‘Recapitalisation Success Positions Bank For Stronger Market Expansion’

The chairman of the Board of SunTrust Bank Nigeria Limited, Olanrewaju Shittu, has described the bank’s successful recapitalisation within the regulatory timeline set by the Central Bank of Nigeria (CBN) as a defining milestone in its corporate journey.

Shittu made this known at the bank’s 10th Annual General Meeting (AGM) held in Lagos, where stakeholders reviewed its performance and strategic direction as it marks a decade of operations in Nigeria’s financial services sector.

He said the recapitalisation has significantly strengthened the institution’s capacity to pursue new opportunities, deepen customer relationships, and accelerate investments in technology-driven banking solutions.

According to him, the exercise reflects the bank’s resilience and the collective commitment of shareholders, regulators, customers, and employees who supported the process.

“This milestone reinforces our stability and positions the bank for stronger growth. We are now better equipped to expand, innovate, and deliver sustainable value to all stakeholders,” he said.

He reaffirmed the bank’s commitment to innovation and long-term value creation, noting that its post-recapitalisation growth strategy will focus on scaling operations and enhancing service delivery.

Shareholders at the meeting approved all statutory resolutions for the 2025 financial year and expressed confidence in management’s direction, particularly its emphasis on digital transformation, operational efficiency, and improved customer experience.

The acting managing director, Kudi Badmus, said the bank is entering a new phase of expansion anchored on innovation, process optimisation, and strategic investment in people and technology.

“We are strengthening our foundations and investing in the capabilities required to compete effectively in a fast-evolving financial landscape. Our focus is clear: sustainable growth and long-term value creation,” she stated.

Looking ahead, the bank reiterated its commitment to strengthening governance structures, accelerating digital innovation, and enhancing service delivery as it positions itself for sustained profitability.