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 Aduragbemi Omiyale
In recognition of its unwavering commitment to fostering access to financing for Nigerian micro, small and medium enterprises (MSMEs), Development Bank of Nigeria Plc has been rewarded with the Financial Inclusion Leadership Award at the Champions of Inclusion Nigeria Financial Inclusion Awards.
This was at the 2024 International Financial Inclusion Conference (IFIC) organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders.
The chief executive of the lender, Mr Tony Okpanachi, said the recognition affirms the company’s efforts in expanding access to financial services for MSMEs in Nigeria.
“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.
“Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services,” he stated.
On his part, the Chief Operating Officer of DBN, Mr Bonaventure Okhaimo, said the accolade demonstrates the firm’s dedication to driving financial inclusion and economic growth in Nigeria.
“This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said.
“This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.
“We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard,” he stated.
By Modupe Gbadeyanka
The Banker Magazine of the Financial Times Group in the United Kingdom has announced Zenith Bank Plc as Bank of the Year, Nigeria.
At the Banker’s Bank of the Year Awards 2024 held on in London on Wednesday, December 4, 2024, it was stated that Nigerian lender clinched the award for its strong management, sound business model and strategy, and approach to sustainability and ESG banking practices.
The chief executive of Zenith Bank, Ms Adaora Umeoji, described the recognition as a “testament to the unwavering trust and loyalty of our esteemed customers, the unparalleled leadership and guidance of the board and management as well as the hard work and dedication of our staff.”
She said, “It also reflects our bank’s steadfast commitment to delivering excellent services to our customers and contributing to the growth and development of the Nigerian economy.”
“We will continue to invest in innovative technologies, expand our range of products and services, and maintain our commitment to exceptional customer service in order to sustain our position as Nigeria’s Number One Bank,” Ms Umeoji assured.
The Banker’s Bank of the Year accolade is among the most coveted and widely regarded award in the banking industry.
Often contested by the world’s leading financial institutions, the winners span across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.
Recall that last month, Zenith Bank commissioned its branch in Paris, France following the granting of the final approval by the country’s banking regulator, the Autorité de ContrôlePrudentiel et de Résolution (ACPR).
This is part of the bank’s global expansion strategy, and its commitment to serving clients wherever their businesses are around the world.
Zenith Bank has continued to earn numerous awards, with this latest accolade coming on the heels of several recognitions, including being the Number One Bank in Nigeria by Tier-1 Capital for the 15th consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine.
By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has published some phone numbers citizens can call to report any bank that fails to give them cash over-the-counter or at Automated Teller Machines (ATMs).
In a circular, the banking sector regulator said cash has been made available to lenders to disburse to their customers, saying they have no reason to do so.
DMBs are directed to ensure efficient cash disbursement to customers OTC and through ATMs as the CBN will intensify its oversight roles to enforce this directive and ensure compliance,” a part of a circular signed by acting Director of Currency Operations, Solaja Mohammed Olayemi; and the acting Director for Branch Operations, Isa-Olatinwo Aisha, stated.
It encouraged members of the public who are unable to obtain cash at their banks to “report these instances using the designated reporting channels and format provided,” saying it will “assist the CBN in addressing issues hindering the availability of cash and further improve currency circulation.”
They are to reach the central bank through designated phone numbers of the CBN branch in the state where the incident occurred or via email.
According to the circular, the complaints should be sent with “the relevant details which shall include account name/name of the DMB/amount/time and date of incidents, amongst others.”
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