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.
By Modupe Gbadeyanka
The Chartered Institute of Bankers of Nigeria (CIBN) has promised to support the ambitious plans of the Association of Corporate and Marketing Professionals in Banks (ACAMB).
At a meeting between the leaderships of the two organisations on Tuesday, the president of CIBN, Professor Pius Deji Olanrewaju, said it was impressed with the capability development and the undergraduate mentorship schemes of ACAMB under its leader, Mr Jide Sipe.
The CIBN chief commended the forward-thinking vision of the group, saying it had raised standards across Nigeria’s banking sector.
“ACAMB’s support has given CIBN and the banking sector brand equity,” he said, praising the association’s record in reputation management. recalling ACAMB’s role in addressing crises within the sector, describing the partnership as strategic and beneficial.
He further pledged support for ACAMB’s 30th anniversary in September 2026, its AGM, and other programmes, including fundraising initiatives.
“I want to assure you that everything you have presented today has been clearly noted and will be acted upon.
“We are fully committed to working closely with you so as to translate these discussions and vision into measurable progress. Our shared goal is to strengthen the sector, protect its reputation, and enhance its public image in a meaningful and lasting way.
“This meeting discussed various initiatives and reforms crucial for the future of our industry, including the need for continuous training and adaptation to new programs,” Mr Olanrewaju stated.
Speaking at the meeting, the president of ACAMB described the visit as a crucial first step in his tenure, aimed at contributing significantly to giving flight to his vision and that of ACAMB.
“When we assumed office, one of the first things we agreed on was the need to visit key stakeholders.
“However, before reaching out more broadly, we felt it was important to begin with our primary constituency and core stakeholders. We want them to understand the direction we are taking and to support the work we are doing, so that ACAMB can achieve greater success than it has in the past.
“We couldn’t have properly started our tenure without this very important meeting with the CIBN,” Mr Sipe stated
He introduced the newly constituted ACAMB Exco, which includes the 2nd Vice President, Morolake Phillip-Ladipo; General Secretary, Olugbenga Owootomo; Assistant General Secretary, Ademola Adeshola; Publicity Secretary, Abiodun Coker; and Executive Secretary, Fadekemi Ajakaiye.
By Modupe Gbadeyanka
Registration for the second HerFidelity Apprenticeship Programme (HAP 2.0) organised by Fidelity Bank Plc has commenced.
The Divisional Head of Product Development at Fidelity Bank, Mr Osita Ede, informed newsmen that the initiative was designed to empower women with sustainable entrepreneurship skills.
The lender created the flagship women-empowerment initiative to equip women with practical, income‑generating skills and structured pathways to entrepreneurship.
“HerFidelity Apprenticeship Programme 2.0 reflects our commitment to continuous improvement. Having evaluated feedback from the first edition, we have returned with stronger partnerships and deeper mentorship programmes to ensure that women acquire not just skills, but sustainable economic opportunities,” he said.
“At the heart of the programme is guided, real‑world learning. Participants will undergo intensive apprenticeship training under reputable institutions and industry experts across select fields such as hair styling, shoe making, auto mechatronics, and interior decoration,” Mr Ede added.
He noted that HerFidelity Apprenticeship Programme 2.0 goes beyond skills acquisition by offering participants a wide range of business advisory services. These include business and financial literacy training, mentorship support throughout the apprenticeship journey, access to Fidelity Bank’s women‑focused and SME financial solutions, as well as guidance on business formalisation and growth strategies.
Further emphasising the bank’s vision, Mr Ede said, “By integrating structured mentorship with entrepreneurial development, Fidelity Bank is positioning women not just as trainees, but as future employers, innovators, and economic contributors within their communities. This aligns with our mandate to help individuals grow, businesses thrive, and economies prosper.”
By Modupe Gbadeyanka
A new branch of The Alternative Bank (AltBank) has been opened in Ondo State as part of the expansion drive of the financial institution.
A statement from the company disclosed that the new branch would support export-oriented agribusinesses through Letters of Credit and commodity-backed trade finance, ensuring that local producers can scale beyond state borders.
For SMEs, the bank is introducing robust payment rails, asset financing for equipment and inventory, and supply chain-backed facilities that strengthen working capital without trapping businesses in interest-based debt cycles.
The Governor of Ondo State, Mr Lucky Aiyedatiwa, represented by his Chief of
Staff, Mr Olusegun Omojuwa, at the commissioning of the branch, underscored the importance of financial institutions in economic development.
“The pivotal role of financial institutions to economic growth and development of any economy cannot be overemphasised. It provides access to capital, supporting small and medium-scale enterprises and encouraging savings.
“Therefore, I have no doubt in my mind that the presence of The Alternative Bank in Ondo State will deepen financial services, create employment opportunities and stimulate economic activities across various sectors,” he said.
In her remarks, the Executive Director for Commercial and Institutional Banking (Lagos and South West) at The Alternative Bank, Mrs Korede Demola-Adeniyi, commended the state government’s leadership and outlined the lender’s long-term vision for Ondo State.
“As Ondo State steps into its next fifty years, and into the future anchored on the sustainable development championed during the recent anniversary celebrations, The Alternative Bank is here to be the financial engine for that vision. We didn’t come to Akure to hang banners. We came to fund work, farms, shops, and factories.”
With Ondo State’s economy anchored largely on agriculture, particularly cocoa production, poultry farming, and other cash crops, alongside a growing SME and trade ecosystem, AltBank is deploying sector-specific financing solutions tailored to these strengths.
For cocoa aggregators, processors and poultry operators, the bank will provide production financing, facility expansion support, machinery lease structures, and structured trade facilities under its joint venture and cost-plus financing models, with transaction cycles of up to 180 days for commodity trades and longer-term structured asset financing for equipment and infrastructure.
The organisation is a notable national non-interest bank with a physical network now surpassing 170 locations, deploying capital to solve real-world challenges through initiatives such as the Mata Zalla project, which saw to the training of hundreds of women as electric tricycle drivers and mechanics.
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