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 Modupe Gbadeyanka
About N2 billion is expected to be used to finance renewable energy products for customers by the end of 2026 in an effort to accelerate Nigeria’s clean energy transition.
To meet this goal, Sterling Bank is launching Sterling Solar Financing Hubs inside StarTimes retail outlets to embed on-the-spot solar financing at the point of purchase.
From the N2 billion earmarked for this initiative, N600 million has already been used up.
Under this programme, customers can now walk into participating outlets, select their preferred solar solution, receive financial guidance from dedicated Sterling Solar Financing Advisors, and begin the financing process immediately, subject to the bank’s credit assessment.
The first phase of the rollout commenced this July with five Solar Financing Hubs across Lagos, located in Lekki, Ikeja, Festac, Surulere, and Victoria Island.
The network will expand rapidly to 46 StarTimes outlets nationwide before the end of the third quarter of 2026, with a view to extending the model to more than 200 StarTimes locations nationwide.
Both parties have promised to continue working together to democratise access to clean energy financing, empowering more Nigerians to solarise their homes and businesses while contributing to a greener future.
“Sterling exists to enrich lives, and we believe that access to clean, reliable energy should be within everyone’s reach. Through this partnership with StarTimes, we are democratising access to solar by bringing financing directly to the point of need, enabling more families and businesses to transition to sustainable energy without the burden of prohibitive upfront costs. This is about unlocking opportunity, improving livelihoods, and powering Nigeria’s future,” the Divisional Head of Renewable Energy and Mobility at Sterling Bank, Mr Darlington Nwankwo, said.
Also commenting, the Vice President of StarTimes Nigeria, Mr Eric Xiao, said, “With the rollout of the Sterling Solar Financing Hubs, we are doing more than just selling solar products; we are building a sustainable energy ecosystem. By integrating StarTimes’ extensive service network with Sterling Bank’s professional financial services, we are significantly lowering the barrier for Nigerian households and small businesses to access clean energy.
“Moving forward, we will continue to deepen this partnership, ensuring that more Nigerians can enjoy reliable, affordable, and smart energy solutions, ultimately turning our vision of energy accessibility into a reality for all.”
By Modupe Gbadeyanka
The Nigeria Business Summit Regional Tour of Stanbic IBTC Bank made a detour to Jogor Centre, Ibadan, Oyo State, on Wednesday, July 15, 2026, to empower Micro, Small, and Medium Enterprises (MSMEs).
The event brought together business leaders, development partners and government representatives to discuss pathways for sustainable enterprise development across the South-West.
Participants engaged in practical masterclasses on export opportunities; access to finance and business growth strategies; gaining actionable insights into market expansion; trade documentation; credit readiness; financial record-keeping; and structured financing solutions designed to support long-term business success.
The Head of Enterprise Banking at Stanbic IBTC Bank, Ms Olajumoke Bello, informed participants that the programme is part of the lender’s commitments to supporting MSMEs through practical business education, strategic partnerships and improved access to growth opportunities.
The Executive Director of Business and Commercial Banking at Stanbic IBTC Bank, Mr Remy Osuagwu, on his part, said, “Our ambition is to be more than a financial institution to Nigerian businesses. We want to be a trusted growth partner, providing the financing, business insights and advisory support entrepreneurs need to build sustainable enterprises and unlock new opportunities.”
Similarly, the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who reinforced the company’s commitment to enterprise development, highlighted the importance of providing businesses with the right support structures to enable sustainable growth and long-term competitiveness.
“At Stanbic IBTC, we believe that sustainable economic growth depends on the success of small and growing businesses. That is why we are focused on providing access to finance, practical advisory support and the connections businesses need to move from ambition to scale,” he stated.
The Oyo State Commissioner for Investment, Trade, Cooperatives, and Industry, Professor Soliu Adelabu, said the initiative was designed to support businesses and strengthen the state’s entrepreneurship ecosystem, praising the bank for its support for traders, entrepreneurs, and artisans in the state.
The Permanent Secretary in the Oyo State Ministry of Women Affairs and Social Inclusion, Mrs O.M. Shotonwa-Roagess, highlighted the importance of strategic partnerships in expanding economic opportunities for women and vulnerable groups across Oyo State. She noted that the ministry remains open to collaborating with organisations such as Stanbic IBTC, development partners and the private sector to drive financial inclusion, entrepreneurship and sustainable economic empowerment.
The Nigeria Business Summit Regional Tour forms part of Stanbic IBTC’s broader commitment to empowering entrepreneurs through capacity building, financial inclusion and strategic business support, helping enterprises unlock new opportunities for growth and long-term success.
The Ibadan leg built on the momentum of previous tour stops in Katsina and Aba.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
