List of all commercial banks in Nigeria and their current CEO

List of all commercial banks in Nigeria and their current CEO in 2021

Nigeria as a largest country in west Africa, it contains over 25 different active commercial banks each with their respective CEO. In this post today, we will show the list of all commercial banks in Nigeria and the name of their current CEO.

A Nigerian commercial banks are a financial institution which accept deposits from the public and give loans for the purposes of consumption and investment to make profit.

A commercial bank can also be referred to as bank, or a division of a large bank, which deals with corporations or large/middle-sized business to differentiate it from a retail bank and an investment bank.

Banking sectors in Nigeria

In Nigeria, we have two different commercial banking sectors and they are private sector commercial banks and public sector commercial banks.

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Private sector commercial banks are the banks that belong or were established by an individual or group of individual (team) or organization while public sector commercial banks are the ones that were established or founded by Federal government of Nigeria.

Importantly, all banks in Nigeria, be it public sector or private sector were being first duly approved by Central Bank of Nigeria before they started delivering banking services in Nigeria online or offline.

Remember to read: list of all approved Microfinance banks in Nigeria and their locations

Roles and responsibilities of CEO of a bank in Nigeria

A CEO, which stands for Chief Executive Officer, is the highest-ranking individual in a company or organization. The CEO is responsible for the overall success of a business entity or other organization and for making top-level managerial decisions.

They may ask for input on major decisions, but they are the ultimate authority in making final decisions. There are other titles for CEOs, such as chief executive, president, and managing director.

The Chief Executive Officer of a bank reports directly to, and is accountable to, the Board of Directors for the performance of a bank.

The Board of Directors (BoD) is a group of individuals who are elected to represent the shareholders of the company. The CEO often sits on the board and, in some cases, she or he is the chairperson.

Some roles and responsibilities of CEO of all commercial banks in Nigeria are:

  1. Communicating, on behalf of the bank, with shareholders, government entities, and the public
  2. Leading the development of the bank’s short- and long-term strategy
  3. Creating and implementing the bank or organization’s vision and mission
  4. Evaluating the work of other executive leaders within the company, including directors, vice presidents, and presidents
  5. Maintaining awareness of the competitive market landscape, expansion opportunities, industry developments, etc.
  6. Ensuring that the bank maintains high social responsibility wherever it does business
  7. Assessing risks to the bank and ensuring they are monitored and minimized
  8. Setting strategic goals and making sure they are measurable and describable

Duties and functions of all commercial banks in Nigeria

The general role of all commercial banks in Nigeria is to provide financial services to the general public and business, ensuring economic and social stability and sustainable growth of the economy.

In this respect, credit creation is the most significant function of commercial banks. While sanctioning a loan to a customer, they do not provide cash to the borrower.

Instead, they open a deposit account from which the borrower can withdraw. In other words, while sanctioning a loan, they automatically create deposits.

Some of the most important roles and functions of all commercial banks in Nigeria are:

  • Accepting various types of deposits from the public especially from its clients, including saving account deposits, recurring account deposits, and fixed deposits. These deposits are returned whenever the customer demands it or after a certain time period
  • Commercial banks use the deposits they absorb to make loans
  • To a certain extent, the derivative funds of several times the original deposits are increased, which greatly improves the driving force of commercial banks to serve the economic development.
  • Providing loans and advances of various forms, Such as overdraft facility, cash credit, bill discounting, money at call, etc

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List of commercial banks in Nigeria and their current CEO

The list of all CBN approved commercial banks in Nigeria and their current CEO are shown in the table below:

S/NBank NameCEOBank Website
1Central Bank Of NigeriaMr. Godwin Emefiele, FCIBwww.cbn.gov.ng
2Nigeria Deposit Insurance CorporationAlhaji Umaru Ibrahim, MNI, FCIBhttp://ndic.org.ng/
3Access Bank PLCMr. Herbert Wigwe, FCAwww.accessbankplc.com
4Ecobank Nigeria PLCMr. Patrick Akinwuntanwww.ecobank.com
5First City Monument Bank PLCMrs. Yemisi Edun, HCIB.www.fcmb.com
6Fidelity Bank PLCMrs. Nneka Onyeali-Ikpe, HCIBwww.fidelitybankplc.com
7First Bank Of Nigeria LimitedDr. Adesola Kazeem Adeduntan, FCAwww.firstbanknigeria.com
8Guaranty Trust Bank PLC (GT Bank)Mrs Miriam Olusanya, HCIB.www.gtbplc.com
9Citibank Nigeria LimitedMrs. Ireti Samuel-Ogbu, HCIBwww.citigroup.com
10Keystone Bank LTDMr. Olaniyan Olayinkawww.keystonebankng.com
11Polaris Bank PLCMr. Innocent C. Ike HCIBwww.polarisbanklimited.com
12Stanbic Ibtc Bank PLCMr. Wole Adeniyiwww.stanbicibtcbank.com
13Standard Chartered Bank LimitedMr. Lamin Manjangwww.sc.com/ng
14Sterling Bank PLCMr. Abubakar Suleiman HCIBwww.sterlingbankng.com
15United Bank FOR Africa PLCMr. Kennedy Uzoka, FCIBwww.ubagroup.com
16Union Bank Of Nigeria PLCMr. Emeka Emuwa, FCIBwww.unionbankng.com
17Unity Bank PLCMrs. Oluwatomi Somefun, FCIBwww.unitybankng.com
18Wema Bank PLCMr. Ademola Adebise HCIBwww.wemabank.com
19Zenith Bank PLCMr. Ebenezer Onyeagwu, HCIBwww.zenithbank.com
20TAJ BANKMr. Norfadelizan Abdul Rahmanhttps://www.tajbank.com/
21TITAN TRUST BANKMR. MUDASSIR AMRAYhttps://www.titantrustbank.com/
22GLOBUS BANKMR. ELIAS IGBINAKENZUAhttps://globusbank.com/
23Providus BankMr. Walter Akpanwww.providusbank.com
24Heritage BankMr. Ifie Sekibowww.hbng.com
25Jaiz Bank PlcMr. Hassan Usman, FCIBhttps://jaizbankplc.com/
26Bank Of IndustryMr. Olukayode Pitanwww.boinigeria.com
27Nigerian Export-Import BankAbubakar A. Bellowww.neximbank.com.ng
28THE Infrastructure Bank PLCRoss Oluyedehttps://www.infrastructurebankplc.com/
29SunTrust Bank Nigeria LimitedMrs. Halima Buba, HCIBhttps://suntrustng.com/

Current Governor of CBN

Current CEO or governor of CBN

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CBN is a non commercial bank in Nigeria and we have made it the number in the list of all commercial banks in the country Nigeria as shown in the table below.

The functions or roles of Central bank of Nigeria are to:

  1. Ensure monetary and price stability
  2. Issue legal tender currency in Nigeria
  3. Maintain external reserves to safeguard the international value of the legal tender currency
  4. Promote a sound financial system in Nigeria and
  5. Act as Banker and provide economic and financial advice to the Federal Government.

The current Governor or CEO of Central Bank of Nigeria, CBN id Mr. Godwin Emefiele and the website address of CBN is www.cbn.gov.ng/.

Related post! list of all banks that female is their CEO in Nigeria in 2021.

Functions of Nigeria Deposit Insurance Corporation (NDIC)

The main function of Nigeria Deposit Insurance Corporation (NDIC) is to supervise banks to protect depositors, ensure monetary stability and effective/efficient payment system as well as to promote competition and innovation in the banking system.

Another primary roles of the NDIC is to ensure that all failing or failed institutions are resolved in a timely and efficient manner.

The NDIC supervises all commercial banks in Nigeria so as to protect depositors; foster monetary stability; promote an effective and efficient payment system; and promote competition and innovation in the banking system.

Banking supervision is an essential element of the Nigeria deposit insurance scheme as it seeks to reduce the potential risk of failure and ensures the unsafe and unsound banking practices do not go unchecked.

As an insurer, Nigeria Deposit Insurance Corporation guarantees the payment of deposits up to the maximum limit in accordance with its statute in the event of failure of an insured financial institution.

The current Managing Director, MD or CEO of Nigeria Deposit Insurance Corporation is Alhaji Umaru Ibrahim while its website address is www.ndic.org.ng/.

Conclusion

If you know that this article has helped you know the list of all commercial banks in Nigeria and their current CEO or managing Directors, MDs, then please share it with your friends and remember to click here to subscribe to our newsletter for more important information or updates from us.

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About the author

His websites | His posts

I am Abdulrazaq, a student and a type of person who love guiding people with any important thing I know. I established this blog in order to show people what is what and prevent them from making avoidable mistakes.

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