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Zenith and Summit: A Cursory Look at Striking Similarities Between Two Banks
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.
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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.
The NNPC Foundation Limited/Gte, the Corporate Social Responsibility (CSR) arm of the Nigerian National Petroleum Company Limited (NNPC Ltd), has won the CSR Champion Award (Health) 2025 instituted by the Independent Newspapers.
Biztellers reports that the award was presented during the Silver Jubilee edition of the Independent Newspapers Awards, themed “Game Changers: Breaking Barriers and Shaping Tomorrow,” held at Eko Hotel and Suites on Saturday, 18 April 2026.
The CSR Champion Award (Health) recognises the Foundation’s work in healthcare and its broader commitment to improving lives through social investment programmes spanning health, education, environment, and access to energy.Primary & Secondary Schooling (K-12)
The recognition follows a series of health initiatives delivered by the Foundation, including free cataract screening and surgeries that restored sight to over 6,000 Nigerians, including minors born blind; cancer and glaucoma interventions; medical outreaches to underserved communities; renovation and furnishing of three wards with 100 beds at the National Orthopaedic Hospital, Igbobi; partnership and sponsorship of heart surgeries; and provision of dental health accessories to children in special schools, among others.
The NNPC Foundation noted that these results were made possible through the leadership and support of the NNPC Ltd. Management team, whose commitment has continued to strengthen the Foundation’s capacity to deliver social investments across the country.
Reacting to the award, the Managing Director of NNPC Foundation, Emmanuella Arukwe, described the recognition as a validation of the Foundation’s work and the trust placed in it by Nigerians. She noted that the award means so much to the company because it represents the confidence Nigerians have placed in its work and the value they see in purposeful social investment.
“It speaks to the resilience of the communities we serve, the dedication of our team, and the strength of partnerships that have enabled us to do meaningful work in health, education, environmental sustainability and access to energy,” she added.
In addition, Arukwe noted that “these results have also been made possible through the leadership and support of the NNPC Ltd. Management team, whose backing has been instrumental to the success of the Foundation’s work. We receive this award with gratitude, and with a renewed sense of responsibility to do more and reach further across the country.”
The NNPC Foundation Limited/Gte remains committed to advancing health interventions that improve outcomes and contribute to national development.
The Nigerian National Petroleum Company Limited (NNPC Ltd), through its Research, Technology and Innovation (RTI) Division, in collaboration with the Petroleum Technology Development Fund (PTDF), has signed a Memorandum of Understanding (MoU) with Sonatrach, the Algerian National Oil Company, for cooperation in research, development, and innovation.
The agreement, signed by NNPC Ltd’s Executive Vice President, Business Services, Sophia Mbakwe, and Sonatrach’s Managing Director, Khodjah Mohamed, establishes a formal framework for joint work in research and technology exchange between the two national oil companies.
This was contained in the press statement issued on Thursday by Chief Corporate Communications Officer Mr. Andy Odeh.
According to the statement, the agreement, held during the opening ceremony of the 3rd Meeting of the African Petroleum Producers’ Organization (APPO) Forum for R&D Directors at the PTDF Tower in Abuja, Nigeria, brought together research and development directors from APPO member countries.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, represented by former Secretary General of APPO, Omar Farouk Ibrahim, said the forum was one of four measures introduced by APPO to address challenges from the global energy transition, which center on funding, technology, and markets.
“The R&D forum tackles technology and expertise needs, the African Energy Bank addresses funding constraints, and the Central African Pipeline System supports regional oil and gas market integration,” Lokpobiri stated.
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Earlier in his remarks, Group Chief Executive Officer, NNPC Limited, Engr. Bashir Bayo Ojulari, represented by the Company’s Chief Financial Officer, Adedapo Segun, said research and development must form a central part of the overall strategy in the African oil and gas industry.
He called for research and development centres to function as engines of industrial competitiveness. “Collaboration in research and development is of strategic importance. The cost of innovation might be high, but the cost of obsolescence would be greater,” he stressed.
Ojulari called for a unified strategic framework through which resources could be pooled, data integrated, and risks shared across member countries.
He further urged the rapid adoption of digital technologies, artificial intelligence, and advanced engineering to improve upstream, midstream, and downstream operations.
On his part, the APPO Secretary General, Farid Ghezali, urged African petroleum-producing countries to ensure research in the oil and gas sector produced solutions that are practical and directly relevant to the continent. “We must ensure that our research delivers solutions that are practical and of direct use to Africa,” he stated.
Also speaking, the Executive Secretary of the Petroleum Technology Development Fund (PTDF), Prof. Shu’aibu Shehu Aliyu, highlighted the value of the partnership between NNPC Limited and PTDF in supporting decarbonization and environmental protection efforts across APPO member countries.
Chief Innovation Officer of NNPC Research, Technology and Innovation and incoming Chairman of the APPO R&D Directors Forum, Rasheed Ojulari, said the forum would give immediate priority to joint programs in the core areas of upstream optimization, artificial intelligence, decarbonisation processes, and industrial systems development.
The Nigerian Gas Association (NGA), has opined that a predictable fiscal and regulatory environment are ingredients essential to de-risking investments and accelerating project delivery in the oil and gas sector.
This was detailed in a statement released by NGA at the end of its maiden Legal Forum emphasised that investor confidence will be shaped by the robustness of commercial and contractual structures across the gas value chain, strengthened contractual clarity, and efficient dispute resolution mechanisms.
In his opening address, President of the NGA, Aka Nwokedi, underscored the urgency of aligning Nigeria’s legal architecture with its strategic gas ambitions, noting that the sector’s next phase of growth will be defined by the strength, clarity, and credibility of its regulatory environment.
“Nigeria’s gas resources present a defining opportunity for economic transformation, but realising this potential will depend on building a legal framework that is transparent, predictable, and globally competitive”, he stated.
Discussions throughout the Forum reflected a clear and consistent theme: that Nigeria’s opportunity now lies in execution.
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While the Petroleum Industry Act (PIA) has established a transformative foundation for sector reform, participants emphasised that its true impact will be determined by disciplined implementation, regulatory coherence, and institutional alignment.
The need to eliminate ambiguity and strengthen enforcement emerged as central to unlocking sustained investment.
As global energy systems continue to evolve, the Forum reinforced natural gas as Nigeria’s most strategic lever for balancing economic growth, energy security, and emissions reduction. Participants highlighted that legal and regulatory frameworks must evolve accordingly, moving beyond policy intent to embed clear, enforceable standards on carbon management, ESG obligations, and sustainability.
“In an increasingly competitive global market, such clarity will be critical in attracting long-term capital.”
The Forum also acknowledged the policy direction of the administration of President Bola Ahmed Tinubu in advancing gas development through infrastructure expansion and increased domestic utilisation.
Stakeholders noted that sustained policy stability will serve as a critical signal to both domestic and international investors evaluating long-term opportunities in Nigeria’s gas sector.
Beyond its technical depth, the NGA Legal Forum marked an important step in bridging the longstanding gap between legal frameworks and industry realities, creating a structured platform for continuous engagement, practical alignment, and forward-looking policy development.
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