The Nigerian banking sector stands as a cornerstone of one of the fastest-growing sectors in the country, experiencing an estimated growth rate of 26.53% – a notable increase from the 16.36% recorded in 2022.
In 2023, the banking sector saw a substantial 114.89% growth on the NGX banking index, reflecting strong investor confidence.
Nigerian banks reported a combined pre-tax profit of N1.58 trillion in Q1 2024, a 263% increase from N436 billion in Q1 2023.
GTCO achieved the highest quarterly profit in the sector’s history. This strong performance was driven by increased net interest income and gains from financial instruments due to rising interest rates and Naira fluctuations.
Chief Risk Officers (CROs) are crucial in managing risks in these banks, ensuring strong frameworks to protect financial stability. Here are the CROs behind risk management in Nigeria’s top 7 banks by market capitalization as of August 29, 2024.
Market Cap: N337.72 billion
Kevin Ugwuoke was appointed Executive Director of Risk Management and Chief Risk Officer at Fidelity Bank in July 2020. In this role, he oversees various aspects of risk management, including Credit Risk Management, Credit Strategy and Policy, Risk Measurement, IT Risk Management, Operational Risk Management, and Compliance.
- Ugwuoke joined Fidelity Bank as a General Manager in March 2015, bringing with him extensive experience from his previous managerial roles at leading financial institutions such as United Bank for Africa, Access Bank, and Citi Bank.
- He holds a Bachelor’s Degree in Civil Engineering from the University of Nigeria, Nsukka, and a Post-Graduate Diploma in Management from Edinburgh Business School at Heriot-Watt University. Ugwuoke is also a Senior Honorary Member of the Chartered Institute of Bankers of Nigeria, reflecting his significant contributions to the banking sector.
Fidelity Bank Plc posted a pre-tax profit of N39.5 billion, marking a 120% growth from the N17.9 billion pre-tax profit recorded in Q1 2023.
During the quarter, the bank posted a net interest income of N99.6 billion, marking a 90% YoY growth from Q1 2023.
Fidelity Bank posted gross earnings of N192.1 billion during the quarter, as it also recorded a net income of N31.4 billion, up by 101% YoY from N15.7 billion as of Q1 2023.
