Coronation Merchant Bank sets sights on Pan-African growth

Coronation Merchant Bank has marked 10 years of operations with plans to expand its influence beyond Nigeria, positioning itself for Pan-African growth as economic reforms open new opportunities across key sectors.

Speaking at the Chairman’s Dinner held in Lagos to celebrate the milestone, the Managing Director and Chief Executive Officer, Mr Paul Abiagam, said the bank has built a strong and distinct presence in Nigeria’s highly competitive financial services industry despite a decade shaped by economic volatility and policy changes.

“Over the last 10 years, we have found our own space in a very tight market and built credible footprints in the markets we chose to serve,” Abiagam said, describing the journey as challenging but purposeful.

He said the anniversary was a moment to appreciate the bank’s founder, shareholders, board and partners, while also recommitting to greater ambitions in the decade ahead. According to him, the bank’s progress has been driven by consistent shareholder support, sound governance and a disciplined corporate strategy focused on clearly defined target markets.

Abiagam said ongoing economic reforms and the Federal Government’s ambition to grow Nigeria into a $1 trillion economy present major opportunities for financial institutions with the right expertise. He identified infrastructure, construction, real estate, oil and gas, and manufacturing as priority sectors where the bank is strengthening its focus.

“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,” he said.

Highlighting key milestones, the CEO noted that Coronation Merchant Bank is among a small group of Nigerian merchant banks with international credit ratings. He also described the bank’s people as its greatest strength, saying its talent base has been critical to its steady growth.

In his remarks, the Chairman of Coronation Merchant Bank, Mr Babatunde Folawiyo, said operating and growing in Nigeria’s banking sector over the past decade has been a major test of resilience.

“Anyone who has operated in Nigeria’s banking space over the last 10 years knows how challenging it has been,” Folawiyo said, citing policy shifts, macroeconomic pressures and leadership transitions. “The real test is whether you can grow through those challenges—and we have,” he added.

He said recent reforms have brought greater certainty, particularly in the foreign exchange market, which he described as essential for business planning and sustainable growth. While acknowledging the difficulty of the adjustment period, Folawiyo stressed that stability, even at higher exchange rates, is better for the economy than extreme volatility.

“No business thrives without some level of stability. Predictability allows businesses to plan, adjust and grow,” he said.

On the outlook for the financial sector, Folawiyo said Nigeria remains significantly underbanked, leaving room for different players to thrive.

While fintechs are expanding access to financial services, he said merchant banks continue to play a critical role in providing bespoke solutions for corporate and structured finance needs.

“A corporate client structuring commercial papers or complex funding solutions needs more than a fintech app. It needs a one-stop financial partner. That is where merchant banks like ours play a key role,” he said.

He added that the bank’s long-term strategy is guided by economic fundamentals rather than political cycles, noting that the current policy direction of the Central Bank of Nigeria and the Federal Government aligns with sound economic principles.

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