Banking
Titan Trust Bank Set to Redefine Retail Banking in Nigeria
Barring any last-minute changes, one of the five new banks licensed by the Central Bank of Nigeria (CBN), Titan Trust Bank Limited, is set for entry into the Nigerian banking industry in grand style, in a matter of weeks, The Witness can authoritatively reveal.
This newspaper had reported that the CBN recently approved licenses for five new banks to operate in the country.
While others are still recruiting and putting things in place, inside sources say Titan Trust, a national financial institution, has completed its processes and is set for take-off soon.
Led by seasoned banker and former deputy governor of the CBN, Mr Tunde Lemo, as chairman, the new commercial bank, sources informed The Witness is starting operation with a solid post capitalization financial base in real cash.
Some of those already on board the new bank are experienced financial gurus, giving the signal that the bank is ready the compete with the long-standing and well-rooted Nigerian banks.
According to the lender, the bank was formed to take advantage of the identified gaps in the banking sector and address the unmet needs of the retail mass market, SMEs and corporates.
The new bank headquartered at Plot 1680, Sanusi Fafunwa Street, Victoria Island, Lagos, Nigeria has the following facilities: Commercial Banking, SME Banking, Digital Banking amongst others. On its commercial banking services, the lender said on its website: “As a national commercial bank, we are committed to supporting businesses, giving them the power to build a better future. Each day, companies are working together to create sustainable economic value.
“We are committed to that vision by ensuring we provide business capital and resources, primed to support these visions, as we continue to tell Africa’s story.”
Titan Trust Bank believes there is nothing like a small business. “All businesses are exactly that; businesses! Our team is made of professionals with an entrepreneurial mindset, working to help you and your business take advantage of the many benefits of banking with Titan, and give your competition a run for their money,” it said.
Titan Trust further posited that it will leverage on digital platforms to empower the emerging pan-African economy, whilst showcasing the industry pioneering solutions, expertise and professionalism.
Established on December 12, 2018, the bank obtained its national banking license on April 26, 2019, to operate as a commercial bank with national authorization.
Others in the titan team are
Mr Andrew Ojei
Mr Andy Ojei is a Fellow of The Institute of Chartered Accountants of Nigeria as well as a Fellow and Council Member of The Institute of Credit Administration of Nigeria.
He was the pioneer managing director of Zenith Bank, Ghana. He left Zenith Bank Plc in June 2013 as an executive director after 21 years of service. He is a seasoned businessman with interests in real estate and information technology.
Mr Ojei, an alumnus of the University of Lagos, Enugu State University of Science and Technology, INSEAD (France), Stanford (Singapore) and Wharton (Philadelphia) currently serves as a member of the Governing Council of Ritman University, Ikot Ekpene, Akwa Ibom State.
Alhaji Abubakar Mohammed
Alhaji Abubakar Mohammed is a seasoned entrepreneur with over 30 years’ experience managing and leading businesses across the country.
He is the managing director of Syndicated Investment Limited, a construction firm. He has held this post for over 33 years.
He has also been the chairman/CEO of Impex Limited, a security, contracting and trading company since 1993.
Alhaji Aminu Bashari
Alhaji Bashari Aminu (Iyan Zazzau), is the chairman of the Board of Directors of Vital Products Limited.
He is a Fellow of the Institute of Financial Accountants (UK) and a Fellow of the Association of National Accountants of Nigeria. He is a senior title holder in the Emirate of Zazzau and was a Senior District Head of Sabon-Gari, Zaria in Kaduna State from 1979 to 2018.
He is currently on the board of several companies.
Mudassir Amray – MD/CEO
Mudassir Amray is a banker with over 25 years of global exposure across six geographies (US, Nigeria, Malaysia, Hong Kong, Singapore, and Pakistan).
He has held senior positions in global banks such as: Citi New York – Managing Director & Head of Global Capital Management (LATAM), Citi Nigeria – Managing Director & Head of Corporate & Investment Banking, Nigeria and Ghana, Al Rajhi Malaysia – Country Business Head, Citi HK – Head of Capital Management, Asia Pacific, Citi Singapore – Head of Islamic Banking, Asia Pacific, Citi Pakistan, Country Business Head.
Adaeze Udensi – Executive Director
Adaeze has over 23 years’ banking experience, and was until recently, an Executive Director in Heritage Bank.
In her four years as executive director, she supervised the South businesses; oversaw Retail, Private Wealth, Collections, E-Business, Customer Experience and IT functions; and served as Executive Compliance Officer.
Adaeze also acted as managing director of Heritage Bank in 2017. Prior to this, she spent 16 years in Zenith Bank growing its Oil & Gas, Public Sector, Commercial and Retail businesses into the 2nd largest portfolio in the Bank, leaving as a general manager.
Adaeze has a first degree in banking, and MBA’s from Rivers State University of Science & Technology, and the University of Bangor, Wales.
She has also attended several Executive Management Programmes in Wharton Business School, Kellogg School of Management, Harvard Business School, and INSEAD.
Stella Nwihim – Head of HR
Stella is a seasoned professional with over 21 years’ experience spanning Human Resources, Sales and Banking Operations.
She has held key HR positions in Zenith Bank Plc and UBA Plc including Head Workforce Planning, Head Shared Services and Head Business Partnering, where she made significant contributions in organizational development, performance and change management and business strategy.
She holds a B.Sc. and M.Sc. (Biology) and an MBA (Management) and is a member of the Chartered Institute of Personnel and Development (CIPD).
Mark Oguh – CFO
Mark has 22 years’ experience in the banking industry covering Operations, Audit and Financial Control.
He is also a Fellow of the Institute of Chartered Accountants of Nigeria and Chartered Institute of Taxation of Nigeria.
He holds a Bachelor’s degree in accountancy and business administration and an MBA in banking and finance. He was the financial controller at Diamond Bank from 2015 to March 31, 2019.
Ademola Ajayi – Chief Compliance Officer
Ademola Ajayi is the chief compliance officer of Titan Trust Bank Limited. He holds Bachelor’s Degree in Accounting (First Class Honours) from Babcock University, Ilishan Ogun State. He also holds Higher National Diploma in accounting with Upper credits class from the Polytechnic, Ibadan. He is a fellow (FCA) of the Institute of Chartered Accountant of Nigeria (ICAN). He is also an Associate of Compliance Institute of Nigeria (CIN). He is a Security and Exchange Commission (SEC) registered Compliance Officer and a registered professional of Financial Reporting Council of Nigeria (FRCN). Internationally, he is a Certified Compliance Officer (CCO) and Certified Fraud and Crime; Investigation and Prevention by GAFM USA. He is also a fellow of GAFM USA.
He has been in the Nigerian Banking Sector since 1996, well over 2 decades, with experience cutting across financial control, credit review and monitoring, business development, banking operations, internal controls, internal audit, inspection and compliance functions. His career in banking started in NAL Merchant Bank, where he did the mandatory one-year national youth service. Immediately after his service year, he was recruited by Zenith Bank, where he performed creditably well in banking operations generally, controls and risk management related functions, and later with specific focus on compliance risk management role. He played a key role in setting up compliance department in Zenith Bank and took same to an enviable height. Ademola AJAYI is a team player, and will positively impact any team he finds himself. He has attended compliance trainings, locally and internationally. He is also a competent trainer on compliance matters.
George Aiyudu – Head of IT
George is a certified COBIT implementer with over 21 years banking experience covering Banking Operations, International Operations and Information Technology.
He holds a Bachelor’s degree in Chemical Engineering and also holds a Masters Degree in Business Information Systems. He was the Group Head, IT Change and Transformation at Diamond Bank.
By Margaret Banasko
Urbanization is reshaping Nigeria’s economic landscape, creating new possibilities for millions of young people who relocate each year in search of opportunity. Cities like Lagos, Kano, and Abuja continue to expand as ambitious Nigerians leave their hometowns with the hope of building stable, sustainable livelihoods.
Recent figures highlight the pace of this shift. As of 2024, more than half of Nigeria’s population – around 128 million people – live in urban areas. Many of these individuals are young entrepreneurs and self-employed workers determined to turn their skills, ideas, and hustle into meaningful income. However, navigating the financial requirements needed to sustain and grow a small business is often challenging for those operating in informal or early-stage sectors.
This is where digital financial platforms have become transformational. With only a mobile phone, an internet connection, and a Bank Verification Number (BVN), Nigerians are increasingly able to access a wider range of financial tools designed to support their daily needs and long-term goals. FairMoney is among the institutions driving this progress by offering services that meet people where they are and support their ambition to grow.
Aigbe Osasere’s experience reflects this evolution. He moved from Benin City to Lagos with the goal of establishing a fish farming business in Ijegun, Alimosho. His vision was clear: create a small, efficient operation that could supply fresh fish to local buyers. Like many small business owners, he needed reliable access to funds to purchase fingerlings, buy feed, replace equipment, and maintain steady production. Managing these cycles required financial tools that matched the fast pace of his operations.
Through the FairMoney app, Aigbe gained access to digital banking services immediately after completing BVN verification. The availability of instant loans provided the flexibility he needed to restock quickly and maintain continuous production. For a business model where timing is central to profitability, this support allowed him to keep his operations consistent and responsive to customer demand.
Opening a FairMoney bank account and receiving a physical debit card further strengthened his business structure. Bulk buyers began paying him directly into his account, giving him clearer financial records and better visibility into his daily revenue. With his debit card, he could purchase supplies, withdraw cash conveniently, and manage his finances in a more organized way.
Aigbe also adopted FairMoney’s savings features to help him preserve and grow his earnings. By setting aside a portion of his daily sales, he is gradually building the capital needed to increase his fish tanks, expand his capacity, and move toward a more scalable operation.
Beyond supporting his business, FairMoney has become part of his everyday life. From the app, he sends money to family members, pays bills, buys airtime and data, and settles electricity tokens quickly and efficiently. This convenience allows him to focus more fully on running and growing his business.
Aigbe’s story is one example of how digital banking is broadening access to financial services across Nigeria. Entrepreneurs, freelancers, traders, and young workers are increasingly leveraging digital platforms to manage money, plan for growth, and participate more actively in the financial system.
As more Nigerians pursue self-employment and urban entrepreneurship, tools that offer accessibility, speed, and flexibility are playing an important role in supporting their progress. With FairMoney, many are finding a dependable partner that aligns with their goals, their pace, and their vision for the future.
Margaret Banasko is the Head of Marketing at FairMoney MFB
By Adedapo Adesanya
The operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc have been revoked by the Central Bank of Nigeria (CBN) as part of efforts to strengthen the mortgage sub-sector and enforce compliance with banking regulations.
Mortgage banks are financial institutions that provide home loans and other housing finance products, and so, they are strictly regulated by the CBN to protect customers and ensure the stability of Nigeria’s financial system.
According to a post by the Acting Director of Corporate Communications of CBN, Mrs Hakama Ali, on the apex bank’s X handle on Tuesday, the affected institutions were accused of violating several provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Revised Guidelines for Mortgage Banks in Nigeria.
The revocation is part of the central bank’s ongoing efforts to maintain a safe and reliable banking sector, protect customers’ deposits, and ensure that only financially sound institutions operate in the mortgage market.
“The breaches included failure to meet the minimum paid-up share capital requirement, insufficient assets to meet liabilities, being critically undercapitalised with a capital adequacy ratio below the prudential minimum, and non-compliance with directives issued by the CBN,” the post noted.
The CBN emphasised that the revocation aligns with its mandate to ensure financial system stability and maintain public confidence in the banking sector, assuring it is committed to promoting a sound and resilient financial system in Nigeria.
By Adedapo Adesanya
A five-member panel of the Supreme Court, led by Justice Lawal Garba, last Friday ruled in favour of Fidelity Bank in its appeal against Sagecom Concepts Limited.
The judgment brings definitive closure to a legacy case that has attracted attention across the financial sector for more than two decades. It also marks a significant victory for Fidelity Bank in a long-running legal dispute.
In a motion dated October 8, 2025, Fidelity Bank sought clarification from the Supreme Court, requesting a consequential order that the judgment debt be paid in Naira. The bank also asked that the interest rate be set at 19.5 per cent per annum rather than 19.5 per cent compounded daily.
It also requested the exchange rate used for conversion be the rate applicable as of the date of the High Court judgment, in line with the Supreme Court’s decision in Anibaba v. Dana Airlines.
Fidelity Bank further requested the judgment debt be fixed at N30,197,286,603.13 and that interest on this amount be payable at 19.5 per cent per annum until full settlement.
In the judgment delivered by Justice Adamu Jauro, the apex court granted the bank’s first three prayers but declined the fourth and fifth. As a result, the judgment sum will be paid in Naira at an annual interest rate of 19.5 per cent, rather than the daily compounded rate previously awarded by the High Court.
The Supreme Court equally affirmed that the applicable exchange rate should be the rate as of the date of the High Court judgment, consistent with its earlier decision in Anibaba v. Dana Airlines.
The dispute originated from a legacy transaction involving the former FSB International Bank, which merged with Fidelity Bank in 2005. It stemmed from a 2002 credit facility extended to G. Cappa Plc and subsequent legal proceedings tied to the collateral.
This ruling provides finality for years of litigation and confirms a significantly lower liability than the N225 billion previously speculated in the review of decisions leading up to the decision.
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