and more seamless banking experience. It is bright, catchy, and full of life.
The lender said the ALAT: The Evolution jingle is more than just music, as it represents a clear statement of intent. It signals a shift towards banking that feels natural, responsive, and in tune with the user.
As customers update their app and explore ALAT: The Evolution, the jingle serves as a reminder that a better, smoother way to bank is already here. Wema Bank is not just evolving its technology; it is shaping how banking feels.
It was stated that the tune was introduced to mark the next phase of the financial institution’s digital banking journey.
Everyday banking can often feel routine or even stressful, with multiple steps and delays slowing things down. The ALAT: The Evolution jingle reimagines that experience with a lively and confident tone that mirrors the app’s capabilities.
From voice banking with SAW to Tap and Pay and bank uptime prediction, each feature is echoed in the rhythm and flow of the sound. It brings to life the speed, convenience, and reliability that define this new phase of ALAT: The Evolution.
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