Globus Bank officially commences operations, targets N50bn capital in 12-18 months

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…targets N50bn capital in 12-18 months, 24 branches in 5years

Globus Bank Limited, a new bank licensed by the Central Bank of Nigeria (CBN), has announced the launch of its operations in Nigeria starting today.

Globus Bank Limited aims to be the leading digital bank in the country by leveraging cutting-edge technology to deliver exceptional value to its customers. It also aims to bridge the customer experience gap in the industry by offering innovative products tailored to its customer’s needs and by offering exceptional customer service.

Globus Bank officially commences operations, targets N50bn capital in 12-18 months

The bank would prioritize sustainability and will be the first bank in the country to deploy green technology in its branch operations. The sound corporate governance structure is expected to ensure its cardinal principles of transparency, accountability and diligence are institutionalized throughout the bank.

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The bank’s Board of Directors includes industry leaders and experts with a combined experience of over 150 years in Operations, Business Strategy, Information, Technology, Executive Management and Financial Control. Elias Igbinakenzua, the MD/CEO of Globus Bank, has served as an Executive Director in both Zenith Bank and Access Bank.

Globus Bank said it would leverage its visionary board and savvy business model to distinguish itself in the Nigerian banking industry through innovation and the delivery of exceptional service to its customers.

While Globus Bank continues with its regional operations, plans are underway to raise about N50 billion capital in the next 12 to 18 months as the lender aspires to extend its operations with 24 branches across the country within the next five years.

“Obtaining a national banking licence was always the play and while we have enough capital to obtain one now, we still plan to raise an additional N50 billion in 12-18 months,” Elias Igbinakenzua, managing director/CEO of the bank.

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Nixon Iwedi, the Executive Director, has over twenty years of banking experience, including leadership roles across different core aspects of banking including Credit and Marketing, operations, corporate finance amongst others.

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Creative designers guild of Nigeria holds election(Opens in a new browser tab) Other members of the board include Augustine Okere, an engineer with over thirty years of experience and the founder of Computer Warehouse Group, Isioma Ezi-Ashi, a lawyer and respected entrepreneur in the construction industry with over 30 years of experience.

Dr. Vincent Okeke, an engineer, fellow of the Institute of Chartered Accountants of Nigeria and Pwc alumnus, Olayide Abel, a fellow of the Institute of Chartered Accountants of Nigeria, seasoned banker and  Pwc alumnus, and Engr. Charles Osezua (CON), a leader in the oil and gas industry.

Driven by its visionary board and savvy business model, the Bank will set itself apart in the industry through Innovation and deliver exceptional service to its customers. Globus Bank is headquartered at No. 6 Adeyemo Alakija Street, Victoria Island, Lagos.

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In June, Godwin Emefiele, CBN governor, had announced that the bank is considering a recapitalisation exercise for deposit money banks in the country.

“In the next five years, we intend to pursue a programme of recapitalising the Nigerian banking industry so as to position Nigerian banks among the top 500 in the world,” he said.

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Bank recapitalization is the act of changing the capital structure of a bank to provide more equity funds to meet the bank’s long-term financing needs to ensure the security of shareholders fund.

Before the banking reform of 2005, instituted by ex-governor of the CBN, Charles Soludo, Nigeria has as many as 89 banks operating as commercial and merchant banks. With the reform, which hikes minimum capital base to 25 billion naira from 2 billion naira, the number reduced to 24 universal banks.

However, subsequent alignment and take over by the regulators led to further consolidation in the operations of the banks, leading to a downward reduction in the number of operators.

The newly licensed TAJ Bank Limited has joined Jaiz Bank as only two operating as a non-interest bank in the country.

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Globus Bank officially commences operations, targets N50bn capital in 12-18 months - Brand SpurGlobus Bank officially commences operations, targets N50bn capital in 12-18 months - Brand Spur

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Globus Bank officially commences operations, targets N50bn capital in 12-18 months - Brand SpurGlobus Bank officially commences operations, targets N50bn capital in 12-18 months - Brand Spur

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- Advertisement -Globus Bank officially commences operations, targets N50bn capital in 12-18 months - Brand SpurGlobus Bank officially commences operations, targets N50bn capital in 12-18 months - Brand Spur