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.
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.
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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:
- Communicating, on behalf of the bank, with shareholders, government entities, and the public
- Leading the development of the bank’s short- and long-term strategy
- Creating and implementing the bank or organization’s vision and mission
- Evaluating the work of other executive leaders within the company, including directors, vice presidents, and presidents
- Maintaining awareness of the competitive market landscape, expansion opportunities, industry developments, etc.
- Ensuring that the bank maintains high social responsibility wherever it does business
- Assessing risks to the bank and ensuring they are monitored and minimized
- 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/N||Bank Name||CEO||Bank Website|
|1||Central Bank Of Nigeria||Mr. Godwin Emefiele, FCIB||www.cbn.gov.ng|
|2||Nigeria Deposit Insurance Corporation||Alhaji Umaru Ibrahim, MNI, FCIB||http://ndic.org.ng/|
|3||Access Bank PLC||Mr. Herbert Wigwe, FCA||www.accessbankplc.com|
|4||Ecobank Nigeria PLC||Mr. Patrick Akinwuntan||www.ecobank.com|
|5||First City Monument Bank PLC||Mrs. Yemisi Edun, HCIB.||www.fcmb.com|
|6||Fidelity Bank PLC||Mrs. Nneka Onyeali-Ikpe, HCIB||www.fidelitybankplc.com|
|7||First Bank Of Nigeria Limited||Dr. Adesola Kazeem Adeduntan, FCA||www.firstbanknigeria.com|
|8||Guaranty Trust Bank PLC (GT Bank)||Mrs Miriam Olusanya, HCIB.||www.gtbplc.com|
|9||Citibank Nigeria Limited||Mrs. Ireti Samuel-Ogbu, HCIB||www.citigroup.com|
|10||Keystone Bank LTD||Mr. Olaniyan Olayinka||www.keystonebankng.com|
|11||Polaris Bank PLC||Mr. Innocent C. Ike HCIB||www.polarisbanklimited.com|
|12||Stanbic Ibtc Bank PLC||Mr. Wole Adeniyi||www.stanbicibtcbank.com|
|13||Standard Chartered Bank Limited||Mr. Lamin Manjang||www.sc.com/ng|
|14||Sterling Bank PLC||Mr. Abubakar Suleiman HCIB||www.sterlingbankng.com|
|15||United Bank FOR Africa PLC||Mr. Kennedy Uzoka, FCIB||www.ubagroup.com|
|16||Union Bank Of Nigeria PLC||Mr. Emeka Emuwa, FCIB||www.unionbankng.com|
|17||Unity Bank PLC||Mrs. Oluwatomi Somefun, FCIB||www.unitybankng.com|
|18||Wema Bank PLC||Mr. Ademola Adebise HCIB||www.wemabank.com|
|19||Zenith Bank PLC||Mr. Ebenezer Onyeagwu, HCIB||www.zenithbank.com|
|20||TAJ BANK||Mr. Norfadelizan Abdul Rahman||https://www.tajbank.com/|
|21||TITAN TRUST BANK||MR. MUDASSIR AMRAY||https://www.titantrustbank.com/|
|22||GLOBUS BANK||MR. ELIAS IGBINAKENZUA||https://globusbank.com/|
|23||Providus Bank||Mr. Walter Akpan||www.providusbank.com|
|24||Heritage Bank||Mr. Ifie Sekibo||www.hbng.com|
|25||Jaiz Bank Plc||Mr. Hassan Usman, FCIB||https://jaizbankplc.com/|
|26||Bank Of Industry||Mr. Olukayode Pitan||www.boinigeria.com|
|27||Nigerian Export-Import Bank||Abubakar A. Bello||www.neximbank.com.ng|
|28||THE Infrastructure Bank PLC||Ross Oluyede||https://www.infrastructurebankplc.com/|
|29||SunTrust Bank Nigeria Limited||Mrs. Halima Buba, HCIB||https://suntrustng.com/|
Current Governor of CBN
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:
- Ensure monetary and price stability
- Issue legal tender currency in Nigeria
- Maintain external reserves to safeguard the international value of the legal tender currency
- Promote a sound financial system in Nigeria and
- 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/.
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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/.
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