Missionary school experience taught me religious coexistence — Summit Bank COO, Adam

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Co-Founder, Executive Director, and Chief Operating Officer of Summit Bank, Mukhtar Adam, tells Naomi Chima about his journey, the principles that shaped him, and his transition into entrepreneurship

Which experiences shaped your interest in finance and banking?

I spent most of my early life in Ghana. I attended the University of Cape Coast. Initially, I wanted to study Business Administration, but eventually read Education, majoring in Economics and Business Management. In hindsight, studying Education was incredibly valuable because it exposed me to psychology, which later strengthened my leadership skills and ability to work effectively with teams.

While in school, I had big ambitions of working with top audit firms like PwC, KPMG, Deloitte, and EY. After graduating, I wrote the PwC test and secured a role with PwC Ghana as an associate. That opportunity was a dream come true and one of the major experiences that shaped my professional life.

At PwC Ghana, I started in Assurance, which exposed me early to how businesses should be run and managed. I frequently attended meetings with senior executives, which broadened my understanding of corporate structures and deepened my interest in finance.

I was later selected to support PwC Nigeria, and during that period, I spent time reconnecting with my family in Kano. That visit strengthened my desire to return and contribute more meaningfully to Nigeria. After my assignment, I extended my stay and worked with PwC Nigeria for two years before joining Zenith Bank, where I began my journey in finance through the Financial Control and Strategic Planning departments.

How would you describe your childhood in Ghana, and what aspects of that environment influenced the person you are today?

I would describe my childhood as very average, solidly middle-class. Ghana itself is a very balanced society; there aren’t extreme class divides, and that shaped much of my early experience. Public schools function well, and I attended both a public secondary school and a public university, all within a community that reflected the same sense of modest stability.

One standout feature of growing up in Ghana is the exceptional level of religious tolerance. I attended two missionary schools: five years in a Presbyterian school and two years in a Catholic school. That exposure to people from different religious backgrounds taught me early the importance of coexistence, respect, and collaborating with diverse groups. These values have been instrumental in my professional life and personal development.

Reflecting on your time at PwC, what key lessons from audit and consultancy did you carry with you into core banking and financial systems?

The first major lesson was professionalism built on ethics and integrity. At PwC, integrity is non-negotiable; it’s the foundation of the firm. You are trained never to record what you did not see and to always uphold the highest standards, even while respecting the client. Coming straight from school, balancing those expectations was initially tough, but with training and experience, I learned how to maintain that balance.

The second key lesson was confidence. Being in meetings with senior managers, partners, and top executives of client organisations exposed me early to high-level conversations and disagreements.

You learn how professionals debate tough issues, each side presenting its perspective while remaining focused on the matter at hand.

Learning that early helped me a great deal. It taught me to stay focused on the issue, no matter how complex or challenging, and not get distracted by personalities.

These two lessons: integrity and issue-focused confidence, have stayed with me throughout my banking career.

After leaving PwC, you joined Zenith Bank and eventually rose to become CFO. What were some of the most challenging periods you faced, and how did those experiences shape your readiness for the role?

I became CFO in 2018, but many of the most challenging periods occurred long before then. The toughest times were during the global financial crisis and the subsequent banking crisis in Nigeria. That era brought intense pressure, especially for anyone working in financial reporting or performing CFO-related functions.

We went through the CBN stress tests, which reshaped the entire industry. I also had to manage the consolidation of multiple entities, oversee the eventual sale of those subsidiaries when the bank refocused its operations, and supervise the financial reporting of our foreign subsidiaries.

All these responsibilities were demanding, both technically and emotionally, but they prepared me for the scale and complexity of the CFO role.

What key experiences shaped your growth within the bank?

My experience at Zenith was very significant because I spent the better part of my professional life there. Unlike PwC, Zenith is a very large organisation, so one of my first tasks was learning how to navigate a much bigger structure, different departments, teams, and a wider range of responsibilities.

I came in as a chartered accountant, which meant working closely with auditors, regulators such as the CBN and NDIC, and adapting quickly to financial reporting requirements like IFRS.

Settling in was easier because my PwC experience had already given me deep exposure to the banking sector. I had audited numerous banks across Nigeria, Ghana, Sierra Leone, Gambia, and even the UK, so I understood the industry’s technical and operational landscape.

I joined the sector during a very active period. After the consolidation era, some banks merged, some were acquired, and others collapsed. During the period, CBN introduced stress testing, which took down major institutions like Oceanic and Intercontinental, but Zenith emerged strong, and being part of that era was pivotal.

There were also extensive regulatory reforms that significantly expanded the scope and complexity of financial statements. Then came the universal banking licence era, during which Zenith owned multiple subsidiaries.

I was responsible for consolidating and reporting on all of them. When the bank later decided to divest and focus strictly on banking, I led the team that managed the sale of those subsidiaries.

I also played a central role in transitioning the bank’s reporting from local standards to International Financial Reporting Standards, and I supervised the financial reporting of our foreign subsidiaries in the UK, Gambia, Sierra Leone, and Ghana.

All these experiences: regulatory transitions, divestitures, international oversight, and deep involvement in financial reporting, prepared me thoroughly for the role of CFO.

With the demanding nature of your work, how were you able to balance your family life with your professional responsibilities?

The most important thing was carrying my wife along. She understood the nature of my work and the passion I had for it. We agreed early on that she would focus on a more flexible, self-employed business rather than full-time employment, so she could support the children and manage the home. She stayed in constant touch, calling or messaging to check on me and updating me on the children’s activities. I also called in whenever I could.

For me, mornings were sacred. I always made time to start the day with my family. We prayed together, I caught up with the children, and every single day I was in Lagos, I personally dropped them off at school. I knew all their teachers and frequently stepped into their classes to check in before heading to work.

It was a lot to juggle, but it was rewarding, and for me, it created a balance that worked.

When it was time to transition from Zenith to Summit Bank, what informed your decision to leave after such a long tenure, and what personal or professional risks did you consider?

The move was motivated by a combination of timing, opportunity, and strategic ambition. Zenith provided a unique learning environment, but when the opportunity to co-found Summit Bank arose, it aligned perfectly with my interest in non-interest banking and ethical finance.

Long before I left Zenith, I was not only managing my home and handling my responsibilities at the bank, but I was also investing heavily in my education and professional development. During that period, I completed two master’s degrees and a PhD. As far back as 2011–2012, I had earned a postgraduate diploma in Islamic Banking. I also took numerous short courses at leading business schools, including INSEAD, MIT, Wharton, and Harvard.

Juggling all of this was demanding because the work required multiple skills simultaneously. Interacting with a CBN examiner requires one set of competencies, while dealing with auditors or regulators requires another. Continuous learning became essential. The risks included leaving a secure, senior position, navigating a new regulatory landscape, and entering a market segment still gaining acceptance in Nigeria. Mentorship and counsel from trusted advisors helped me weigh these risks prudently. All that preparation positioned me for a successful transition to Summit Bank.

How did your career progression, mentorship, and professional development at Zenith shape your journey?

I always knew I would leave at some point, but I received advice from my bosses and mentors that I had the capacity to pursue a PhD while working. They encouraged me to take a leave of absence to finish my coursework and then return to combine my project with work. I really received that support from my team at Zenith, probably because they already knew I could handle multiple responsibilities. So, I didn’t leave after five years to do a full-time PhD; I stayed on.

When I completed my PhD in 2016, I explored opportunities to teach. I had discussions with some schools, thinking I could teach, earn more, invest in a family business, and move on with my life. Those conversations were ongoing.

By 2018, an opportunity emerged because the then CFO was elevated. Zenith Bank is a prestigious brand locally and globally, and after ten years, I knew I shouldn’t miss the chance to step into a significant role. By God’s grace, I had the privilege to serve as CFO of Zenith Bank, and I am always proud of that. That plan to go into teaching changed, and becoming CFO provided a different level of professional and learning experience.

I often say I have “angel mentors” because it feels as though God programmes my journey so that each phase comes with a mentor already waiting. As CFO, I worked closely with the chairman, the MD, and all the executive directors, which gave me access to major decisions and strategic insights.

Working closely with Jim Ovia was particularly impactful. He is a successful entrepreneur and banker, and learning from him exposed me to how founders think differently from management.

A founder processes information and makes decisions differently from an MD or GM. I learned those dynamics firsthand. He also shared stories about the Nigerian banking sector, surviving military rule, and the evolution of the industry. I learned so much about entrepreneurial survival strategies that I could write a book.

You also ventured into other businesses. How did farming and entrepreneurship develop alongside your banking career?

During this period, I had already taken farming seriously. I farmed rice in parts of Kaduna and had farms in different locations. I also ran a large cattle ranch between Kano and Kaduna, experimenting with breeding special types of cows, goats, and ducks. I was excited about that work, alongside rice farming.

However, cattle rustling became a major threat. The business became insecure, requiring armed guards, which made it expensive and unsustainable. I therefore scaled down on cattle and focused more on rice.

By 2017, I started thinking about forward integration, milling the rice I farmed. We didn’t implement it immediately, but by 2019–2020, when the Buhari government ramped up rice-production policies, my team and I felt it was the right time to establish Mafa Rice Mill. By 2020, Mafa Rice Mill was operational, sourcing from our farm and buying externally. It became a large-scale enterprise, marking the point where my entrepreneurship became much more practical.

Working closely with Jim Ovia also shaped my entrepreneurial mindset. He shared many stories about how entrepreneurs survive in different environments, especially during tough times. His personality and survival strategies deeply influenced my own entrepreneurial journey.

You studied in several institutions across countries. How did your time at Leeds Beckett, SOAS, and Leicester shape your professional outlook?

My international education provided both depth and perspective. It taught me how to critically analyse complex systems, appreciate diverse approaches to problem-solving, and integrate global best practices into local contexts.

These experiences also reinforced the importance of mentorship and continuous learning, as I observed how different cultures approach leadership, strategy, and ethics in business.

Looking back at your time at Zenith Bank, what were the three decisions you made there that had the biggest long-term impact?

Firstly, pursuing a PhD while remaining in active service allowed me to combine theory with practice, improving strategic decision-making. Secondly, taking the opportunity to serve as CFO was pivotal, as it exposed me to high-level governance, entrepreneurial decision-making, and the operational nuances of a major bank. Thirdly, investing in my entrepreneurial interests, such as rice farming and Mafa Rice Mill, helped me understand operational scalability, resource allocation, and risk management beyond banking.

Summit Bank is now operating as the sixth non-interest bank in Nigeria. In practical terms, what does non-interest banking offer that conventional banks don’t?

Non-interest banking offers an alternative to interest-based financial models, focusing instead on profit-sharing, fees, and ethical principles. It eliminates reliance on interest while ensuring returns for both the bank and its customers. This approach encourages responsible lending, minimises speculative risk, and caters to clients seeking Sharia-compliant or ethical financial solutions while maintaining commercial viability.

How do you define ethical banking, and how is that reflected in Summit Bank’s products, governance, and risk framework?

Ethical banking is about aligning financial activities with moral, social, and environmental considerations. At Summit Bank, this means avoiding gambling, speculation, or transactions that harm the environment or society. Our governance framework ensures decisions are transparent, risk-aware, and compliant with Sharia principles. Products are structured to reward customers through profit-sharing, fees, and other non-interest mechanisms, ensuring fairness and ethical integrity.

Non-interest banking often raises questions about financial inclusion. How will Summit Bank ensure its services reach underserved or rural populations?

Financial inclusion is a core objective. We leverage digital platforms to reach rural and underserved populations, ensuring mobile and online accessibility. Additionally, we design community-oriented products tailored to local economic activities, such as agriculture or small-scale enterprises, making our offerings practical and impactful even outside major urban centres.

What regulatory challenges have you faced in establishing a non-interest bank in Nigeria, and in which areas do you believe regulators need to provide greater clarity or support?

There have been several challenges, including defining non-interest banking within conventional regulatory frameworks and aligning operations with Sharia-compliant principles. Regulators are evolving, but clearer guidance on capital requirements, risk assessment, and reporting standards specific to non-interest banking would accelerate adoption. Support for digital infrastructure and financial literacy initiatives would also help broaden market acceptance.

How does the bank ensure inclusivity in its operations and team composition?

Inclusivity is central to our operations. Staff and clients come from diverse backgrounds, religions, and regions. Non-interest banking does not discriminate; we hire and serve individuals based on merit and suitability, not cultural or religious affiliation. This reflects the broader philosophy of the institution, prioritising ethical practice and professional competence above all else.

Technology is central to modern banking. What digital strategies does Summit Bank pursue to remain competitive and secure?

Our digital strategies focus on secure and accessible platforms for both retail and corporate clients, automation of processes to improve efficiency, and innovative fintech partnerships. Cybersecurity, data analytics, and AI-driven decision-making are central to our approach, ensuring resilience, personalised services, and competitiveness in a rapidly evolving digital landscape.

What are the biggest misconceptions about non-interest banking in Nigeria, among customers, regulators, or other banks?

The main misconceptions are that non-interest banking is only for religious clients, is less profitable, or is more restrictive than conventional banking. In reality, it is commercially viable, ethical, inclusive, and offers innovative ways to create value without relying on interest. Educating the public and stakeholders remains critical to broadening understanding and adoption.

As a founder and executive leader, what habits or routines do you credit for sustaining your voice and judgment in high-pressure situations?

Continuous mentorship, disciplined reflection, structured decision-making, and a commitment to learning are critical. I actively seek counsel from trusted advisors, balance operational engagement with strategic thinking, and maintain personal practices that support focus, resilience, and ethical clarity.

What advice would you offer young professionals who aspire to rise to senior roles in finance or are considering a career in ethical or non-interest banking?

Non-interest banking highlights the importance of ethics, patience, and accountability in finance. For young professionals, this model demonstrates how combining ethical principles with professional rigour can lead to sustainable success. It shows that focusing on real-sector impact, rather than just maximising returns, is both financially and socially rewarding.

For those aiming to rise in finance or pursue non-interest banking, the advice is to understand the model deeply, appreciate its ethical foundation, and focus on practical contributions to SMEs and the wider economy.

When you are not thinking about balance sheets or strategy, how do you unwind?

It’s crucial to disconnect and recharge outside of work. Personally, hobbies, travel, and learning help maintain balance. Experiencing different cultures, visiting meaningful destinations, and engaging with diverse ideas broaden perspective, enrich decision-making, and support ethical and effective leadership.

What legacy do you hope to leave?

For me, impact in banking means creating systems and institutions that are sustainable, inclusive, and socially responsible. The goal is to leave a legacy where finance empowers SMEs, supports ethical practices, and fosters opportunities across Nigeria, demonstrating that profit and ethics can coexist and thrive together.

Naomi was trained in the Yaba College of Technology, Yaba, and the University of Lagos, Akoka. She writes crime and court stories for PUNCH

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