Banking
SunTrust Bank Stands Tall with Impressive 2016 Performance
By Modupe Gbadeyanka
SunTrust Bank Nigeria Limited has released its financial performance for the year ended December 31, 2016 and the results have sent a clear message of determination to succeed and deliver value to all stakeholders.
SunTrust Bank began commercial banking activities last year with the vision to “offer high quality retail and commercial banking services in a modern and innovative manner.”
“We will use technology and a new way of thinking to provide banking services to many people and businesses in Nigeria for whom access to a bank account has previously been impossible.
“We will offer telephone, mobile and Internet banking underpinned by the traditional banking ethics of probity and integrity,” the Managing Director/Chief Executive Officer of the bank, Mr Muhammed Jubrin declared.
And going by the results of the bank for 2016, the future is very bright for all stakeholders. The bank grew its bottom-line by 160.2 per cent as profit before tax (PBT) rose from N131.9 million to N343.34 million in 2016.
In all, the bank recorded net interest income of N935.892 million in 2016, up from N220 million in 2015, while net fee and commission income improved from N65.389 million to N92.378 million in 2016.
SunTrust Bank ended the year with a profit after tax (PAT) growth to 74.57 per cent from N121.844 million in 2015 to N212.707 million in 2016.
Consistent with its conservative risk profile, the bank maintained its strong liquidity position, with cash and short-term funds accounting for 32 percent of its total assets.
The bank recorded a rapid growth in deposits by an impressive 425 percent in four months, a clear demonstration of the success of its business strategy.
Deposits from customers rose to N4.195 billion from a record N788.583million in 2015. The bank’s PBT and PAT margin improved from 9.2 per cent and 8.4 per cent in 2015 to 26.9 per cent and 16.7 per cent in 2016 respectively.
SunTrust Bank is the first fresh banking licence to be issued by the Central Bank of Nigeria (CBN) since 2001.
According to Mr Jibrin, SunTrust Bank started about seven years ago as a mortgage bank, noting that board and management were able to grow its balance to a reasonable size before they decided to pursue a commercial banking licence from the CBN which they got in September of 2015.
He said the bank would be a financial technology institution that would focus electronic channels by offering telephone, mobile and internet banking services.
“Banking is no longer where you go, it is what people do. Therefore, the only thing that can stand the future is no longer physical branches, but banking services that would be driven by technology. So, most customers of tomorrow would no longer be the customers that they want to go to the banking hall.
“So, you need to be able to position the institution to respond positively to the needs and expectations of customers of tomorrow. That is at the heart of our own vision and strategy as tomorrow’s bank today,” Mr Jibrin said.
The Chairman of the bank, Mr Charles Onyema Ugboko, had said that establishing a bank amid the present economic situation showed that the board and management are committed to the growth of the Nigerian economy.
SunTrust Bank operates the branchless banking model where it will deliver financial services outside conventional bank branches. According to the bank, it hopes to eliminate the need for costly brick-and-mortar branches and use agent networks to reach its customers more efficiently.
The bank’s competitive edge will be the strong reliance on technology and the bank will be encouraging customers to access its services from the comfort of their homes and offices and as such the bank will not be engaging in a proliferation of branches.
“Our services will be available to our customers 24 hours daily, seven days a week and from anywhere in the world where there is a good Internet service.
“Even our data centre is outsourced, this way we will not have the overbearing requirement to put on the generator at our locations,” Mr Jubrin said.
He explained that SunTrust Bank customers will be encouraged to use any bank ATM because the bank will not be charging them the fee charged by other banks for using ATM machines belonging to other banks.
“We will not be emphasising physical security as we are making serious investment in cyber security instead.”
“In the years to come, the developments at SunTrust should have far-reaching influence in the banking sector specifically and our nation generally,” the CEO said.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has unveiled the fourth edition of its Foreign Exchange Manual as part of efforts to deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
Speaking at the launch of the revised manual in Abuja on Friday, the Governor of the apex bank, Mr Yemi Cardoso, said the document will take effect from June 1, 2026.
He said it was developed after extensive consultations with banks, exporters, importers, corporates, regulators and development partners.
He said the new framework reflects the apex bank’s commitment to modernising the country’s foreign exchange administration in line with international best practices.
Mr Cardoso described the foreign exchange market as a critical pillar of any open economy, noting that effective governance of the sector is essential for sustaining macroeconomic stability and investor confidence.
“Foreign exchange is more than a financial instrument. It anchors price stability, facilitates the flow of goods and capital, and shapes investor sentiment,” he said.
The CBN governor stressed that the revised manual became necessary due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework.
According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Mr Cardoso disclosed that Nigeria’s foreign exchange market has witnessed significant improvement in liquidity since the current administration began reforms in the sector.
He added that daily turnover in the FX market increased from an average of about $100 million in the early days of the administration to between $400 million and $600 million daily.
The CBN Governor added that the market had also recorded transactions of up to $1 billion per day on several occasions in recent months.
“We have gone from a situation where it was more or less a one-way market, where the central bank came in, intervened and went away, to a much more dynamic market,” he stated.
The apex bank boss noted that the reforms were gradually restoring confidence among investors and market participants, encouraging freer entry and exit in the market without unnecessary restrictions.
He also maintained that the nation’s foreign reserves should not be used as the primary tool for funding the foreign exchange market.
“Reserves are reserves. They are not what you look to fund a market,” he said.
The CBN Governor assured stakeholders that the revised manual would be distributed free of charge to authorised dealers while the bank strengthens monitoring mechanisms to ensure compliance, fairness and accountability across the foreign exchange market.
On his part, the Deputy Governor for Economic Policy, Mr Muhammad Abdullahi, said the review formed part of broader reforms initiated by Mr Cardoso to restore confidence, improve transparency and deepen liquidity in the foreign exchange market.
Mr Abdullahi explained that the revised manual introduces several changes aimed at improving ease of doing business and reducing transaction bottlenecks.
Among the notable changes, he noted, are provisions allowing unfettered access to export proceeds, the introduction of non-resident investment accounts and operational guidelines for Pan-African Payment and Settlement System (PAPSS) transactions to support regional trade.
Mr Abdullahi added that the manual also contains new provisions on service exports, revised documentation requirements and updated operational procedures designed to align Nigeria’s FX market with global standards.
He said the apex bank deliberately adopted an ease of doing business approach during the review process to eliminate inefficiencies and ambiguities identified by stakeholders.
“The revised manual is not a stand-alone exercise but part of a broader institutional reform effort designed to strengthen the integrity, credibility and effectiveness of Nigeria’s foreign exchange system,” he said.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has approved the appointment of Mr Julius Omodayo-Owotuga to the board of First Bank of Nigeria Limited as an executive director.
A statement from the company said the appointment of Mr Omodayo-Owotuga became effective on Wednesday, May 13, 2026.
He was appointed to the board of the subsidiary of First Holdco Plc to further strengthen its leadership capacity across strategic finance, governance, risk management, and institutional transformation.
Before now, he served on the board of First Holdco as a non-executive director between 2021 and 2026.
The appointee brings to the board 24 years of experience spanning banking and financial services, infrastructure finance, power, oil & gas, and audit and consulting.
His appointment, according to the notice to the Nigerian Exchange (NGX) Limited, reflects the Bank’s continued commitment to strong governance, disciplined execution, financial resilience, and sustainable long-term growth.
He most recently served as deputy chief executive of Geregu Power Plc, Nigeria’s first listed power generation company, where he played a pivotal role in institutional transformation, governance strengthening, capital market positioning, operational optimisation, and major financing initiatives, including the company’s landmark listing on NGX.
Mr Omodayo-Owotuga previously served as group executive director, Finance & Risk Management at Forte Oil Plc (now Ardova Plc), where he was instrumental in the company’s financial and operational transformation, leading strategic restructuring, capital raising, treasury optimisation, enterprise risk management, and governance improvement initiatives that strengthened long-term shareholder value.
His professional career also includes roles at Africa Finance Corporation, Standard Chartered Bank, KPMG Professional Services and MBC International Bank (Now First Bank Nigeria Limited), providing him with deep experience in institutional finance, treasury management, financial controls, regulatory engagement, and corporate advisory.
Mr Omodayo-Owotuga is a CFA Charter Holder, KPMG-trained Accountant, and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Institute of Taxation of Nigeria (CITN), and the Institute of Credit Administration. He is also a member of the Institute of Directors (IoD) Nigeria and a Certified Management Accountant.
He holds a Doctorate in Business Administration, a Master’s in Business Administration and a Bachelor’s degree in Accounting. He is an alumnus of Saïd Business School, University of Oxford, IE Business School, Geneva Business School, and the University of Lagos.
By Modupe Gbadeyanka
In recognition of its strategic leadership in advancing the growth and resilience of small and medium-sized enterprises (SMEs), Union Bank of Nigeria Plc has been honoured by the Association of Small Business Owners of Nigeria (ASBON).
The lender was rewarded by the group for its suite of solutions designed to enable business expansion and long-term value creation.
At the Nigeria National SME Business Awards, held recently in Lagos, Union Bank was given the Best SME Growth Banking Initiatives Award for 2025.
The ceremony was organised by ASBON in partnership with the Lagos State government through the Ministry of Commerce, Cooperatives, Trade and Investment.
The event convened stakeholders from the public and private sectors to recognise individuals and organisations driving meaningful impact across Nigeria’s SME ecosystem.
Receiving the award on behalf of the bank, its Head of SME Segment, Mr Ayokunnumi Abraham, described the recognition as a strong endorsement of the organisation’s commitment to supporting small and medium-sized businesses.
“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible.
“Through enhancements to our specialised platforms such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting.
“These improvements have shortened onboarding, increased digital adoption among our SME customers, and supported the acquisition of new business clients. Our focus remains on delivering practical solutions that help Nigerian businesses thrive,” he stated.
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