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: N400.02 billion
Chinedu Ikwudinma is the Group Chief Risk Officer at Ecobank appointed in 2022. With an MSc in Structural Engineering and an MBA, both earned from the University of Lagos, Nigeria, he led as Managing Director of Nova Merchant Bank in Nigeria from September 2017 to August 2018.
- His career spans over 26 years at Citigroup, where he held senior management roles in Commercial Banking, Corporate & Investment Banking, and Risk Management.
- He also served as Managing Director of Citibank Uganda and Head of Corporate Banking in Citibank Zambia. With specialized training and extensive expertise as a Senior Credit Officer, Chinedu is recognized as a risk management specialist.
- His proficiency covers diverse areas such as Corporate Finance, Project Finance, Trade Finance, Derivatives Structures, Working Capital, and Basic Financing and Banking Products.
Ecobank Transnational Incorporated (ETI) posted a pre-tax profit of N201.5 billion during the quarter ending March 31, 2024. This marked a 249% year-on-year growth from the N57.7 billion posted during the corresponding quarter in 2023.
