Banking
How Sterling Bank Survived Nigeria’s Economy Crisis—CEO
By Dipo Olowookere
Chief Executive Officer of Sterling Bank Plc, Mr Abubakar Suleiman, has revealed how the lender successfully navigated the uncharted waters of the Nigerian economy.
Speaking recently at the second edition of the Sterling Leadership Series (SLS) held in Lagos, where riding out the rapid and unpredictable change associated with the Nigerian market was the focus of senior business leaders, Mr Suleiman said the setting of goals helped the firm during the turbulent period of the nation.
“When we embarked on this journey as a bank, there were hardly any institutional role models who managers could call upon when they needed to make business decisions.
“Consequently, we had to set uncommon goals for ourselves to successfully navigate the uncharted waters of the Nigerian economy,” he said at the meeting themed ‘Nigeria: The Chaotic Advantage.’
According to him, the management of Sterling Bank resolved early in the life of the bank to articulate the direction they wanted the bank to follow and took steps to ensure that people could understand and take the vision to the next level.
He therefore called for an urgent need for Nigeria to develop institutional role models for younger professionals to emulate in view of the dynamic environment in which they operate.
In his address, the CEO of Unilever Nigeria Plc, Mr Yaw Nsarkoh, listed strategies that business leaders should adopt to deal with the challenges and opportunities of operating in a Volatile, Uncertain, Complex and Ambiguous (VUCA) environment.
He said the first thing business leaders should do in a VUCA environment is to face the reality of the environment and map out ways to deal with it.
According to him, by facing the reality, they will be able to build resilient models that can cope with shocks and thrive in highly volatile circumstances.
He said companies should build organisations that are equipped to interpret the risks surrounding them. They should also design backup plans and possible changes in the short term such as having multiple vendors for a particular service. So, when shocks surface, they can easily move from one supplier to the other or spread their needs among several suppliers.
Mr Nsarkoh said the economic cycle and evaluation criteria of what is right in a volatile business environment must be viewed through a long-term lens and planning cycles should be shorter because things could change every month or every quarter.
He said companies should review, change and review but evaluation of economic benefits must be done with a longer-term horizon in mind, explaining that in any environment, volatile or not, there is always a cultural conversation within which brands must express themselves.
He added that, “in times of adversity, people develop a certain sense of humour about things such as poor infrastructure and their implication on services. So, brands seeking to serve people purposefully must immerse themselves in that environment and speak their language.”
Mr Nsarkoh said business leaders must embrace and understand the context of the unpredictable times in which they live, the news culture of the people and the roles that their brands could play in day-to-day conversations within communities.
The CEO said business leaders must be curious and go out of their ways to seek best practices wherever they could find it, remarking that through this quest they will be able to demolish the pervading tendency of people to think they cannot aspire to world-class services and products in their environment.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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