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The Board and Management of SunTrust Bank Nigeria Limited, has announced the appointment of Ayo Babatunde as its new Managing Director/Chief Executive Officer.

Babatunde began his banking career with MBC Securities Limited in 1998 as an Accountant and later pursued a career in banking with MBC International Bank Limited (which merged with First Bank after banking consolidation in 2005), he then moved to Citibank Nigeria Limited where his performance saw him rise to the position of Vice President – Head, Risk Treasury/ALM.

After a successful career with Citibank, he worked with EcoBank Nigeria Limited as General Manager – Deputy Group Treasurer and later Senior Vice President – Regional Treasurer.

He served as the Chairman of the Money Market Dealers Workgroup of the Financial Markets Dealer Association (FMDA) and as an ex-officio, prior to joining SunTrust Bank.

The newly appointed MD succeeded Muhammad Jibrin.

Following his appointment as the new MD, Babatunde said he’s counting on the support of his colleagues.

Babatunde said,

“I count on the support of the board and all other stakeholders towards achieving the vision and mission of the bank. With hard work, success is certain.”

SunTrust Bank is a privately held Commercial Bank licensed by the Central Bank of Nigeria in 2001 under the Banks and other Financial Institution Act (BOFIA).

The bank was granted a regional banking license by the CBN in 2015. And being the first commercial bank to receive a banking license since 2001, SunTrust brought the total of licensed commercial banks in Nigeria, at that time, to 23. The bank opened for business to the public in 2016.

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Recall that in January, Jibril J. Aku was appointed as the Chairman of the bank. He succeeded Chief Charles Onyema Ugboko who retired upon attaining the retirement age.

The Chief Executive Officer of SunTrust Bank, Muhammad Jibrin in a statement said; “The Board and Management of SunTrust Bank most sincerely thank Chief Charles Ugboko for his astute leadership and contributions to the Bank.


“Under his guidance, the Bank defined its strategic direction and made significant strides in executing its Fintech vision. We wish Chief Ugboko well in all his future endeavours.”


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