Top 10 CFOs Guiding Nigeria’s Largest Banks: A Closer Look at Market Leaders.
In the dynamic financial landscape of Nigeria, the year 2023 witnessed an impressive surge in the NGX Banking Index, marking a substantial growth of 114.9%. This remarkable achievement solidified its position as the second-best performing index on the NGX, closely trailing the oil and gas sector.
Throughout the year, Nigerian banks emerged as strong profit generators, driven by increased interest income and gains resulting from the Naira’s devaluation in Q2 2023.
This financial upswing translated into commendable market performance, with Chief Financial Officers (CFOs) playing a pivotal role in guiding the financial operations of their respective banks.
These CFOs, integral members of the C-suite, have been strategically selected based on criteria such as market capitalization, relevant financial certifications, and their impactful work portfolios across listed banks on the NGX.
Nairametrics has diligently tracked the performance of leading banking stocks on the NGX in 2023 and into 2024, highlighting the CFOs entrusted with steering the financial future of these prominent institutions.
10. Adebimpe Olambiwonnu – CFO at Sterling Bank
Adebimpe Olambiwonnu, the Chief Finance Officer at Sterling Bank, is a key figure in shaping the bank’s financial outcomes. With a wealth of experience and affiliations with prestigious institutions, including the Institute of Chartered Accountants of Nigeria, Olambiwonnu’s expertise has contributed to Sterling Bank’s impressive achievements. In 2023, the bank witnessed a substantial 206.4% share price appreciation and reported a commendable net income of N16.5 billion in the first nine months.
Market Cap: N201 billion (as of January 19, 2024)
9. Deji Fayose – CFO Group at First City Monument Bank Limited
Deji Fayose, the Chief Financial Officer at FCMB, brings over 18 years of diverse banking experience to the table. His strategic financial management has played a key role in FCMB Group’s remarkable growth, recording a 108% YoY growth in pre-tax profit in the first nine months of 2023.
Market Cap: N210 billion (as of January 19, 2024)
8. Victor Abejegah – CFO & General Manager at Fidelity Bank Plc
Victor Abejegah, serving as the Chief Financial Officer & General Manager at Fidelity Bank Plc, has overseen the bank’s impressive growth, with pre-tax profits surging by 172.60% year on year to reach N34.658 billion in Q3 2023.
Market Cap: N416 billion (as of January 19, 2024)
7. Ayo Adepoju – Group CFO of Ecobank
Ayo Adepoju, the Group CFO of Ecobank, oversees a finance organization of approximately 250 professionals. With a robust academic background, Adepoju’s expertise has contributed to Ecobank Transnational Incorporated’s robust 55% YoY growth in pre-tax profit in the nine months ending September 2023.
Market Cap: N474 billion (as of January 19, 2024)
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6. Kunle Adedeji – CFO at Stanbic IBTC Group
Kunle Adedeji, the Chief Financial Officer at Stanbic IBTC Group, brings over 23 years of post-graduation experience to his role. Under Adedeji’s leadership, Stanbic IBTC Holdings witnessed an 87.77% increase in pre-tax earnings for the 9 months to September 2023.
Market Cap: N842 billion (as of January 19, 2023)
5. Patrick Iyamabo – CFO at First Bank of Nigeria
Patrick Iyamabo, the Chief Financial Officer at First Bank of Nigeria Limited, with over 27 years of extensive professional experience, has significantly contributed to FBN Holdings Plc’s impressive financial performance. In Q3 2023, the Group’s profit before tax surged by an impressive 156.3% to N270.3 billion.
Market Cap: N955 billion (as of January 19, 2024)
4. Ugo Nwaghodoh – Group CFO at United Bank for Africa Plc
Ugo Nwaghodoh, the Group CFO at UBA, has been steering UBA’s financial helm since 2011. UBA’s third-quarter results for 2023 showcase a remarkable 86.64% year-on-year growth in pre-tax profits, totaling N98.444 billion.
Market Cap: N1.06 trillion (as of January 19, 2024)
3. Morounke Olufemi – CFO at Access Bank Holdings
Morounke Olufemi, a seasoned financial strategist, oversees Finance & Strategy at Access Holding. The group’s nine-month pre-tax profit stood at N294.4 billion, marking a substantial year-on-year increase of 100.2% from the corresponding period last year.
Market Cap: N1.07 trillion (as of January 19, 2023)
2. Banji Adeniyi – CFO at Guaranty Trust Bank
Banji Adeniyi, with over 24 years of experience, has played a pivotal role as CFO at Guaranty Trust Bank. GTCO Holdings witnessed a remarkable Q3 2023 financial performance, with pre-tax profit soaring to N105.8 billion.
Market Cap: N1.30 trillion (as of January 19, 2023)
1. Mukhtar Adam – Group CFO at Zenith Bank
Mukhtar Adam, a distinguished finance professional, oversees Zenith Bank’s financial operations. The bank demonstrated the highest performance in the 2023 third-quarter results, with pre-tax profits for the three months ended September 30 reaching N154.67 billion, a 113% YoY quarter growth.
Market Cap: N1.43 trillion (as of January 19, 2023)
This comprehensive overview sheds light on the exceptional CFOs steering the financial success of Nigeria’s top banks, contributing to their impressive market capitalizations and sustained growth.
