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.
Kevin Ugwuoke- Chief Risk Officer Fidelity Bank
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.
Chinedu Ikwudinma- Group Chief Risk Officer Ecobank Transnational
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.
Kola Lawal-Executive Director, Risk Stanbic IBTC Nigeria PLC
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.
Jobome Gregory -Executive Director/Chief Risk Officer Access Bank(Holdings)
Market Cap: N675.35 billion
- He has an illustrious career spanning over 26 years across esteemed institutions such as Guaranty Trust Bank, the University of Liverpool Management School, Manchester Business School, and Access Bank Plc.
- With a first-class degree in Economics from the University of Maiduguri in 1986 and a Distinction in Master’s in Business Administration from Obafemi Awolowo University in 1990- he earned a Master of Science Degree (1994) and a Doctorate degree (2002), both in Economics and Finance from Loughborough University, UK.
- Widely respected in the industry, Dr. Jobome has held various leadership positions, including Chairman of CRC Credit Bureau Ltd, President of the Risk Management Association of Nigeria, and Member of the Working Group on Regulatory Reforms at the Institute of International Finance.
Awele Ajibola- Chief Risk Officer UBA Group
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.
Felix Egbon – Chief Risk Officer Zenith Bank
Market Cap: N1.2 trillion
Felix Egbon serves as the Chief Risk Officer and General Manager (GM) at the bank, holding the position of Group Head of the Risk Management Group. Since joining the bank in May 2006, Egbon has played a key role in establishing a robust risk management function within the organization.
- Before joining Zenith Bank, Egbon held the position of Principal Manager at United Bank for Africa Plc. In this role, he was responsible for branch coordination, internal control, and audit functions.
- His professional credentials include being a fellow of the Institute of Chartered Accountants of Nigeria (ICAN), an honorary member of the Chartered Institute of Bankers of Nigeria, and a Senior member of the Risk Management Association of Nigeria.
- Egbon’s extensive experience in risk management and banking operations has been honed through previous roles at Pricewaterhouse Coopers, where he served as an Audit Senior specializing in Auditing and Business Advisory Services.
Zenith Bank has a market capitalization of N1.2 trillion as of August 29, 2024. , Zenith Bank in Q1 2024, posted a pre-tax profit of N320.2 billion. This marked a 270% YoY growth from the N86.6 billion posted in Q1 2023.
The bank, the top profit earner in FY 2023, was the second highest in Q1 2024. It posted a net interest income of N306.5 billion for Q1 2024, the largest in the country.
Olumide Oguntuase, General Manager – Head, Enterprise Risk Management Division GTCO
Market Cap: N1.35 trillion
Olumide Oguntuase is the Chief Risk Officer at GTCo. Before his tenure at GTCo, he spearheaded the Internal Control Division and served as Team Leader for Branch Operations at Chartered Bank plc. During this period, he amassed extensive expertise in risk assessment, fraud investigation, and financial reporting.
- Oguntuase obtained his Bachelor’s Degree in Agricultural Economics from Obafemi Awolowo University and pursued a Master of Business Administration (M.B.A.) in Finance from Lagos State University.
- He has an Executive MBA from Imperial College Business School, with a focus on Business, Management, Marketing, and Related Support Services. Furthermore, he completed a Senior Management Programme at Lagos Business School, Pan-Atlantic University, augmenting his leadership and management acumen.
GTCO group recorded a pre-tax profit of N509.3 billion, representing a 587.5% YoY increase from the N74.1 billion posted in Q1 2023.
Throughout FY 2023, GTCO posted a pre-tax profit of N609.3 billion. The group posted a net interest income of N227.3 billion, representing a 177% YoY growth from the N82.2 billion recorded in Q1 2023.
Note: The personalities featured in this compilation have been carefully selected by a distinguished panel of editors, experts, and analysts at Nairametrics. It is important to note that none of the individuals listed have solicited their inclusion.
While this list aims to be comprehensive, it is by no means exhaustive; numerous other contributors have played significant roles in advancing the banking and finance industry in Nigeria. This compilation is exclusive to Nairametrics and may be updated periodically to reflect changes and advancements in the field. Feedback will be appreciated.