The Central Bank of Nigeria (CBN) has issued licenses to five new banks, according to three banking sources familiar with the matter, who spoke to us.

Sources say the CBN is being driven by the need to attract new investments into the sector and serve the country’s over 50 million unbanked and under-banked people, even as current banks have struggled to grow loan books since an economic slump in 2016 caused bad loans to surge.The sources, who say the banks plan to begin operations before August, could only give specific details on two of them.One of the new banks, “Globus” is said to be spearheaded by Elias Igbinakenzua, a former Executive Director at a Tier One bank.

“The Bank (Globus), whose head office is on Sanusi Fafunwa, Victoria Island, may open by May 2nd,” one of the sources said.

The second bank would go by the name “Titan” and is said to have secured the services of a former Heritage bank executive director.

Another owner of one of the new banks is said to be Indian – the former owner of Chi Limited who recently sold a majority stake to Coca Cola – and the initial strategy would be to target large Indian and Lebanese clients with investments in Nigeria especially in the Manufacturing and other sectors, sources said.
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