…Records zero bad loans in six years
By Seun Ibiyemi
Globus Bank has exceeded the Central Bank of Nigeria’s (CBN) recapitalisation mandate by raising more than ₦200 billion in fresh capital ahead of the first-quarter 2026 deadline.
Managing Director and Chief Executive Officer Elias Igbinakenzua disclosed this during an interview with journalists, explaining that the six-year-old lender, which entered the market just before the COVID-19 pandemic, achieved the capital increase through a phased strategy that secured strong investor confidence.
“Some people advised us to downgrade from a national to a regional bank to avoid the ₦200 billion threshold, but we said forward ever, backward never,” he said. “Last year, we raised ₦53 billion, and this year we added another ₦102 billion, bringing our paid-up capital to over ₦200 billion ahead of the CBN deadline.”
Igbinakenzua credited the bank’s risk-conscious lending model for maintaining a clean loan book since inception. “We are still zero NPL after six years. That is because we are deliberate in selecting borrowers, and all credit approvals go through the Board Credit Committee. Mistakes are minimised,” he said.
Positioning itself as a “phygital” bank, with 80 per cent digital and 20 per cent physical operations, Globus Bank has expanded its branch network to 43 locations nationwide while growing its digital footprint with proprietary technology solutions.
The bank has recorded notable financial performance, with 2024 gross revenue reaching ₦142 billion, more than double the previous year’s ₦67 billion, and profit before tax rising to ₦55.78 billion.
Despite sector challenges, including the CBN’s 50 per cent Cash Reserve Ratio, which Igbinakenzua described as “the highest in the world,” Globus Bank has received credit rating upgrades from agencies such as Augusto & Co. and GCR.
Looking ahead, the CEO said the bank intends to consolidate its position in Nigeria before pursuing expansion across Africa. “Nigeria is a very large economy. There is no hurry to move abroad when there is still so much to harness at home,” he stated.