Banking
Examining Stanbic IBTC vis-à-vis Banking Industry Compliance and Corporate Governance Practices
At a recent function in Abuja, the Managing Director/CEO of the Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, delivered a lecture where he revealed that there has been a consistent decline, over the past three years, in the recorded rate of successful fraud incidences, thefts and forgeries in the banking industry. Specifically, Ibrahim said such cases had declined by almost half, 48.12%, of the rate it was in 2015.
In response to how the industry was able to achieve such impressive reductions, Ibrahim, while putting in perspective the key reason for frauds to help buttress his response, explained that poor corporate governance practices in terms of regulatory and supervisory oversight and compliance allow frauds and forgeries to thrive. So all that needed to be done was to ensure a stronger corporate governance practice. He said the reduction is indicative of the strict adherence to sound corporate governance practices by banks, which include compliance with regulations.
Indeed, experts at a recent workshop organized by the National Institute of Compliance (NIC) agreed that compliance is at the heart of sound banking practices and sustainable banking and that the risk of banking industry failure is remoter now than it was some years back due to a higher level of compliance. The nature of the banking industry, with its intermediation functions, is such that failure can have very dire consequences for businesses and the economy. Thus, banks have a responsibility to ensure a stable industry and this can only be achieved by sound corporate governance practices.
In the 90s and early 2000s, regulatory and supervisory oversight was weak and compliance by banks to regulations was mainly in the breach. Then, the industry was an all comers’ affair, mostly populated by charlatans who see the industry as mainly a meal ticket. Banks were being opened at a dizzying pace then, with sometimes three or four opened in a month. Before the recapitalization exercise of 2005, there were close to 200 banks in the country. There was widespread corruption in the industry at the time, which led to billions of naira of depositors’ money and investors’ funds lost or misappropriated. But following the recapitalization exercise and especially after the global financial crisis of 2008, corporate governance became a major issue leading to the introduction of a raft of corporate governance codes.
For a bank like Stanbic IBTC, regulatory compliance comes like second nature. The brand’s penchant for regulatory compliance was validated in 2015 at the maiden edition of the Corporate Affairs Commission’s Corporate Citizens Awards. Stanbic IBTC Bank came first for compliance among Nigerian banks and was awarded the Most Extensive Compliance award. According to CAC, “over 800 companies were nominated for the awards, only 26 companies made the final list, out of which the nine winning companies emerged,” including Stanbic IBTC and three other banks.
Certainly, there is no better validation than a regulator attesting to a company’s good corporate citizenship. And it is no surprise that a bank like Stanbic IBTC was adjudged the first among equals in terms of compliance.
Many sometimes view the bank’s processes and policies as cumbersome because of the different layers of regulatory requirements it insists must be met before a transaction can be consummated. But then on the flip side is that Stanbic IBTC Bank is one of the most secure, transparent and trusted financial institutions in the country today.
These qualities continue to translate into very strong financial performances in its operations and a bullish outlook for the stock at the Nigerian Stock Exchange.
In its 2018 financial report, Stanbic IBTC Bank posted an impressive 54% growth in PAT. Balance sheet grew by 20% to N1.6 trillion, driven mainly by deposit growth of 7%. And most importantly, was able to improve its asset quality as ratio of non-performing loans to total loans improved to 3.9%.
Financial institutions, particularly Stanbic IBTC, fully appreciate and understand that their survival depend on how well they are able to manage the relationships amongst their stakeholders, which require them to establish and maintain harmony between parties whose interests sometimes conflict. It is the management of such relationships that corporate governance code embodies. It is this realisation that led banks to self-regulate when in 2003 the Code of Corporate Governance for Banks and Other Financial Institutions in Nigeria was established by the Bankers’ Committee and CIBN.
Stanbic IBTC’s strong corporate governance practices are critical to the financial institution’s continued growth trajectory. The seamlessness of its change of leadership last year was quite impressive and such practices will no doubt give it the desired stability to further increase its market share and to post impressive financial results, going forward.
With the 2003 code, the 2014 CBN code and a spate of regulations by the apex bank as situation demands, which makes for a stronger regulatory oversight, one can almost argue that the possibility of a banking industry failure is remoter than constant uninterrupted power supply in the country. Despite the cost of compliance, which can sometimes be huge and burdensome in terms of time and direct cost, and the risk of managements of banks becoming particularly focused on compliance at the expense of doing business, financial institutions remain resolute in ensuring a strong and viable industry. And this is beginning to produce dividends as shown by the recent NDIC figures and the industry’s financial scorecards.
Today, banks sometimes face the wrath of stakeholders as they strive to comply with regulatory directives. A case in point was the directive by the CBN that banks publish the names of delinquent debtors on its books, which did not go down well with some customers.
Another was the foreign exchange utilization position, mandated to be published weekly, and the various restrictions to dollar disbursements to bank customers. Treasury Single Account (TSA), which required all agencies of government to each maintain a single account with the CBN, leading to the withdrawal of trillions of naira from commercial banks, was another policy that banks would have gladly avoided but nonetheless diligently complied with. And most recently is the ‘appointment’ of banks by the Federal Inland Revenue Service as tax collecting agents, which pitched the banks directly against some of their customers and trade partners.
There is no doubt that there is a new compliance orientation in the banking industry. And as banks like Stanbic IBTC, Zenith Bank, Access Bank and UBA continue to lead the financial services industry towards improved compliance levels, it will not only check corruption in the banking industry and risk of possible collapse, it will, due to banks’ pivotal role in the economy, help sanitize business practices and thereby attract investors and boost the economy.
By Modupe Gbadeyanka
The 2026 edition of the glamorous Adire Lagos Experience, organised by Ecobank Nigeria, a subsidiary of the leading Pan‑African financial services group, Ecobank Group, will hold from June 11 to 14.
The four‑day event will feature over 100 vendors, with the exhibition remaining predominantly Nigerian, reflecting the country’s leadership as the home and heartland of Adire production.
To enrich diversity and continental collaboration, 10 per cent of participating vendors will come from outside Nigeria, offering complementary African textile expressions and creative perspectives that foster knowledge exchange and cross‑border partnerships.
Giving details of the forthcoming event, the Head of SMEs, Partnerships and Collaborations at Ecobank Nigeria, Mrs Omoboye Odu, said participants would converge on Ecobank Pan African Centre (EPAC), Victoria Island, Lagos, for the programme.
She noted that the theme for the company’s flagship cultural and creative industry showcase is Threads Across Borders, specifically chosen to celebrate the depth and global resonance of Adire as a uniquely Nigerian art form, while positioning it within Africa’s broader textile and cultural narrative.
Rooted in Nigeria’s rich heritage, the Adire Lagos Experience continues to serve as a gateway for cross‑border cultural exchange, reinforcing Ecobank’s Pan‑African vision through culture‑led commerce.
“Adire is proudly Nigerian, and this platform remains firmly anchored in celebrating our local artisans and creative enterprises. At the same time, Ecobank’s Pan‑African mandate allows us to thoughtfully open the space to creators from other African markets, encouraging collaboration, shared learning, and trade connections that elevate African craftsmanship as a whole,” she said.
Beyond the exhibition booths, the Adire Lagos Experience 2026 will offer indigenous cuisine, African music and cultural performances, alongside curated networking and business engagement sessions designed to strengthen linkages across the Adire and wider creative value chain—from artisans and designers to merchants, buyers, and cultural enthusiasts.
As part of its ongoing commitment to supporting SMEs and the creative economy, Ecobank has opened registration for prospective exhibitors, with selected applicants eligible to receive complimentary exhibition booths. Applications close on April 28, 2026.
Through the Adire Lagos Experience, Ecobank continues to champion Nigeria’s cultural leadership while advancing Pan‑African collaboration—transforming heritage into enterprise and reinforcing its role as a truly Pan‑African institution driving impact beyond banking.
By Modupe Gbadeyanka
No fewer than 100 women in Ogun State have been empowered with vocational tools designed to strengthen their economic independence and boost household income.
The items were distributed to the beneficiaries by Fidelity Bank Plc through its recently launched Give Her Power initiative, created to foster inclusive growth and sustainable development.
The outreach is part of the bank’s nationwide rollout of the initiative, which was unveiled earlier in March during the signing of strategic Memoranda of Understanding (MoUs) with partner organisations to commemorate 2026 International Women’s Day.
Business Post gathered that 50 sewing machines and 50 grinding machines were given to the women engaged in microbusinesses at the MKO Abiola Sports Arena in Abeokuta, the state capital.
The Regional Bank Head for Southwest 1 at Fidelity Bank, Mr Folaranmi Jemirin, noted that the scheme aligns with the lender’s broader commitment to delivering practical, measurable empowerment interventions.
“At Fidelity Bank, our approach to empowerment is simple; it must be practical, inclusive, and sustainable. When you empower a woman economically, the benefits extend to her family, her business, and the wider community.
“This outreach in Abeokuta is a continuation of the momentum created with the launch of the ‘Give Her Power’ initiative earlier in March,” Mr Jemirin stated.
He explained that the Give Her Power initiative is anchored on HerFidelity, the company’s women-focused proposition, which provides financial literacy, business support, vocational training, mentorship, and wellness initiatives for women-led enterprises.
Mr Jemirin further revealed that the bank had scaled its women-focused interventions nationwide, including the distribution of 1,000 sewing and grinding machines, the rollout of the HerFidelity Apprenticeship Programme 2.0, financial literacy sessions for girls, mentorship engagements, and hands-on skills training.
“This is more than a donation, it’s our vote of confidence in your ability to earn, grow, and create value within your communities,” he added, urging beneficiaries to make productive use of the items.
Commending the initiative, the Ogun State Commissioner for Women Affairs and Social Development, Mrs Adijat Adeleye-Oladapo, described the programme as a meaningful shift from symbolic celebrations to tangible empowerment.
“This initiative goes beyond celebrating International Women’s Day. It delivers real opportunities for transformation. When you empower a woman, you empower a family and, ultimately, society,” she stated.
She further praised Fidelity Bank for complementing the efforts of the Ogun State government, urging beneficiaries to make productive use of the equipment, stressing that the true value of the initiative lies in its long-term impact on livelihoods and community development.
By Adedapo Adesanya
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the final phase of liquidating 89 defunct Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) nationwide after their takeover by new operators under its resolution framework.
The corporation said the action follows the revocation of licences by the Central Bank of Nigeria (CBN) in May 2023, which affected 179 microfinance banks and four primary mortgage banks.
In a statement by its Head of Communication and Public Affairs, Mrs Hawwua Gambo, the NDIC explained that under the Purchase and Assumption (P&A) model, 89 new institutions were licensed to assume the assets and liabilities of the failed banks, adding that the acquiring institutions have since commenced operations under new identities.
The agency said the transition enabled the new institutions to assume control of the assets and liabilities of the defunct banks, with operations already ongoing under new identities.
With the operational handover completed, the NDIC said it was now proceeding to formally wind up the old entities. As part of this process, the corporation, acting as liquidator, will approach various divisions of the Federal High Court to secure orders for their dissolution and to be discharged from its responsibilities.
It disclosed that the exercise is designed to conclude the resolution process, noting that “the exercise aims to bring closure to the resolution process while ensuring depositors’ interests remain protected, and the financial system remains stable.”
According to the NDIC, the P&A arrangement has ensured uninterrupted access to banking services in the affected communities, as acquiring institutions have fully taken over the operations of the defunct banks.
The Affected Lenders
A state-by-state breakdown indicates that Lagos recorded the highest number of affected institutions, with 27 banks undergoing the winding-down process. Osun followed with seven, while Anambra had six. The Federal Capital Territory accounted for five, and Akwa Ibom, Ogun, and Adamawa recorded four each.
Oyo, Kaduna, Edo, and Niger had three institutions each, while Benue, Delta, Imo, and Ondo recorded two apiece. Other states, including Abia, Ekiti, Enugu, Rivers, Plateau, Nasarawa, Kano, Kwara, Jigawa, and Katsina, had one institution each affected.
Among them are Mouau Vasmucs Microfinance Bank, Eduek Microfinance Bank, Ini Microfinance Bank, and Nsehe Microfinance Bank. Others include Zawadi Microfinance Bank, Akpo Microfinance Bank, Anya Microfinance Bank, Awka Microfinance Bank, and Enugwu-Ukwu Microfinance Bank.
The list also features Isi-Aku Microfinance Bank, Obosi Microfinance Bank, Cub Microfinance Bank, Umejei Microfinance Bank, ABC Microfinance Bank, Ehor Microfinance Bank, and Esan Microfinance Bank. Amoye Microfinance Bank, Goldenfunds Microfinance Bank, Evangel Microfinance Bank, Greenland Microfinance Bank, and Arise Microfinance Bank are also affected.
Banccorp Microfinance Bank, Bishopgate Microfinance Bank, Bridgeway Microfinance Bank, and Briyth Covenant Microfinance Bank are on the list. Credit Afrique Microfinance Bank, Echo Microfinance Bank, Eyowo Microfinance Bank, and Fiyinfolu Microfinance Bank are also included.
Other affected lenders are Hackman Microfinance Bank, Halmond Microfinance Bank, Manna Microfinance Bank, Manny Microfinance Bank, and Mayfair Microfinance Bank. Mercury Microfinance Bank, Moneywise Microfinance Bank, Network Microfinance Bank, Nuture Microfinance Bank, Onyx Microfinance Bank, and Oros Capital Microfinance Bank are also listed.
The list further includes Peniel Microfinance Bank, Primera Microfinance Bank, Purple Money Microfinance Bank, Stallion Microfinance Bank, Sunrise Microfinance Bank, Surbpolitan Microfinance Bank, Verdant-Capital Microfinance Bank, and Zikado Microfinance Bank.
Also affected are Aiyepe Microfinance Bank, Interland Microfinance Bank, Star Microfinance Bank, Zigate Microfinance Bank, Fasilidapo Microfinance Bank, and Newage Microfinance Bank. Boluwaduro Microfinance Bank, Iba Microfinance Bank, Idese Microfinance Bank, Ola Microfinance Bank, Olofin Microfinance Bank, and Olofin-Owena Microfinance Bank are included.
Osogbo Microfinance Bank, Firstindex Microfinance Bank, Joint Farmers Microfinance Bank, Ologbon Microfinance Bank, and Iwoama Microfinance Bank also made the list. Adamawa Homes & Savings, Mautech Microfinance Bank, Michika Microfinance Bank, Biyama Microfinance Bank, and Musharaka Microfinance Bank are affected as well.
The remaining institutions include Dangizhi Microfinance Bank, Edumana Microfinance Bank, Mainsail Microfinance Bank, Ally Microfinance Bank, and Business Support Microfinance Bank. Daniels Global Microfinance Bank, First Multiple Microfinance Bank, Grassroots Microfinance Bank, Bluewhales Microfinance Bank, and Josad Microfinance Bank are also listed.
Others are BIPC Microfinance Bank, Jamis Microfinance Bank, Narict Microfinance Bank, Fahimta Microfinance Bank, Mabinas Microfinance Bank, New World Microfinance Bank, Northbridge Microfinance Bank, Omu-Aran Microfinance Bank, and Cherish Microfinance Bank.
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