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
9 months ago
Garfield Oberbrunner
9 months ago

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
9 months ago
Liam322
Liam322
9 months ago
tlovertonet
9 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

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

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
7 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
7 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
7 months ago

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

droversointeru
7 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
6 months ago

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

Gelatin Trick Recipe
6 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
5 months ago

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

Stream NHL Hockey
5 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
5 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
5 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
5 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
5 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
5 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

Dangote Named Africa’s Most Admired Brand for 8th Consecutive Year

Published

on

The Dangote Industries Limited (DIL) has reinforced its position as Africa’s most influential corporate brand after emerging as the continent’s Most Admired African Brand for the eight consecutive years.

In the same vein, the Group Chief Branding and Communications Officer, DIL, Anthony Chiejina, was named among Africa’s 100 Most Influential Chief Marketing Officers.

The recognition was announced at the 16th annual Brand Africa 100: Africa’s Best Brands rankings unveiled in Addis Ababa, Ethiopia. The survey, regarded as Africa’s most comprehensive consumer-led brand study, covered 30 countries representing more than 85 per cent of the continent’s population and economic output.

In the latest rankings, Dangote emerged as Africa’s Most Admired Brand in aided recall, ahead of South Africa’s MTN and Vodacom. In the spontaneous recall category, it ranked second among African brands, behind MTN and ahead of Trade Kings. The Group also retained its position as Africa’s Most Admired Industrial Brand and was ranked the No. 1 African Brand Contributing to a Better Africa, ahead of MTN, DStv, Shoprite/Checkers and Trade Kings, reflecting its significant contribution to industrialisation, job creation, economic development and sustainable growth across the continent.

The rankings show Dangote’s growing influence as one of Africa’s most recognisable corporate brands, built on investments spanning cement, fertiliser, petrochemicals, energy, sugar, salt, packaging and logistics. Brand Africa noted that despite a modest rebound in African brand recognition, homegrown brands still account for only 15 per cent of Africa’s 100 most admired brands, highlighting the continued dominance of foreign brands across the continent.

Brand Africa Founder and Chairman, Thebe Ikalafeng, described the promotion and support of African brands as a critical economic imperative for the continent.

“Converting goodwill towards African contribution into admiration for African brands is the most urgent commercial opportunity for the continent. It is not enough for Africans to believe in Africa, they must buy Made-in-Africa,” he said.

The survey also ranked Dangote among Africa’s leading brands in sustainability and social impact, placing second in the category of brands recognised for doing good for society, people and the environment.

Despite the dominance of global brands across Africa, Dangote has cemented its position as one of the continent’s leading corporate brands, alongside MTN and Ethiopian Airlines. The three emerged as the highest ranked African brands in the 2026 Brand Africa rankings, standing out on a list dominated by global names such as Nike, Adidas, Samsung, Apple and Coca-Cola.

The achievement is notable given that African brands accounted for just 15 percent of the Top 100 rankings, compared with 38 percent for European brands, 28 percent for North American brands and 19 percent for Asian brands.

Further strengthening the Group’s standing, its Group Chief Branding and Communications Officer, Anthony Chiejina, was selected for the inaugural Africa CMO 100 (ACMO100) list, which recognises the continent’s most impactful marketing, brand and reputation leaders.

ALSO READ: NUPRC Urges Lenders to Back Domestic Oil and Gas Coys

The ACMO100 initiative, launched by Brand Africa in partnership with African Business magazine, MIPAD and the African Media Agency, honours marketing executives whose work is shaping Africa’s business narrative, strengthening brand equity and driving economic growth across the continent and the diaspora.

Chiejina was among only 20 executives selected from West Africa and one of 17 Nigerians recognised for their contribution to brand building, corporate reputation management and strategic communications.

According to Brand Africa, the selection process was based on independent research, industry impact, leadership influence and contribution to the growth of brands that shape consumer perceptions and economic outcomes across Africa.

The latest recognition adds to a growing list of honours for Dangote Industries, which was inducted into the Brand Africa Hall of Fame last year for consistently ranking among Africa’s most admired brands over more than a decade. Its President and Chief Executive, Aliko Dangote, was also honoured with a Lifetime Achievement Award for championing industrialisation and building one of Africa’s most successful indigenous enterprises.

Caption: Founder and Chairman of Brand Africa, Thebe Ikalafeng; CEO, Dangote Cement Ethiopia, Danilo Trugillo; and President of the Ethiopian Marketing Professionals Association and Chief Marketing Officer of Population Services International, Fana Abay, display some of the awards won by Dangote Industries Limited during the 16th Brand Africa 100 Awards ceremony in Addis Ababa, Ethiopia.

Continue Reading

Business

IATA Sees Rising Fuel Costs Wiping Out Margins

Published

on

Repatriation of $450m Ticket Revenue Foreign Airlines, FG on War Path

The International Air Transport Association (IATA) has projected that global airline profitability will decline sharply in 2026, citing war-related disruptions in the Middle East and rising jet fuel prices as key factors behind the downturn.

According to IATA’s latest outlook, airlines are expected to post a combined net profit of $23bn in 2026, nearly half of the $45bn estimated for 2025 and significantly below the earlier projection of $41bn for the year.

The association also noted that carriers in the Middle East are likely to slip into losses due to weak demand and operational disruptions, while airlines in other regions are expected to remain profitable, albeit at reduced levels.

On the outlook, IATA Director General Willie Walsh said, “War-related disruptions in the Middle East and rising fuel costs have shifted the outlook for airlines to the worst. Globally, airlines are expected to see profitability halve compared to 2025. Profits will shrink from $45bn in 2025 to $23bn this year.

“And margins will shrink from 4.2 percent to 2.0 percent. All airline bottom lines are suffering from the rapid 70 percent rise in jet fuel prices. Some of the additional cost is being recuperated by adjusting prices and improving efficiency, but it will not be sufficient to maintain profitability at the previous year’s level. Smaller carriers that started the year with weak balance sheets are certainly struggling.”

ALSO READ: Nigeria’s First Energy Infrastructure Map for Unveiling at NOG 2026

Walsh added that the Middle East would be the only region expected to record losses. “At the regional level, all are in the black but with sharply reduced financial performance, with the exception of the Middle East. The Gulf carriers face operational uncertainty following a near-complete shutdown of airspace at the outbreak of the war. These carriers are doing an amazing job maintaining connectivity, but major financial impacts are unavoidable.

“Even in the best of times, the airline industry as a whole suffers from low margins and returns below the cost of capital. The oil price shock has tested airline financial resilience as net margins have been squeezed to 2.0 percent globally.

“Airlines are bearing the brunt of the fuel price shock. While air fares are rising, airlines are still absorbing part of the hike in their bottom lines. Net profit per passenger is expected to fall to $4.50, half of what it was last year. Under the circumstances, that shows resilience. But it won’t even buy you a hot dog at most of the FIFA World Cup venues, and it does not leave much of a buffer should other costs or taxes start rising.”

IATA further stated that the industry’s net profit margin would decline to 2.0 per cent in 2026, compared to 4.2 percent recorded in 2025 and below the previously projected 3.9 per cent. It added that net profit per passenger transported would drop to $4.50 in 2026 from $9.10 achieved in 2025.

The association projected that operating profit would fall to $48 billion in 2026 from $76.4 billion in 2025, while the net operating margin would decline to 4.1 percent from 7.2 percent over the same period.

The IATA also said the industry’s return on invested capital would decrease to 4.3 percent in 2026 from 6.6 percent in 2025, remaining below the estimated weighted average cost of capital of 8.5 percent.

According to the association, the gap underscores the structural challenges facing the global airline industry, where profitability shocks can quickly undermine capital efficiency.

Continue Reading

Business

NUPRC, NNRA to Sync Regulations, Improve Industry Safety

Published

on

As part of efforts to reduce the cost of doing business in the upstream petroleum sector, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Nuclear Regulatory Authority (NNRA) are reviewing regulatory processes in the bid to strengthen radiological safety in oil and gas operations.

The initiative, a statement on Sunday, has it was on the agenda at a recent meeting between the Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, and the Director-General and Chief Executive Officer of the NNRA, Yau Idris, at the commission’s headquarters in Abuja.

In the statement, the Head of Corporate Communications and Media at the NUPRC, Eniola Akinkuotu, averred that the collaboration is expected to address overlapping regulatory requirements, close existing gaps in oversight, and create a more efficient compliance framework for operators in the industry.

The statement read, “The Nigerian Upstream Petroleum Regulatory Commission is partnering with the Nigerian Nuclear Regulatory Authority in order to enforce radiological safety in oil and gas operations and reduce the overall cost of operations.”

While the NUPRC regulates the technical, commercial, and operational aspects of oil and gas exploration and production, the NNRA is responsible for regulating the possession, use, transportation, and disposal of radioactive materials and radiation-emitting equipment across the country.

During the meeting, Eyesan stressed the need for greater collaboration among regulators to eliminate duplication and improve the investment climate in Nigeria’s oil and gas sector.

She noted that excessive regulatory requirements often translate into additional costs for operators, ultimately affecting the competitiveness of the industry.

“The only way we can safeguard investments is to reduce our cost of operations, and when you have a multiplicity of laws, the likelihood is that you will have higher costs because each law normally will come with its own fees and charges,” the NUPRC boss said.

ALSO READ: Dangote Refinery Hits 700,000bpd Output, Eyes Global Leadership

Eyesan nominated senior officials from the commission who will work closely with the NNRA on the task ahead.

“We have identified critical areas on both sides and we believe that, as we collaborate, we can close existing gaps,” she said.

Responding, Idris said the cooperation of the NUPRC was crucial because the upstream petroleum industry remains one of the largest users of radioactive sources and radiation-emitting equipment in Nigeria.

According to him, radioactive technologies are widely deployed in well logging, industrial radiography, and nucleonic gauging activities that support oil and gas exploration and production.

He explained that the partnership would enable both agencies to share information and simplify compliance procedures for operators.

“The goal is a single-window approach, where both agencies share information rather than requiring operators to submit the same data twice,” he said.

Idris further stated that, since oil and gas extraction often brings Naturally Occurring Radioactive Materials (NORM) to the surface, the NNRA seeks the assistance of the commission to ensure that operators conduct radiological impact assessments as part of their broader Environmental Impact Assessments, while NORM management protocols are incorporated into the NUPRC’s environmental guidelines for the upstream sector.

The two agencies also agreed to deepen collaboration in training, capacity building, and knowledge sharing on radiation protection and safe operational practices.

The latest partnership comes as the Federal Government intensifies efforts to boost investment in the petroleum sector, increase production, and enhance operational efficiency following the implementation of the Petroleum Industry Act.

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

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