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Agbaje: Using Fairs to Redefine Retail Banking

Published

9 years ago

January 25, 2018

Segun Agbaje, the managing director/CEO of Guaranty Trust Bank (GTBank), is not a popular man. To many, he is aloof, too strait-laced, not your typical run-of-the-mill Nigerian. As one of Nigeria’s foremost bankers, he has a reputation for running a tight and efficient ship, is unflinching in his pursuit and recovery of loans from the country’s systemically chronic debtors who have a sense of entitlement believing that they can borrow depositors’ funds without paying back, and does not give a hoot about those critical of his take-no-prisoners approach to banking.

In the media space, he does not seek publicity, he lets his work speak for itself, could not care less if his story or photograph makes the front page of the newspapers, limits his bank’s advertising spend to what he believes is necessary to market and promote GTBank to a wider audience, and through NdaniTV and Ndani Blog understands the power of the social media in reaching out to youths that make a larger percentage of Nigeria’s and regional demographic where the bank operates.

To me, Agbaje is the ideal banker. He is not my friend and we only interact sparingly and strictly professionally as the need arises. Yet, I cannot help but wish that we had more bankers like him in this country. If we did, fewer Nigerian lenders would have to make provisions for unpardonable impairment charges on bad loans given to delinquent debtors, fewer banks would engage in reckless insider lending that threaten their capital adequacy and liquidity ratios, more banks would recognise that they have a fiduciary responsibility to manage their customers’ deposits with care, and more banks would know how to sweat their assets in the most cost-efficient manner to make the most attractive returns to their shareholders.

In all the key parameters used in defining the size of banks, GTBank, among the five Tier 1 banks in the country, is not by any stretch of imagination the biggest. In terms of total assets, loans and advances, customer deposits, number of branches, and presence on the African continent and beyond, FirstBank, Zenith Bank and United Bank for Africa (UBA) stand head and shoulders above GTBank. By Nigerian standards, the “big three” could be called banking behemoths and are very difficult to supplant. Still, GTBank, with its cost optimisation strategy, asset quality and stability ratios, among others, has over time proved to be the most profitable bank in the country. Its stock has remained the bellwether in the banking segment of the Nigerian bourse for years, signposting the confidence institutional and individual investors have in the bank.

But this article is not about GTBank’s financial performance. Its annual and quarterly reports, including those of its peers, are public documents that can be readily accessed for in-depth comparative assessment. What I have found more interesting about the bank is its focus on corporate social responsibility (CSR) and interventions in key economic sectors targeted at strengthening small businesses through not-for-profit fairs and capacity building initiatives. For two years in a row, GTBank has solely funded and hosted its Food and Drink Fair and Fashion Weekends, making them social and tourist events that feature prominently on Nigeria’s social calendar. That is not to say that the bank has not focused on other areas of CSR. Its 2016 annual report showed that GTBank spent about 58 per cent of the N449.62 million of its CSR funds on education alone while community development accounted for another 30.8 per cent.

But it is GTBank’s focus on food, drink and fashion that have been the most impactful publicly, bringing together scores of promising, talented and recognised local and international chefs and food vendors, drinks makers and merchants, fashion houses, milliners, fashion accessory designers and leather goods makers in a dizzying, well-put together and well-thought out extravaganza that leaves the public yearning for more. Both events, which are open to the public, have been attended by several thousands of people, including children, for two years running that have left attendees breathless and wondering how the bank manages to package the two fairs in areas where it has no competencies.

The trick, says Agbaje, whom I had to hound to open up on the success behind both fairs, is getting and attracting the best participants and controlling costs by getting the bank to work directly with the contractors who have to build the stalls, decorate the venue, create play areas and cooking classes exclusively for children, and provide the music, etc., during both fairs; no middlemen or consultants are used by the bank. For him, the fairs present an opportunity for GTBank to deepen its footprint in the retail banking space and increase its SME lending from 2 per cent of the bank’s loan book to 10 per cent over the next five years.

With time, he would also rather extend more loans to small and medium-sized businesses that are more impactful on the economy and achieve a loan recovery rate of 70-80 per cent, than pursue Nigeria’s so-called “big men” with woeful credit track records. Although he was demur about what it costs his bank to host both events, he was emphatic that making money at this juncture is not the overdriving objective, at least not in the short-term, but recognises the long-term benefits not just for GTBank but other Nigerian lenders.

Beyond this objective and given the magnitude of both fairs and their potential to grow into annual events that could attract millions from across the global, Agbaje’s vision is not one to be trifled with. Already, the GTBank Food and Drink Fair and the GTBank Fashion Weekend create thousands of direct and indirect jobs and referrals for hundreds of young Nigerians who have to build the stalls, decorate the venue, and provide the music, entertainment, security and other support services to make them a resounding success. And they have the potential to create even more.

Aside the suppliers, vendors and designers that make brisk business and achieve record sales during the fairs, the Master Classes included in both events are helping to build capacity and drive innovation in the creative industry that has proved to be a major magnate for Nigerian and African youths. By bringing them under one roof, GTBank has also provided a platform for shared services and given them the exposure that help these small businesses to grow and create more employment opportunities.

Without doubt, both fairs are worthy initiatives. But they could be better. In the last two years, GTBank has handled both fairs singlehandedly without support from other institutions and/or the Lagos State government, a direct beneficiary of the events and their spin-offs. In 2016, the food and drink fair alone attracted 25,000 people; this year, it attracted 75,000 people. I do not have the numbers for the bank’s fashion weekends, but I can imagine that the number of visitors will not be far off from those who attended the food and drink fairs.

Given the swelling numbers, both fairs have already started to cause traffic gridlocks on the days they are held. They are also attracting touts and hoodlums who mill around the roads leading to the venue and try to pounce on unsuspecting visitors as they alight from their cars or walk to the venue. On a positive note, big and boutique hotels, restaurants and food caterers on the Lagos Island experience an upsurge in occupancy rates and patronage by participants and the international media who have flown in to take part or cover the events. All these translate to more tourist dollars, taxes and revenue generation for the federal and Lagos State governments.

The import of this should not be lost on the federal and Lagos State governments.

They have to do more than just show a passing interest in what GTBank has started. Given the potential for both fairs to become global destinations for tourists and visitors on the African continent, Lagos State in particular needs to improve on its infrastructure in and around the venue where both fairs are held. It must improve on traffic management and security to ensure that visitors can move about with ease and feel secure. According to Agbaje, in terms of support, the state government has not yet stepped up to the plate, nor has his bank sought for any. But he does acknowledge that with time, GTBank will have to reach out to Lagos State because of the interest both fairs are generating in terms of attendance and participation.

Right now, Agbaje appears to be satisfied with what his bank has accomplished in terms of bringing both fairs to the public’s consciousness. But do the federal and state governments understand the roles that they have to play in institutionalising them and ensuring that they outlast his stewardship in GTBank? Cities like Rio de Janeiro, London, Paris, New York and Melbourne that host major sporting, fashion, carnivals, music and film festivals every year, attracting thousands of visitors do not owe their success just to corporate sponsors but to the municipalities, state and federal governments that understand their roles and lend the required support to the private sector. As such, Lagos State needs to buy into the GTBank fairs as a public-private partnership that can and should work

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ZENITH BANK NAMED AFRICA’S BEST BANK & NIGERIA’S BEST BANK AT THE 2026 EUROMONEY AWARDS FOR EXCELLENCE

Published

2 days ago

July 23, 2026

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Zenith Bank Plc has been named “Africa’s Best Bank” and “Nigeria’s Best Bank”, the latter for the second consecutive year, at the prestigious Euromoney Awards for Excellence 2026, clinching the biggest and most coveted national and continental awards in banking. The awards were presented to the Bank on Thursday, 16 July 2026, at The Peninsula London Hotel, London. This dual recognition is a testament to the Bank’s sustained excellence in financial performance, customer service, digital innovation, and its contribution to economic development across Nigeria and the wider African continent.

The Euromoney Awards for Excellence are among the most respected in the global financial industry, evaluating banks on criteria including strategy, profitability, risk management, digital transformation and impact on stakeholders. Victory at the awards is regarded as a mark of the highest distinction in global banking. This year’s edition attracted a record of over 770 entries from world-class financial institutions including HSBC, Morgan Stanley, Citibank, Barclays, Standard Bank and DBS Bank of Singapore.

Commenting on the awards, the Group Managing Director/CEO of Zenith Bank Plc, Dame Dr. AdaoraUmeoji, OON, said, “We are deeply honoured by theserecognitions from Euromoney. Being recognised as Africa’s Best Bank and Nigeria’s Best Bank reflects the trust of our customers, the dedication of our unicorn workforce, and our unwavering commitment to building a truly African global financial institution. These awards inspire us to do even more to deliver superior value, drive financial inclusion, and support the growth of businesses across Africa.”

The GMD commended the regulators across the various jurisdictions where the Bank has footprints for the enabling regulatory environment which has supported the Bank in achieving this feat.

She dedicated the award to the Founder of Zenith Bank Plc, Jim Ovia, CFR, thanking him for his vision and excellence which have been instrumental to the Bank’s success.

Zenith Bank has continued to deliver strong financial results while accelerating investments in technology, artificial intelligence, and digital banking solutions. In the 2025 financial year, the Bank grew gross earnings by six per cent year on year to ₦4.19 trillion and delivered profit after tax of ₦1.04 trillion, while reducing its non-performing loan ratio from 4.7 per cent to 3.8 per cent. In keeping with its dividend policy, Zenith Bank rewarded its investors with a record-breaking total dividend of N10.00 per share (totaling N410.69 billion) for the 2025 financial year. This represents a 100% increase over N5.00 per share paid in 2024. The Bank has also deepened its pan-African presence and expanded trade and transaction banking capabilities to connect businesses across key markets.

Euromoney is the leading authority for global banking and financial markets, and this latest recognition adds to Zenith Bank’s growing list of local and international accolades, and further cements its position as one of Africa’s leading financial institutions.

The Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the seventeenth consecutive year in the 2026 Top 1000 World Banks Ranking, published by The Banker and “Nigeria’s Best Bank” at the EuromoneyAwards for Excellence 2025. The Bank was also awarded Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022, and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025, in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and was listed in the World Finance Top 100 Global Companies in 2023.Further recognitions include Best Commercial Bank, Nigeria for six consecutive years from 2021 to 2026 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023, 2024 and 2026 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for five consecutive years from 2022 to 2026 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.
The Bank’s commitment to excellence led to Zenith being also named the Most Valuable Banking Brand in Nigeria in The Banker’s Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 to 2025 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and 2024 to 2025. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards, Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/Public Offer of the Year’ at the Nairametrics Capital Market Choice Awards 2025.

Zenith Bank has also earned several non-financial awards, including Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024.

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GTBANK NAMED BEST OVERALL PERFORMING BANK IN NIGERIA IN THE BANKER’S TOP 1000 WORLD BANKS RANKINGS 2026

Published

1 week ago

July 15, 2026

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Guaranty Trust Bank Ltd (“GTBank” or the “Bank“), the flagship banking subsidiary of Guaranty Trust Holding Company Plc (“GTCO” or the “Group“), has been named the Best Overall Performing Bank in Nigeria in The Banker magazine’s Top 1000 World Banks Rankings 2026.

The recognition reaffirms GTBank’s position as one of Nigeria’s leading financial institutions and reflects the Bank’s consistent delivery of strong financial performance, operational excellence, and sustainable growth. The rankings evaluate banks globally using audited financial results, assessing institutions across financial strength, operational efficiency, risk management, liquidity, growth, and profitability.

GTBank ranked 1st Overall as best performing Bank and also ranked 1st in Efficiency and Soundness. The Bank secured 2nd place in other metrics such as Return on Risk, Liquidity, Growth, Leverage and Profitability, demonstrating exceptional performance across all major Banking metrics

Speaking on the achievement, Mrs Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Being named the Best Overall Performing Bank in Nigeria by The Banker is a recognition that means a great deal to us, not just because of the prestige of the publication, but because of what it represents; the hard work of our People, the loyalty of our Customers, and the strength we continue to draw from being part of the Group. Ranking 1st in Overall Performance, Efficiency, and Soundness reflects our disciplined approach to banking, the synergies we harness across the GTCO Group, and our relentless focus on delivering real value. We do not take this recognition for granted. It deepens our resolve to keep raising the bar, to serve our customers better every day, and to remain a Bank that consistently delivers value to all its stakeholders, and to the GTCO Group we are proud to belong.”

This recognition reinforces GTBank’s position as one of Africa’s leading Banking franchises and reflects the strength of its business model, disciplined execution, and sustained investment in innovation. It adds to the Bank’s growing portfolio of international accolades and underscores its enduring commitment to delivering exceptional customer experiences, driving sustainable growth, and creating long-term value for customers, shareholders, and the communities it serves.

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GTCO Launches Second Edition of #BeatTheDistance Initiative, Donating 3,000 Bicycles Across Six States in Nigeria

Published

2 weeks ago

July 15, 2026

NewsThumb Magz

Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has announced the 2026 rollout of its social impact initiative called #BeatTheDistance.This is a nationwide intervention aimed at supporting school children in underserved communities through the provision of bicycles to ease their daily commute to school.

Marking the second edition of the initiative, GTCO will distribute 3,000 bicycles to schoolchildren across six states in Nigeria—Ebonyi, Jigawa, Benue, Oyo, Akwa Ibom, and Ekiti. The programme builds on the impact of its inaugural rollout in 2019 and underscores the Group’s commitment to improving access to education through practical, community-focused interventions.

By helping to reduce the transportation challenges faced by students who travel long distances to attend school, the initiative seeks to improve school attendance, support learning outcomes, and create opportunities for young people to pursue their education with greater ease and confidence.

Speaking on the initiative, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr Segun Agbaje, said: “Education remains one of the most powerful tools for transforming lives and creating opportunities. Through the #BeatTheDistance Initiative, we are supporting students whose determination to learn is often tested by the distance they travel each day to access education. By providing these bicycles, our goal is to create an environment where more children can achieve their full potential by reducing fatigue, improving attendance at school, and expanding learning outcomes for children of school age.

He further added: “At GTCO, we believe that meaningful impact comes from addressing real challenges within communities. #BeatTheDistance is one of the ways we are investing in the future by supporting young people and helping to create conditions that enable them to succeed. We remain committed to initiatives that promote inclusion, expand access to opportunities, and contribute to sustainable development.”

The initiative forms part of GTCO’s broader commitment to social impact and sustainable development, particularly in the areas of education, youth empowerment, and community advancement. By helping students spend less time commuting and more time learning, #BeatTheDistance continues to deliver practical support where it is needed most, empowering young people to pursue their education and unlock their full potential.

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