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: N712.63 billion
Kola Lawal is the Executive Director and Chief Risk Officer of Stanbic IBTC Holdings. His jounrney in the bank began 16 years ago when he joined in November 2008
- Before joining Stanbic IBTC, Lawal honed his skills at Agusto and Co, where he served as a Ratings Analyst and Financial Advisory consultant. He further enriched his expertise at Standard Chartered Bank, where he excelled as a Corporate Credit Analyst.
- Throughout his illustrious career, Lawal specialized in structuring Credit in Corporate and Investment Banking (CIB) Credit, a role he maintained until January 2012. It was during this period that he transitioned to Standard Bank South Africa, assuming the role of Regional Credit Evaluation Manager for the Southern Africa Region.
- In January 2015, Lawal returned to Stanbic IBTC Bank Nigeria, assuming the mantle of Head, CIB Credit. His stellar performance and unwavering dedication led to his appointment as Head of Credit, Nigeria, in February 2019.
He has over 25 years of experience in finance and risk management.
Returning to Stanbic IBTC Bank Nigeria in January 2015, Lawal became Head, of CIB Credit. Subsequently, in February 2019, he was appointed Head of Credit, in Nigeria.
- He has a Bachelor of Science (BSc.) degree in Building from Obafemi Awolowo University, Ile-Ife, and an M.Sc. in Construction Economics and Management from University College London, United Kingdom.
Stanbic IBTC Holdings posted a pre-tax profit of N62.7 billion during the quarter under review, marking a 73% YoY growth from the N36.3 billion posted in Q1 2023.
Stanbic IBTC Bank, the banking division of the group, reported a pre-tax profit of N48.2 billion, marking a 102% year-over-year increase from the N23.8 billion pre-tax profit recorded in Q1 2023.
