Connect with us

Business

Zenith and Summit: A Cursory Look at Striking Similarities Between Two Banks

Published

on

 

With Nigeria’s banking landscape poised to welcome a new entrant, Summit Bank Limited, in the NIB segment,  Biztellers looks at what it might have in common with its established counterpart, Zenith Bank Plc.

A Striking Parallel

With the flag of Summit Bank Limited, a non-interest bank (NIB), about being raised in Nigeria’s financial services sector, Nigeria’s sixth NIB is set to open to the public. And based on the people behind the new entrant, curious minds are pondering what it might have in common with one of Nigeria’s most successful financial institutions, Zenith Bank Plc.

Their thoughts flow in the direction of what legendary Nigerian writer, Prof Chinua Achebe, pointed out in his famous novel, Things Fall Apart, that ‘A chick that will grow into a cock can be spotted the very day it hatches’.

The interest of watchers of the Nigerian financial services space has thrown up several lines of thoughts, including the similitude in meaning of the two words, summit and zenith, the people behind the new bank, the likely impact of the background of founders in the banking sector, the brand promises and what customers can look forward to.

According to dictionary.com, summit is a noun, ‘the highest point or part, as of a hill, a line of travel, or any object; top; apex.’ On the other part, zenith is listed as similar in meaning to summit by the same source, which defines it as ‘a highest point or state; culmination,’ or ‘the point on the celestial sphere vertically above a given position or observer.’

With Summit Bank Limited poised to open to customers any moment from now, analysts aver that those behind the incoming bank might be eager to replicate the Zenith success streak.

The buzz among the Nigerian banking elite, Biztellers findings show, is that Summit is coming with an assurance of high performance, great success, or a good measure of optimal achievement.

These positive sentiments, Biztellers can report, are hinged on the people behind the new NIB.

With a serious gaze on the horizon, watchers are quick to notice the presence of Dr. Mukhtar Adam at Summit.

A quick online query shows that Dr. Adam, Summit Bank’s Executive Director/Chief Operating Officer was at Zenith Bank for 17 years. Interestingly, for six of the 17 he served as Group Chief Finance Officer (GCFO).

A banker, who doesn’t want her name in print wondered if Dr. Adam was merely an extension of his former employers. ‘Being one who was loyal to Zenith Bank and played an active part in its great strides, could it be that his former employers have a hand in the emergence of Summit Bank?’

While the public waits for the answers to this and other posers, the website of the new NIB, has it that it is coming with a vision ‘to be the leading ethical bank, supporting stakeholders for common growth and prosperity’.

It also aspires to be ‘the trusted partner, providing ethical banking solutions that empower individuals and communities while making a positive impact in the lives of stakeholders for a prosperous society.’

While the extent to which these promises would be delivered are yet in the belly of history what is fact is that Nigeria’s newest NIB ‘was incorporated on 15th July 2024, as a limited liability company and licensed on 5th February 2025, by the Central Bank of Nigeria (CBN) to provide non-interest banking services to the public.’

The website added that customers can look forward to ‘non-interest-based transactions’, as it ‘emphasises profit-and-loss sharing arrangements, ethical investments, and risk-sharing partnerships with its clients. This model aims to promote financial inclusion, social justice, economic equity and moral accountability.’

A host of watchers told Biztellers that its claim of being ‘a forward-thinking Nigerian financial institution established to redefine banking through innovation, customer-centric solutions, and a strong commitment to integrity and excellence’, would be tested in the coming days and years.

Notable Hands of Existing Banks in Formation of New Banks

A look at Nigeria’s banking sector shows that some of the flourishing brands were made by people, often driven by ambition to leave well-established banks to found new ones.

ALSO READ: Adeleke in Deft Political Moves in Atlanta

Some quick examples include Access Bank and the United Bank for Africa (UBA), both of which rose from the efforts of people who left established banks to show their stuff, which has seen them playing big in Nigeria’s baking space, thereafter.

In the case of Access, it was founded in 1988 and incorporated as a private commercial bank in February 1989. Commencing operations on 11 May 1989, Aigboje Aig-Imoukhuede was appointed managing director in 2002, while Herbert Wigwe held the Deputy Managing Director position. The mandate was clear, the founding executives set for themselves the tall order of raising the bank from 65th place in 2002 to the top 10 in 2007. The interesting thing remains that the duo came from the Guaranty Trust Bank (GTBank) with their experience, which watchers are convinced played a role in the mandate they were saddled with and what they have made of the Access Bank Group.

A similar fate played out in the UBA, with the unforgettable impact of its chairman, Tony Elumelu.

It remains fresh on the minds of Nigeria’s banking community that Elumelu – aside leading the acquisition of a bigger bank, the UBA, by a smaller one, the Standard Trust Bank (STB) – could only do that because he had the ambition and experience of working at various financial institutions before the daring move.

His bio, shows that he trained as an Economist and practiced banking starting from the Union Bank of Nigeria (UBN), to All States Trust Bank before leaving to lead a small group of investors to take over a struggling Crystal Bank, which he renamed STB. The success he made of the STB witnessed the shocking purchase of UBA in 2005. But that is not the catch; what has kept tongues wagging till date is the consequent transformation of the UBA, a not-so-strong-brand at the time of acquisition, into Africa’s respected global bank.

Nigeria’s banking firmament is littered with several other stories of people moving with one financial institution’s legacy to form or takeover another and making a success of it. This scent is all over the newest entrant into the NIB segment, Summit.

These vivid examples are part of what is fuelling the speculation that Zenith might be on a mission to hoist its flag in the NIB segment, using its former GCFO. Whether that turns out true or false, it is definite that the learnings from Dr. Adam’s sojourn at Zenith would remain a plus for the emerging entity.

Is NIB a New Banking Craze in Nigeria?

According to the Nigeria Deposit Insurance Corporation (NDIC), the non-interest-banks operating in Nigeria include Jaiz Bank, Taj Bank, The Alternative Bank, Lotus Bank Limited and Summit Bank Limited.

Facts from banking industry regulator, the CBN, show that Jaiz Bank is Nigeria’s maiden NIB. Biztellers’ investigations reveal that it was founded in 2003, as Jaiz International Plc, while it was licensed as a regional bank on November 11, 2011, and opened for business January 6, 2012.

While the Nigerian economy, particularly the banking sector, awaits the latest entrant pondering if the NIB is the new craze in banking in this part of the world, information available on Anderson Nigeria’s site points out that NIB was born in the early twentieth century.’

The coming days would offer a clearer insight into what the founders of the latest NIB would bring to the table of financial services in Africa’s most populous country.

New entrants into the banking space raise a particular kind of excitement especially now that the entire sector is going through a recapitalisation process.

27 Comments
0 0 votes
Article Rating
Subscribe
Notify of
27 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Cindy311
Cindy311
1 year ago
Garfield Oberbrunner

I just could not depart your web site prior to suggesting that I really loved the usual info an individual supply in your visitors Is gonna be back regularly to check up on new posts

Carl604
Carl604
1 year ago
Liam322
Liam322
1 year ago
tlovertonet
11 months ago

wonderful issues altogether, you simply gained a new reader. What may you recommend in regards to your put up that you just made some days ago? Any positive?

Boxing Live Streams Free
10 months ago

I like this web blog so much, saved to favorites. “Nostalgia isn’t what it used to be.” by Peter De Vries.

Formula 1 Streaming Free
10 months ago

Hmm is anyone else encountering problems with the pictures on this blog loading? I’m trying to find out if its a problem on my end or if it’s the blog. Any feed-back would be greatly appreciated.

MLB Streams Online
10 months ago

Hi! I could have sworn I’ve been to this site before but after reading through some of the post I realized it’s new to me. Anyways, I’m definitely happy I found it and I’ll be book-marking and checking back often!

Watch NFL games online free

I simply needed to thank you so much once more. I do not know the things I could possibly have sorted out in the absence of the basics shared by you over that subject matter. Certainly was a real traumatic matter for me personally, however , observing the very well-written fashion you dealt with that took me to cry for contentment. I’m just thankful for the advice and as well , wish you comprehend what an amazing job you’re carrying out educating many people using a site. I’m certain you haven’t met any of us.

NBA live stream Qatar
10 months ago

It’s really a great and helpful piece of information. I’m glad that you shared this helpful information with us. Please keep us up to date like this. Thanks for sharing.

UID
UID
10 months ago

You are my intake, I own few web logs and sometimes run out from to brand : (.

droversointeru
9 months ago

What i do not realize is actually how you’re not really much more well-liked than you might be right now. You’re so intelligent. You realize therefore considerably relating to this subject, produced me personally consider it from so many varied angles. Its like men and women aren’t fascinated unless it’s one thing to do with Lady gaga! Your own stuffs nice. Always maintain it up!

kidney stone pain treatment

Yay google is my world beater assisted me to find this great web site! .

Ελαιοχρωματιστές Άγιος Στέφανος

You have brought up a very great details , thanks for the post.

honey trick
8 months ago

Regards for all your efforts that you have put in this. very interesting information.

Gelatin Trick Recipe
8 months ago

Thank you for the auspicious writeup. It in fact was a amusement account it. Look advanced to more added agreeable from you! By the way, how could we communicate?

Free Serie A Streams
8 months ago

You are my inspiration , I own few blogs and infrequently run out from to post .

Stream NHL Hockey
8 months ago

Hello! I simply would like to give an enormous thumbs up for the good data you have here on this post. I might be coming again to your weblog for more soon.

Ethical hacking and data security

An impressive share, I just given this onto a colleague who was doing a little analysis on this. And he in fact bought me breakfast because I found it for him.. smile. So let me reword that: Thnx for the treat! But yeah Thnkx for spending the time to discuss this, I feel strongly about it and love reading more on this topic. If possible, as you become expertise, would you mind updating your blog with more details? It is highly helpful for me. Big thumb up for this blog post!

humanize AI
8 months ago

This design is incredible! You definitely know how to keep a reader entertained. Between your wit and your videos, I was almost moved to start my own blog (well, almost…HaHa!) Excellent job. I really enjoyed what you had to say, and more than that, how you presented it. Too cool!

fdertol mrtokev
8 months ago

Thank you a lot for sharing this with all people you really understand what you are talking approximately! Bookmarked. Please also consult with my site =). We can have a hyperlink exchange contract among us!

dmarket.web.id
8 months ago

F*ckin’ remarkable things here. I am very happy to peer your article. Thank you so much and i’m having a look forward to touch you. Will you kindly drop me a mail?

brandspace.id
7 months ago

I am really impressed together with your writing skills and also with the format in your weblog. Is this a paid topic or did you customize it your self? Either way stay up the excellent quality writing, it’s uncommon to peer a great blog like this one these days..

bola24
7 months ago

It’s appropriate time to make some plans for the long run and it is time to be happy. I have read this publish and if I could I wish to counsel you some attention-grabbing things or tips. Maybe you could write next articles regarding this article. I desire to learn even more things about it!

Business

DPRP’s Free Fuel Delivery Expands to Kano, Imo, Nearly 10 More States

Published

on

In a move expected to reduce distribution costs for independent petroleum marketers and create room for lower petrol prices at the pump, the Dangote Petroleum Refinery & Petrochemicals (DPRP) has expanded its free petroleum product delivery initiative to Kano, Imo, Anambra and Nasarawa States.

A company statement on Sunday in Lagos, has it that the initiative, which began with deliveries to Lagos, Ogun, Rivers, Kaduna, Abuja and Delta States, is designed to bring petroleum products closer to marketers and retailers while removing the cost of transporting products over long distances from the refinery to various parts of the country. By absorbing the delivery cost, the refinery is reducing one of the key expenses built into the downstream distribution chain.

Group Executive Director, Commercial Operations, Oil & Gas, WAEP and Fertiliser, Fatima Aliko Dangote, said the initiative was designed to ensure that the benefits of domestic refining translate into tangible savings for businesses and consumers. “The value of domestic refining must ultimately be felt beyond the refinery gate. By absorbing the cost of delivering petroleum products to our customers, we are removing a significant component of the distribution burden and creating room for those savings to flow through the value chain to consumers. Our goal is to make fuel distribution more efficient, reduce avoidable costs and support more competitive pump prices across Nigeria.”

READ ALSO: Safe Driving: Dangote Transport Unveils Novel Real-Time Driver Monitoring Control Room

The expansion has been welcomed by the Independent Petroleum Marketers Association of Nigeria (IPMAN), which said the initiative would significantly reduce some of the financial and logistical pressures confronting independent marketers and contribute to lower prices for consumers.

National Publicity Secretary and Public Relations Officer of IPMAN, Chinedu Ukadike, said the initiative addresses a longstanding challenge in the petroleum products distribution chain, where marketers commit substantial funds to product purchases and may then have to wait for extended periods before their orders are loaded and transported.

“This gesture, if sustained, will be able to alleviate the sufferings of independent marketers,” Ukadike said. “There has been the issue of financial hold-up, whereby marketers pay for products and are not loaded for days and weeks, and they suffer unnecessary hardship bringing the product down.”

According to him, the refinery’s delivery arrangement reduces the period for which marketers’ funds remain tied up, improves cash flow and allows businesses to deploy their capital more efficiently.

“This time around, Dangote has made it very, very easy for marketers. Marketers are jubilating, and you will see the return on investment as an independent marketer. Your money will not be tied down,” he said.

Ukadike said the initiative could also have a direct impact on pump prices because transportation represents a cost that ultimately forms part of the price paid by consumers.

“You also have less risk, and you have petroleum products at your doorstep. Other consumers will also see that our pump price will not continue to go up. The more Dangote brings down its pump price, the more independent marketers will bring down theirs,” he said.

The reduction in distribution costs is particularly significant for marketers serving locations far from the refinery. Under conventional distribution arrangements, petroleum products transported over long distances incur additional costs associated with haulage, vehicle operations, driver expenses, insurance, road risks and other logistics. Removing or reducing these costs can improve the economics of supplying those markets and create greater scope for competitive retail pricing.

The initiative also reduces the operational risks associated with moving large volumes of petroleum products over long distances. By taking products closer to their destination markets, the refinery is helping to shorten the supply chain and improve the reliability and efficiency of product distribution.

Ukadike commended the management of Dangote Refinery for the initiative and urged the company to extend the programme to more locations across the country, particularly in the northern states, to promote wider access to competitively priced petroleum products.
He described the development as a practical demonstration of the benefits of competition and deregulation in Nigeria’s downstream petroleum sector.

“This is the beauty of deregulation and competition,” he said.

The expansion comes as Nigeria’s downstream petroleum sector continues to adjust to the growth of domestic refining capacity and a more competitive market environment. The Dangote Petroleum Refinery, with a capacity of 700,000 barrels per day, is increasingly supplying refined petroleum products to the domestic market while also expanding its presence in international markets.

The free delivery initiative adds another dimension to the refinery’s impact on the downstream sector. Beyond increasing domestic supply, the refinery is now taking steps to reduce the cost of moving those products from the refinery to consumers.

For motorists and households, the potential benefit is straightforward: the lower the cost of moving petrol through the supply chain, the greater the opportunity for marketers to reduce the price consumers pay at the pump.

Continue Reading

Business

Safe Driving: Dangote Transport Unveils Novel Real-Time Driver Monitoring Control Room

Published

on

Dangote Transport has taken another major step towards improving road safety with the launch of a state-of-the-art Driver Monitoring Control Room (DMCR) that allows drivers operating its trucks to be monitored in real time while on transit across Nigeria.

The innovative facility, located at the Dangote Transport operational base in Ibese, Ogun State, highlighted the company’s commitment to leveraging technology and best practices to reduce road accidents and improve drivers’ behaviour.

The Head of Operations, Dangote Transport, Ibese, Mr. David Idiege, described the DMCR as one of the latest additions to the company’s comprehensive safety architecture.

According to him, the facility enables transport control personnel to observe drivers while they are on the road, monitor compliance with safety standards and promptly intervene whenever risky behaviour is detected.

“We are constantly looking for innovative ways to strengthen safety across our transport operations. The Driver Monitoring Control Room represents another significant milestone in our efforts to ensure that all journeys are conducted safely and responsibly,” Idiege said.

READ ALSO: Chevron Supports Local Capacity with $10b in 10 Years

He explained that the initiative forms part of a broader strategy aimed at reducing accidents, enhancing operational efficiency and safeguarding both the drivers and other road users.

“Safety remains our highest priority. We recognize the responsibility that comes with operating a large fleet of vehicles across the country. That is why we continue to invest heavily in technology, systems and training that help us maintain the highest safety standards,” he stated.

Idiege disclosed that the company has, over the years, implemented several safety measures designed to improve driver performance and minimize risks on the road.

He listed these initiatives to include speed limiters, vehicle immobilizers, speed boosters control systems, facial recognition devices, journey management protocols, mandatory drug and alcohol testing, compulsory rest periods for drivers, periodic recertification as well as regular training and retraining programmes.

“Our approach is holistic. Technology alone is not enough. We combine technology with strict operational procedures, driver welfare programmes, competency assessments, recertification exercises and continuous capacity building to ensure that our drivers remain professional and safety-conscious at all times,” he added.

He further explained that compulsory rest policies help combat fatigue, one of the leading causes of road accidents globally.

“We do not encourage driver fatigue. Every driver is required to comply with our journey management procedures and mandatory rest schedules. We understand that alert and healthy drivers make safer decisions on the road,” he said.

Also speaking during the tour, the Head of Transport Control, Mr. Ifeanyi Ezeala, who conducted journalists around the control facility, explained that the on-board camera system installed across thousands of Dangote trucks was facilitated by technology partner Nova Tracks.

According to Ezeala, the camera system enables real-time visibility into driver conduct and provides transportation managers with critical information needed to proactively address safety concerns.

“The technology allows us to monitor driver activities while journeys are in progress. The cameras provide live feeds and alerts, helping us detect behaviours that could compromise safety and enabling us to take immediate corrective action,” Ezeala explained.

He noted that the monitoring solution is not intended to police drivers but rather to support them and ensure they operate under safer conditions.

“Our objective is preventive rather than punitive. We want to identify potential risks before they develop into incidents. By having visibility into operations in real time, we can contact drivers where necessary, provide guidance and support safer driving decisions,” he said.

Ezeala stated that the system has enhanced fleet management capabilities by providing valuable operational data that strengthens decision-making and supports the company’s overall safety objectives.

“The transportation industry is evolving rapidly, and technology now plays a critical role in fleet safety management. By integrating advanced monitoring systems into our operations, we are creating a safer environment for our drivers and for all road users,” he said.

He commended Nova Tracks for its role in deploying the technology and supporting the company’s vision for safer transportation operations.

The Driver Monitoring Control Room is the latest in a series of investments by Dangote Transport aimed at promoting safe driving, reducing accident risks and advancing operational excellence across its nationwide logistics network.

With thousands of trucks moving raw materials and finished products daily across the country, the company says it will continue to deploy innovative solutions that support safer journeys, improve driver performance and contribute to a safer road transport ecosystem in Nigeria.

Continue Reading

Business

NNPC Ltd Expresses Concern for Dearth of Skills in Energy Sector

Published

on

Nigeria’s widening energy workforce and technical skills gap has left the country on the verge of losing control of its energy future unless the matter is addressed with the urgency it deserves.

The Nigerian National Petroleum Company Limited (NNPC Ltd) raised the concerns on Thursday at the Oil and Gas Trainers Association of Nigeria (OGTAN) HCD Conference and Expo in Warri, Delta State.

The Chief Human Resources Officer, NNPC Limited, Kazachiyang Nuhu, observed the convergence of the Petroleum Industry Act (PIA), the Decade of Gas, which raised participation by local operators and the global energy transition already created higher demand for technical talent that the industry was struggling to supply.

READ ALSO: Chevron Highlights Regulatory Imperatives at PENGASSAN Summit

In a presentation at the OGTAN conference, Nuhu maintained that the changing energy landscape, driven by policy, market shifts, technology and changing expectations of younger workers, had created a technical talent demand that Nigeria could not afford to ignore.

He said artificial intelligence, digitalisation and automation were compressing skill cycles, while capital was increasingly moving towards liquefied natural gas, cleaner molecules and low-carbon opportunities.

Nuhu warned that unless the workforce was urgently reskilled and repositioned, Nigeria could lose its ability to effectively participate in the emerging energy economy.

“Reskill, reposition or risk becoming a spectator in our own industry,” he told stakeholders at the conference.

He identified workforce and skills gaps, an ageing workforce and brain drain, commonly referred to as ‘japa’, among the major challenges confronting the industry.

He also identified a widening disconnect between academia and industry, particularly the gap between what was taught in educational institutions and what the industry required from employees from day one.

Other challenges highlighted included weak safety culture, spills and flaring; vandalism, crude theft, surveillance and metering gaps; supply of quality materials and equipment; ageing assets, reliability and project overruns; digital oilfield and environmental, social and governance skills; as well as refinery operations, product quality, LPG safety and trade finance.

Nuhu noted that the solution required a fundamental shift in how human capital development was approached across the industry, noting that training must become more closely linked to production, safety, reliability and cost, while programmes must be based on current field realities rather than generic manuals.

He called for training to be benchmarked against global standards and supported by emerging technologies such as simulators, digital twins, virtual and augmented reality and artificial intelligence. “Every naira spent on training must translate to a safer plant, a skilled employee, and a stronger balance sheet,” he added.

Nuhu disclosed that the NNPC Ltd would also change the basis on which it engaged training providers, stressing that trainers must understand the direction in which the industry was heading. “We will partner only with trainers who teach the industry we are becoming, not the one we are leaving behind,” he said.

He said the company was already developing its workforce through initial professional development, career pathways, industry exposure, leadership pipelines, mentorship and knowledge transfer.

According to him, the ultimate measure of Nigerian content should be whether Nigerians were acquiring the expertise required to lead major projects to international standards, saying, “Not how many Nigerians were hired, but how many world-class Nigerians led the project.”

Nuhu argued that true local content should be measured by expertise rather than percentages, with future industry needs spanning technical, digital, commercial and human capabilities.

He said this would include skills in renewable integration, gas-to-power, AI, predictive maintenance, energy economics, carbon markets, sustainable finance, adaptive leadership and systems thinking.

He challenged Nigeria to determine whether it would become a contributor or merely a consumer of the future energy economy. He called on industry players, trainers and academia to move from parallel efforts towards a unified capacity compact.

OGTAN President, Chris Osarunmewense, stressed that the association was seeking to sustain conversations around how Nigeria could develop a workforce capable of delivering on the promises of companies operating in the oil and gas industry.

Osarunmewense said human capital development was a continuous process that required the industry to recognise and nurture people’s potential.

“Human capital develops by progression. At OGTAN, therefore, we treasure the potential of people who have developed human capital in nature to effectively operate within the oil and gas industry,” the OGTAN boss said.

He added that the conference was designed to bring stakeholders together and discuss the ways to address the skill gaps in the industry. According to him, the decision to hold the 2026 conference in Warri, rather than Lagos or Abuja, was deliberate, given the city’s place in the history and development of Nigeria’s petroleum industry.

“For us, this choice was meaningful. Warri is not simply a venue; it is part of the history of Nigeria’s oil and gas industry,” he added.

Osarunmewense said the Niger Delta had for decades remained at the heart of Nigeria’s petroleum industry, with the region’s history of exploration, production, processing, services, technical manpower and community development deeply intertwined with the country’s broader energy economy.

The OGTAN president said the association wanted international participants to experience the Niger Delta not merely as a geographical location associated with petroleum production but as a region with talent, enterprise, technical expertise, institutions, communities and significant human capital potential.

He said the collaboration with the Petroleum Training Institute (PTI) further strengthened Warri’s suitability for the conference because of the institute’s role in technical and professional training in the petroleum sector.

Osarunmewense noted that the industry’s human capital challenges could not be resolved by any single stakeholder, stressing the need for collaboration across the value chain.

“The challenges before the industry are too complex for any single organisation to solve. The government alone cannot solve it. Regulators cannot solve it alone. Oil and gas companies cannot solve it alone. Training providers cannot solve it alone. Universities and technical institutions cannot do so alone either. We need collaboration across the value chain,” he emphasised.

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

27
0
Would love your thoughts, please comment.x
()
x