January 11, (THEWILL) — Eight (8) chief executives of Nigerian banks are guiding their institutions through the process of recapitalisation; an initiative projected to inject over N4 trillion in new capital into the banking sector, as the countdown to the March 31, 2026 deadline commences.
The leading figures in the financial services industry oversee Tier-1, Tier-2, and merchant banks, which collectively possess a capital base exceeding N3 trillion as of December 2025. Only four of these banks are publicly traded on The Exchange.
Their appointments signify a momentous change, as these women shatter barriers and head major financial institutions in Nigeria, while also promoting greater diversity within the sector. The eight female CEOs steering their banks through the recapitalisation wave are:
· Zenith Bank: Adaora Umeoji
· GTBank: Miriam Olusanya
· Fidelity Bank: Nneka Onyeali-Ikpe
· FCMB: Yemisi Edun
· Union Bank: Yetunde Oni
· Citibank Nigeria: Nneka Enwereji
· FSDH Merchant Bank: Bukola Smith
· SunTrust Bank: Halima Buba
The pioneer MD/CEO of Lotus Bank: Kafilat Araoye, retired on January 6, 2026 and was succeeded by Dr Isiaka Ajani-Lawal.
Adaora Umeoji
MD/CEO, Zenith Bank
Appointed in June 2024, Adaora will lead Zenith Bank, a Tier-1 institution that stands at the forefront of the industry, recognised as Nigeria’s most profitable bank and one of the highest in terms of valuation.
Zenith Bank boasts a substantial presence, with more than 390 branches strategically positioned throughout Nigeria, and it also has international operations with subsidiaries and offices in the UK, Ghana, Sierra Leone, The Gambia, and China.
A recipient of numerous awards, Zenith Bank was recently honored as the Best Bank in Nigeria at the 2025 Euromoney Awards. It has also received accolades from Global Finance, The Banker, and World Finance for its performance, digital solutions, sustainability, and governance, showcasing its robust financial health and leadership within Africa’s banking sector. The bank is heavily invested in digital innovation.
Zenith Bank maintains a capital base of N614.65 billion, surpassing the N500 billion requirements set by the CBN for internationally licensed banks. Its capitalization on the NGX stands at N2.73 trillion.
Miriam Olusanya
MD/CEO, GTBank
Appointed in July 2021, Miriam oversees one of Nigeria’s Tier-1 banks, which boasts a substantial customer base exceeding 30 million. This institution ranks among the largest in terms of retail customers and digital adoption, positioning itself among the prominent financial entities in both Africa and Nigeria based on market value and performance.
GTBank possesses a vast network of branches both locally (in Nigeria) and internationally, operating throughout West Africa, East Africa, and the UK, catering to clients in nations such as Cote d’Ivoire, Gambia, Ghana, Liberia, Kenya, Rwanda, Tanzania, Uganda, Sierra Leone, and the United Kingdom. It serves as the banking subsidiary of GTCO Holdings, with a market capitalization of N3.16 trillion.
The bank has garnered numerous accolades, including the Euromoney Awards (2024) for Best Bank for Corporate Social Responsibility in Nigeria, which underscores its CSR initiatives. It has also been recognized as Nigeria’s Strongest Brand & Best Banking Brand by Brand Finance & Global Brands (2024), and received the Nexus by Qore 2025 Awards for its contributions to redefining digital financial services and innovation in Africa.
Additionally, it won the EMEA Finance Awards (2023/2024) for (2023/2024) as “Best Bank in Nigeria” and “Best Bank for CSR in Africa,” with CEO Segun Agbaje also winning “CEO of the Year”.
These awards solidify GTBank’s reputation for innovation, strong financial performance, and commitment to social responsibility in the African banking sector.
GTBank has a capital base of over N504 billion – exceeding the N500 billion threshold for internationally licenced banks.
Nneka Onyeali-Ikpe
MD/CEO, Fidelity Bank
Appointed in January 2021, Nneka has guided Fidelity Bank into what industry experts refer to as a super Tier-2 bank, positioning it among Nigeria’s most capitalized lenders with N564.5 billion, an increase from N460.9 billion when she took on the role of MD/CEO.
Under her leadership, Fidelity Bank was the pioneer in initiating a capital raise for the recapitalization exercise, thereby setting a precedent for others to follow. With over 10 million customers served through its 251 business offices and various digital banking platforms, it ranks as the 6th largest bank in Nigeria, with a presence in the City of London and every major commercial hub in Nigeria.
In July 2023, Fidelity finalised the acquisition of a 100 percent equity stake in Union Bank UK, enabling it to leverage cross-border opportunities and offer scalable services to its expanding clientele. It has also voluntarily engaged with the NGX Corporate Governance Rating System (CGRS) and compliance.
Fidelity Bank has received accolades for its outstanding contributions to the banking sector, including several prestigious awards such as the Euromoney Awards for Excellence, which named it Nigeria’s Best Private Bank in 2025. It was also awarded the Best Bank for SMEs in Nigeria and the Export Financing award from the BusinessDay BAFI Awards, along with the Excellence in Digital Transformation for BAFI (Banks and Financial Institutions). The Global Business Outlook acknowledged Fidelity for its Most Innovative Mobile Banking Application Award, as well as the DBN Innovation Award in the Deposit Money Bank category in 2025.
It is part of the elite group of banks with N1 trillion capitalization in the NGX.
Yemisi Edun
MD/CEO: First City Monument Bank (FCMB)
Appointed in July 2021, Yemisi has emerged as a formidable force in Nigeria’s banking sector. Her exceptional leadership and dedication have propelled the Tier-2 bank closer to achieving the N500 billion recapitalisation goal.
In a communication to the Nigerian Exchange (NGX) in December 2025, FCMB Group Plc announced the successful completion of its public offer, thereby positioning the financial holding company to fulfill the N500 billion capital requirement mandated for internationally licensed banks. In addition to the successful public offer, FCMB confirmed that it is also on course to finalize the sale of a minority stake in one of its subsidiaries before the conclusion of December.
“We have successfully concluded our public offer and are on track to complete the minority subsidiary sale by the end of December. Subject to the ongoing CBN capital verification, shareholder approval at the EGM, and the necessary regulatory consents, we are well-positioned to achieve the N500 billion capital target ahead of the March 2026 deadline for our banking subsidiary, FCMB Limited,” stated the Group.
According to FCMB, the successful completion of its public offer underscores its capacity to sustain “strong financial and operational performance, driven by expanding margins, increased customer activity, and scalable digital growth.” The Group further remarked: “With our recapitalisation programme progressing as planned and risk fundamentals remaining robust, we anticipate maintaining healthy profitability and a strong capital position as we approach 2026.”
FCMB’s remarkable performance in the financial services sector has garnered numerous accolades over time. These recognitions include: Best SME Bank in Nigeria, awarded by the Asian Banker Middle East & Africa Awards. Platinum Award from the Development Bank of Nigeria for its impact on SMEs.
Best Participating Financial Institution with the Most Impact on Total End-Borrowers Financed, awarded by DBN, and SME Financier of the Year, awarded by the Global SME Finance Summit and Awards 2021, organized by the International Finance Corporation. Additionally, it received the Best Bank for Women Entrepreneurs award.
The Group’s market capitalization is N479 billion from N60 billion in 2021.
Yetunde Oni
MD/CEO, Union Bank
Appointed in January 2024, Yetunde guides the bank through the challenges of the recapitalization scheme, which has not reflected the status of Nigeria’s 108-year-old generation bank, following its delisting from the NGX in November 2023.
On September 1, 2025, the bank declared, “Union Bank of Nigeria today announces the successful completion of its merger with Titan Trust Bank Limited, subsequent to receiving formal approval from the Central Bank of Nigeria. This signifies a crucial milestone in the Bank’s 108-year history and the culmination of a process that commenced with the signing of the Share Sale Agreement in 2021. The merger integrates the esteemed legacy of Union Bank with the innovation and agility of Titan Trust Bank. The newly formed entity will continue to operate under the Union Bank brand, while Titan Trust Bank will no longer exist as a separate entity.
“With the merger, customers and partners will gain from an expanded franchise that includes over 293 service centers and more than 937 ATMs nationwide, in addition to a fortified suite of solutions for individuals, SMEs, and corporate clients. Union Bank assures all customers of a smooth transition, with existing account details remaining unchanged, and has reiterated its commitment to providing smarter digital platforms and enhanced banking experiences.”
Union Bank of Nigeria was recognised as the Best Company in Workplace Practice at the Sustainability, Enterprise and Responsibility Awards in November 2025. The Bank’s award-winning workplace practices embody its comprehensive people-first philosophy that goes beyond traditional human resources functions.
Union Bank is known for fostering an inclusive, rewarding, and high-performing work environment that sets new standards for Nigeria’s financial sector. The bank received nominations in four categories: SERAS Education Intervention of the Year, Best Company in Workplace Practice, Best in Gender Equity and Women Empowerment, and Best Company in Reporting and Transparency. The Bank also secured the position of first runner-up, highlighting the strength of its commitment to these critical areas.
Union Bank has a capital base of over N340 billion.
Nneka Enwereji
MD/CEO, Citibank Nigeria
Appointed in August 2024, Nneka guided Citibank Nigeria to achieve the CBN N200 billion requirement for a national banking license ahead of the March 2026 deadline. The U.S.-based financial institution confirmed that the capital injection made to satisfy the new statutory threshold demonstrates confidence in Nigeria’s economic prospects and positions Citi to enhance financing across vital sectors of the economy.
“With a fortified balance sheet, Citi is prepared to increase support for clients in priority sectors such as infrastructure, energy, and trade. This reflects a statement of confidence in Nigeria’s future and a strategic investment in its forthcoming growth phase,” the bank stated.
Citi’s choice to recapitalise ahead of schedule signifies a rare display of foreign investor confidence during a period when Nigeria is grappling with a challenging economic landscape. By committing ₦200 billion in new equity, the American bank strengthens its 41-year presence in Nigeria, emphasizing its strategic belief in the country’s long-term market potential despite short-term fluctuations.
“The past 40 years have been an extraordinary journey. We have navigated economic changes, technological progress, and unprecedented global occurrences. Yet through it all, we have remained resilient and committed to delivering reliable financial solutions that foster growth and economic advancement. The needs of our clients and communities are central to all our endeavors. We are motivated as we continue to build on our legacy and explore new avenues,” Enwereji remarked during the bank’s 40th anniversary celebration in December 2024.
Citibank has been acknowledged for its excellence and innovation, receiving a record 52 global, regional, and local market awards from Euromoney at the annual Euromoney Awards for Excellence 2025 event.
According to the Capital Importation reports from the National Bureau of Statistics, Citibank ranks among the highest channels for investment inflow.
Halima Buba
MD/CEO, SunTrust Bank
Appointed in January 2021, Halima is energetically steering the six-branch bank towards a technological transformation aimed at dismantling traditional bricks-and-mortar banking frameworks as technology enhances financial inclusion. SunTrust is progressing towards acquiring a national banking license and has notably raised its capital base from N11.8 billion in 2022 to N20 billion, as it strives to comply with Nigeria’s new minimum capital requirement, targeting N200 billion for national banks by March 31, 2026.
SunTrust Bank officially introduced its YESMONEY platform in November 2025, an integrated mobile solution designed to empower Nigerians with secure digital transactions, savings, and microloans. The launch event, held in Lagos, gathered key regulators, technology service providers, financial agents, and media representatives to witness the platform’s unveiling.
SunTrust characterized YESMONEY as a significant milestone in the Bank’s digital evolution and a reaffirmation of its dedication to promoting financial inclusion. “YESMONEY was created for everyday Nigerians. The trader, the artisan, the student, and the small business owner. It provides them with the ability to save, transact, and access credit securely from their mobile devices,” stated the bank.
According to SunTrust Bank, the platform also features a digital marketplace that enables users to buy, sell, and transact with assurance. It integrates essential financial tools into a single platform, offering 24/7 access to services that were previously inaccessible to millions of Nigerians. By capitalizing on Nigeria’s rapidly growing mobile penetration, YESMONEY positions SunTrust Bank as a pivotal player in the nation’s digital finance landscape, bridging the divide between conventional banking and the unbanked population.
Bukola Smith
MD/CEO, FSDH Merchant Bank
Appointed in April 2021, Bukola is the only female CEO of one of Nigeria’s oldest and most successful Merchant Banks. In June 2024, Bukola Smith, the Managing Director and Chief Executive Officer (CEO) of FSDH Merchant Bank Limited, announced that the bank planned to raise capital through a rights issue involving its current shareholders.
Investigation revealed that six merchant banks have secured N230 billion in funding to satisfy new capital requirements.
In the context of the recapitalisation of merchant lenders, FSDH faces a substantial capital funding shortfall of approximately N47.6 billion. With a capital base of N2.4 billion, FSDH is anticipated to secure additional funds to fulfill the N50 billion capital requirement for merchant lenders by the deadline of March 31, 2026.
Since FSDH is not listed on the Nigerian Exchange, potential funding sources may include equity injections through private placements or mergers and acquisitions.
Smith had stated, “We will be conducting a rights issue with existing shareholders.”
Entrepreneurship resources FSDH Merchant Bank has been acknowledged for its significant contributions to the financial industry and its workplace culture.
The bank has received several awards and recognitions, including: FSDH Merchant Bank was recognized as one of Nigeria’s top workplaces, receiving accolades from Great Place to Work for its employee-centric culture and experience.
The bank was honored as the Research House of the Year at the Banks’ & Other Financial Institutions (BAFI) Awards, an event organized by BusinessDay.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
