CBN licenses 5 new Banks
  • Snippets of the 5 newly licensed banks emerge

  • Monetary Policy: CBN set to unfold 2019 plans

Unconfirmed reports suggest that the Central Bank of Nigeria (CBN) has issued licences to 5 new banks. Here are details of what is known about two of the newly licensed banks so far.

Titan Trust Bank
Titan Trust Bank reportedly has a former CBN Deputy Governor as its Chairman. The bank has already begun preliminary designs of its logo (shown above). In addition, a senior banking executive in his last days, reportedly has a stake.

The bank reportedly has begun recruiting and has gotten several significant staff from a recently defunct tier two lender, with operations reportedly starting in May.

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Globus Bank
Globus Bank reportedly has Elias Eboigbe Igbinakenzua as one of its promoters. Igbinakenzua has had stints as an Executive Director of Zenith Bank and Access Bank respectively.

After retiring from Access Bank in 2016, he moved on to First Aluminum Plc as Managing Director.

An exiting Managing Director of one of the major banks in the country reportedly holds a stake in the firm.

It is yet unknown if he will be taking an executive position on the bank. Globus reportedly has a regional banking licence.

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CBN licenses 5 new Banks

Are new banks needed ?
Some analysts have however questioned the need for the issuance of fresh banking licences when the Asset Management Company of Nigeria (AMCON) holds key stakes in two national banks in the country.

Despite several major commercial banks in the country, and microfinance banks running at over 100, financial inclusion in the country remains quite low.

The FUGAZ banks (FBN Holdings, UBA, Guaranty Trust Bank, Access Bank and Zenith Bank) continue to dominate the banking industry in terms of branch spread, deposit size, and loan issuance.

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