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: N748.96 billion
Awele Ajibola currently serves as the Chief Risk Officer of UBA Group, a position she has held since February 2024. With a robust career spanning over two decades, Ajibola is a seasoned professional in risk management and financial oversight.
Before joining UBA Group, she was the Chief Risk Officer at FBNQuest for over four years, where she was instrumental in developing comprehensive risk management strategies that bolstered the firm’s financial stability.
- Ajibola’s career in risk management began at Diamond Bank Plc, where she spent nearly eight years, first as Head of Internal Control and later as Head of Credit Risk Management.
- She played a key role in enhancing the bank’s risk assessment frameworks and policies. Her expertise led her to a brief tenure at Access Bank Plc in 2019, where she headed the Risk Department before moving to FBNQuest.
- An alumna of the University of Lagos, Ajibola graduated with a Bachelor of Science in Mathematics and Statistics and later earned an MBA from Lagos Business School.
- She holds several professional certifications, including the ISO 31000 Lead Risk Manager credential, underscoring her commitment to excellence in risk management. Ajibola’s strategic insights and leadership continue to shape the financial sector in Nigeria.
UBA generated the least profit during the quarter under review. UBA Plc generated a pre-tax profit of N156.3 billion, marking a 155% increase from the N61.4 billion posted in Q1 2023.
During the quarter, the bank posted a net interest income of N300.7 billion, representing a 151% YoY increase from the N119.6 billion posted in Q1 2023.
The group reported a net operating income of N375.3 billion.
