Coronation Merchant Bank has set its sights on becoming a leading African bank as it marked its 10th anniversary.
This was disclosed at the Chairman’s Dinner event to mark the anniversary of the lender in Lagos.
Speaking at the Chairman’s Dinner held to commemorate the milestone in Lagos, Managing Director/Chief Executive Officer Paul Abiagam said the institution had successfully carved out a distinct niche in Nigeria’s highly competitive financial services market despite a decade defined by economic volatility, policy shifts and macroeconomic uncertainty.
He said, “Over the last 10 years, we have found our own space in a very tight market and built credible footprints in the specific markets we chose to serve.”
He went on to describe the bank’s journey as “valiant” amid the changing economic landscape. According to him, the anniversary represents both a moment of gratitude to the bank’s founder, shareholders, board and partners, and a recommitment to scale new heights in the decade ahead.
Abiagam attributed the bank’s resilience and steady growth to strong shareholder and board support, as well as a clear and disciplined corporate strategy. He noted that the bank’s focus on defined target markets had enabled it to expand its footprint across key sectors of the economy while maintaining operational clarity.
Looking ahead, the CEO said ongoing reforms and the Federal Government’s ambition to build a $1tn economy present significant opportunities for financial institutions with the right expertise and positioning. He identified infrastructure, construction, real estate, oil and gas, and manufacturing as priority sectors where the bank is already aligning its strategy.
“Volatility often comes with opportunity. What we see clearly is opportunity, and our strategy is to ensure we are well positioned to take advantage of it,” Abiagam said.
Abiagam highlighted several key achievements, including the bank’s international credit ratings, which position Coronation among the few internationally rated merchant banks in Nigeria. He also emphasised human capital as a major strength, describing the bank’s workforce and talent as its most valuable asset.
In his remarks, Chairman of Coronation Merchant Bank, Babatunde Folawiyo, reflected on the challenges of operating in Nigeria’s banking sector over the past decade, noting that the true measure of success lies in an institution’s ability to grow through uncertainty and emerge stronger.
“Anyone who has operated in Nigeria’s banking space over the last 10 years knows how challenging it has been,” Folawiyo said, citing policy changes, macroeconomic shifts and leadership transitions. “The real test is whether you can grow through those challenges, and we have.”
Folawiyo said recent reforms have introduced greater certainty into the economy, particularly in the foreign exchange market, which is critical for business planning and sustainable growth. While acknowledging that the adjustment period has been difficult, he stressed that predictability, even at higher exchange rates, is far more beneficial than extreme volatility.
On the outlook for the sector, Folawiyo said Nigeria remains significantly underbanked, creating room for diverse players within the financial system. While technology and fintechs are expanding access to financial services, he emphasised the enduring role of specialised institutions such as merchant banks in serving corporate and structured finance needs.
“A corporate client structuring commercial papers or complex funding solutions needs more than a fintech app. It needs a bespoke, one-stop financial partner. That is where merchant banks like ours play a critical role,” the chairman said.
He added that Coronation Merchant Bank’s strategy is anchored on long-term economic fundamentals rather than political cycles, noting that the current policy direction of the Central Bank and the Federal Government, though initially painful, aligns with sound economic principles, saying, “These are textbook reforms. There is no gain without pain, and we are already beginning to see the gains, not just in the financial sector but across the broader economy.”
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