After almost a decade since it last issued an operating licence, the Central Bank of Nigeria (CBN) recently confirmed its licencing of three new banks, two of which are deposit money banks with national authorization, while the other is a non-interest bank with regional authorization.
The three new banks are Titan Trust Bank, whose chairman is Babatunde Lemo, former chief executive of Wema Bank, from where he joined the CBN as Deputy Governor and retired after 10 years; Globus Bank Limited and TAJ Bank Limited.

Confirming the new banks, recently published a list of deposit money banks and financial holding companies operating in Nigeria as at July 19, 2019, indicating the existence of eight commercial banks with international authorization. Eleven others have a national authorization, three with regional authorization; two non-interest; while banks with one each of national and regional authorization and five are merchant banks with national authorization. Four others are financial holding companies.
According to information available on the website of Titan Trust Bank, it was established on December 12, 2018, and licenced on April 26, 2019, becoming the first to be granted licence by the apex bank in 10 years.
The bank, with Mudasir Amray as MD/CEO, “was formed to take advantage of the identified gaps in the banking sector and address the unmet needs of the retail mass market, SMEs and corporates.”
Other members of the 10-man board were listed as Andrew Ojei, former chief executive of Zenith Bank, Ghana, who retired from the group in June 2013 as executive director; Alhaji Abubakar Mohammed, Bashari Aminu, all of who are non-executive directors. Others include Adaeze Udensi, an executive director, who recently left Heritage Bank; Stella Nwihim, head of Human Resources; Mark Oguh, the Chief Financial Officer; George Aiyudu, head of IT; and Ademola Ajayi, head of Compliance.