The last time the Central Bank of Nigeria (CBN) issued a banking license was in 2001. All that changed on Monday 15 August, 2016, with the formal presentation of SunTrust Bank Nigeria Limited to the public.
The event was attended by leaders in the public and private sector, including Danjuma Goje,a senator, former Governor of Gombe State; Oba Rilwan Babatunde Olsuolale Aremu Akiolu, Oba of Lagos; Nnaemeka Alfred Achebe, Obi of Onitsha; Ama Iyingiala Pepple, former Minister of Housing; Aliko Dangote, President of Dangote Group and many others.
In his opening remarks, Charles Onyema Ugboko, chairman of SunTrust Bank of Nigeria said, “We share the commitment to the development of our great nation, Nigeria.
The presentation of SunTrust Bank Nigeria Limited, despite the economic conditions is a demonstration of that commitment.”
Danjuma Goje, who led a delegation from Gombe State, noted that the establishment of the bank was happening at a special time “when we are trying to implement the change agenda.”
The keynote speaker, Aliko Dangote said it would only take people with great courage to start a bank at a period when the country’s economy was undergoing dire straits.
“The lack of growth in the major economies of the world, the declining price of commodities in general and oil in particular, the weakness in our economy and the difficulties being faced by the banking sector, to name but a few.
“Through my business life, I have learned that problems and difficulties are also opportunities. You need the skills and foresight to spot them and the courage to attack when other are retreating.”
He highlighted some of the milestones of the Dangote Industries Limited, including the building of a 3mmtpa fertiliser plant, the largest ammonia and urea plant in Africa, and the largest oil refinery and petrochemical train in the world in Lekki. These, he said, were perfect examples of determination and expression of courage to survive and succeed.
“SunTrust’s business has two elements that appeal to me particularly. By focusing on technology (the so called fintech or financial technology model) SunTrust has recognised that the old model of business expansion, via a network of expensive branch premises, is obsolete.
“With this new model, SunTrust customers can transact their business with the bank without any branch. This saves customers time and keeps the bank’s overheads low. Secondly, SunTrust’s Mobile Money Programme is truly innovative and will reach out to many people in Nigeria, for whom access to a bank has previously been impossible,” Dangote said.
SunTrust Bank Nigeria Limited was licensed on September 15, 2015. With the formal launch, customers can take advantage of the cutting edge technology the bank will provide in order to make their transactions easier and more flexible. Customers can access 24 hours banking services from the comfort of their homes and offices.
While appreciating the August crowd for their presence at the presentation, Muhammed Jubrin, CEO of SunTrust Bank, stated that no endeavour could be achieved without passion.
“We know that commercial banking license is a privilege not a right, so we are grateful to the CBN for the honour. We will not disappoint the public. It is only us (Nigerians) that can invest in our country,” Jubrin said.
