Banking - Intelpoint

Sterling Bank's origins trace back to 1960 as Nigeria Acceptances Limited, later becoming the first merchant bank in 1969
In 2006, NAL Bank merged with four other banks, forming Sterling Bank as it is known today
Sterling explored several merger opportunities, including with Ecobank in 2008 and FirstRand in 2011, but these plans did not materialise
In 2023, Sterling transitioned into a holding company structure, spinning off its alternative finance arm as a standalone entity, AltBank
The bank began raising fresh capital in 2024, with shareholders approving a ₦200 billion equity capital raise and securing a $50 million private placement as part of its recapitalisation

FirstBank has undergone multiple transformations since its establishment in 1894, adapting to industry shifts and regulatory changes.
The bank transitioned from foreign ownership to local incorporation in 1969, aligning with Nigeria’s indigenisation policy.
Structural and branding changes continued, including its rebranding to First Bank of Nigeria in 1979 and restructuring into a holding company in 2012.
Recent developments include FBN Holdings’ name change to FirstHoldCo and the bank’s planned relocation of its headquarters to Eko Atlantic City in 2025.

Key takeaways:

Polaris Bank traces its roots back to the establishment of Prudent Bank Plc in 1989.
Prudent Merchant Bank Limited merged with Bond Bank Limited, EIB International Bank Plc, Reliance Bank Limited, and Co-operative Bank Plc to create Skye Bank Plc.
In 2014, Skye Bank Plc acquired Mainstreet Bank Limited.
The Central Bank of Nigeria revoked Skye Bank's operating license in 2018, and Polaris Bank Limited subsequently took over its assets and liabilities.

Key takeaways:

In 2015, Wema Bank transitioned from being a regional bank to achieving national bank status.
To promote innovation and cooperation within the tech community, Wema Bank organised its inaugural hackathon, "Hackaholics", in 2019.
The bank has continually prioritised innovation, particularly with the introduction of ALAT, Nigeria's pioneer fully digital banking service.
Wema Bank holds the distinction of being Nigeria's oldest indigenous bank still in operation.

FirstBank and Union Bank have operated in Nigeria for over a century, making them the longest-surviving commercial banks
Three of Nigeria’s largest banks today, GTBank, Zenith Bank, and Access Bank, were founded in the late 20th century
Citibank is the oldest foreign bank in Nigeria
Only five banks have existed in Nigeria for over fifty years

Nigeria’s first ATM was deployed in 1990 by Société Générale Bank, marking the start of a new era in banking.
Interswitch kicked off interbank transactions in 2003, allowing Nigerians to use ATMs provided by other banks asides their own.
The CBN has implemented several policies to regulate ATM deployment, fees, and usage.
ATM fees have fluctuated over the years, with a major reduction in 2020 and an increase in 2025.

Nigeria's Central Bank has adjusted the minimum capital requirement for commercial banks three times in two decades.
The newest capital requirements will see an over 300% increase in capital requirement across all commercial banking licences.
Banks with international licences will see the biggest jump in capital requirement, needing 900% more capital under the new rules.
Banks have undertaken rights issuance, public offers and private placements to meet the 2026 deadline.

Heritage Bank emerged from the ashes of Société Générale Bank Nigeria (SGBN), which lost its license in 2006.
The bank rebranded and re-entered the market in 2012, later acquiring Enterprise Bank in 2014 to expand its reach.
Despite its growth, financial instability and poor loan performance plagued its operations.
By 2021, it recorded a staggering 81.2% non-performing loan (NPL) ratio.
Regulatory pressures mounted, leading to the revocation of its banking license in June 2024.

Bank PHB was among the banks flagged in the 2009 CBN/NDIC audit for capital inadequacy and governance failures.
Despite regulatory interventions, it failed to recapitalise by the September 30, 2011 deadline, leading to its license revocation.
The CBN and Nigeria Deposit Insurance Corporation (NDIC) established Keystone Bank as a bridge bank to take over Bank PHB’s assets and liabilities.
The Asset Management Corporation of Nigeria (AMCON) managed Keystone Bank until 2017, when it was sold to private investors.
The bank later divested from its international subsidiaries, focusing on the domestic market.
In 2024, the CBN dissolved its board, signalling ongoing financial and governance concerns.

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