Standard Chartered Bank Nigeria History


Standard Chartered Bank

Our History

In 1965, the Standard Bank of South Africa merged with the Bank of West Africa acquiring businesses including a banking operation in Nigeria, which dated back to 1894. The name was then changed to Standard Bank of West Africa. Four years after the merger, Standard Bank Nigeria was incorporated locally to take over the business in Nigeria. In 1971, 13% of the share capital was placed with Nigerian investors. The end of the civil war saw a major economic upturn and as a consequence, the military government sought to increase local control of the retail-banking sector, hence the Bank’s investment in Standard Bank Nigeria (renamed First Bank of Nigeria in 1979) was reduced to 38%. Standard Chartered remained a shareholder of First Bank of Nigeria until 1996.


Standard Chartered re-entered Nigeria in 1999 and opened to customers on 15 September 1999 as a wholly owned subsidiary of Standard Chartered Bank Plc, headquartered in United Kingdom.

Today, the Bank offers a wide range of products and services in Retail; Wealth Management; Commercial; Corporate and Institutional; Private, Digital and Transaction Banking business. Standard Chartered employs over 900 staff and sees Nigeria as a growth centre. There are about 22 branches, with ATMs in each branch, located in Lagos, Port Harcourt and Abuja. The new ultra-modern Nigeria Head Office was opened in 2014.

Standard Chartered
  • Nigeria is a very attractive and fast growing market for Standard Chartered Bank Nigeria (SCBN)
  • Banking sector reforms are a core part of Nigeria’s broad economic restructuring programme. In Q4 2005, the Standard Chartered Group injected US$147m in new equity to meet the minimum capital requirement of US$185m – recognition of the importance of SCBN to the Group franchise
  • The organic growth strategy of SCBN is delivering substantial growth in profitability. Despite the challenges in the external environment, SCBN has consistently achieved stunning results due to best-in-class cost management and strong asset book management
  • The Bank is committed to achieving profitable growth in its core businesses which include Banking (covering our Corporate and Institution banking business), Retail Banking (RB) and Commercial Banking (CB). Banking business in Nigeria consists of the Relationship Management and Client Coverage teams, supported by the Client and On-Boarding Management (COBAM) team and product partners in Transaction Banking, Financial Markets, Corporate Finance and Capital Markets.
  • Banking business leverages on the Bank’s international footprint in offering tailored products to meet clients’ needs. These include trade, cash management and custody which are available on the Bank’s robust Straight2Bank platform. The business also has a strong reputation for providing best-in-class FX and derivative solutions.
  • Banking capitalizes on local knowledge and product expertise to deliver Corporate Finance and Capital Market solutions. Leveraging on our core capabilities, notable transactions have been in executed in key sectors of the economy including Oil and Gas, Telecoms and FMCG as well as Financial Institutions. This has strategically positioned the Bank to deepen relationships with core clients and contribute towards the development of key sectors of the economy. We continue to be Here for Good and Here for Africa.
  • The Commercial Banking (CB) team commenced in-country operations in the second half of 2015 and offers trade, cash, FX and lending solutions to mid-sized companies of annual turnover of between $10million and $1.5billion. The CB business is a combination of Local Corporates, Middle Markets and SME businesses.
  • Key focus sectors of the CB business are manufacturing, oil services, telecoms, information technology, trading companies/distributors and exports.
  • CB manages the Banks Ecosystem penetration initiatives and strategically covers key Nigerian cities with teams of relationship managers.
  • In conjunction with the Corporate finance team, CB is able to provide tailor made debt or equity solutions to her client mix
  • Retail Banking’s (RB) strategy is to Bank all our individual clients throughout their life journey, from college loans and mortgages to wealth management and retirement. For Business Clients, we are supporting their journey from lending and cash management to trade.
  • RB’s business drive along its various segments: Business Clients, Priority Clients and Personal Clients continues trend at an upward trajectory.
  • While the majority of the Bank’s Trading Profit is generated by the Banking business, momentum in our other businesses is excellent and continues to grow.
  • Standard Chartered Mobile – our mobile banking app continues to provide our customers with convenient, secure, anytime, anywhere Banking
  • We have maintained strong cash management capabilities to ensure that this critical aspect of our clients’ businesses is met effectively in what remains essentially a cash based and cash driven society
  • We continue to lead the way in the upstream oil industry, having led and advised on most of the major upstream deals in the market in the past three years.
  • We believe in the development of the Financial Services Industry and actively support our regulators and the government. We participate in the Nigeria Bankers’ Committee Sub-Committee on Economic Development which is working with stakeholders to increase the contribution of banks to the development of the real sector of the economy
  • ISO Certification – we were one of the first banks in Nigeria to get certified
  • SCBN takes pride in its successful mentoring programme for staff and aggressively manages talent using a whole raft of initiatives which include cross-functional moves, internal job watches, organization learning interventions and attachments within and outside of Nigeria. We continue to invest in our people, massively multiplying our leadership capacity which has culminated in key leadership positions across the Group being occupied by local talent.
  • We have also developed a ‘pay for performance’ culture and for the last few consecutive years, enjoyed one of the lowest critical staff turnovers in the industry – a testament to our staff engagement culture. By combining global capability with deep local knowledge and creativity we are positioned to outperform our competitors
  • SCBN has created a significant presence in Nigeria where we are one of the country’s most respected financial institutions. We consistently strengthen our operational risk framework which has reduced operational losses to record lows in the past few years
  • We continue to balance the pursuit of our growth with firm control of costs and risks


  • Best Wealth Management in Nigeria – The Asian Banker Excellence in Retail Financial Services Awards for West Africa
  • Best Consumer Digital Bank– Global Finance World Digital Awards
  • Best Overall for Cash Management in Nigeria– Global Finance
  • Best Bank for Liquidity Management– Global Finance
  • Best Customer Experience Award for Technology Solutions-Treasury Management Internal Awards


  • Best Consumer Digital Bank– Global Finance World Digital Awards
  • Best Wealth Management in Nigeria – Asian Banker West Africa Retail Financial Services Awards


  • Best Digital Bank, Nigeria – World Finance
  • Best Wealth Management in Nigeria – Asian Banker West Africa Retail Financial Services Awards
  • Best Social Media Initiative of the year – Asian banker
  • Best Mobile banking App, Nigeria – World Finance
  • SCBN has a strong reputation for delivering the highest standards of international governance – a competitive advantage and a differentiator.
  • We continue to set governance standards in the countries we operate in by migrating FSA best practices, e.g. KYC, AML, etc.
  • We actively engage with all our Governments and Regulators to share our skills and expertise and work in partnership to support sustainable development.
  • SCBN is currently Sovereign Ratings Advisor to the Federal Government through the Ministry of Finance
  • We operate in a very dynamic environment with limitless opportunities for growth. We are well positioned for this growth and continue to focus on our growth plans.
  • With over 900 dedicated staff, our branch network has expanded from 3 branches in 2003 to about 22 branches presently
  • Currently, there are over 100,000 clients of the Bank
  • SCBN continues to focus on various community development initiatives including Seeing is Believing (our initiative developed to tackle avoidable blindness), Financial Education for youths and entrepreneurs and GOAL (our life skills empowerment program for adolescent girls in rural communities). Our stamp is boldly imprinted with giving back to the communities in which we operate.
  • We aim to make a positive contribution to the communities that we operate in through our various initiatives that link our core business activities, expertise and resources with the key issues facing these communities. For example, the Bank holds various fund raising events for the ‘’Seeing is Believing’’ initiative, including ‘Walk for Sight’, which have been hugely successful. To date, through 11 consecutive Walk for Sight events, we have raised over USD 1mn to fund corrective surgeries and eye care treatment for people affected by eye related diseases including cataracts and glaucoma.
  • Goal, the Bank’s empowerment programme for adolescent girls has empowered over 150,000 young girls till date since 2011; making it the most successful in terms of reach within the Group
  • In collaboration with the Central Bank of Nigeria (CBN) we have facilitated financial literacy training sessions for over 1,000 youths nationwide
  • Adesola O. Adepetu – Chairman
  • Lamin Manjang – Managing Director/Chief Executive Officer
  • Kyari Abba Bukar – Independent Non- Executive Director
  • Opunimi Akinkugbe – Independent Non- Executive Director
  • Louise Vogler – Non- Executive Director
  • Richard Etemesi – Non- Executive Director
  • Emmanuel De Groote – Non- Executive Director
  • Leke Ogunlewe – Executive Director, Banking
  • Mobola Faloye – Executive Director, Risk
  • Dayo Omolokun – Executive Director, Finance
  • Sola Mabadeje – Company Secretary
  • Lamin Manjang – Managing Director/ Chief Executive Officer
  • Dayo Omolokun – Chief Finance Officer
  • Leke Ogunlewe – Executive Director, Banking
  • Mobola Faloye – Executive Director, Risk
  • Sridhar Subramaniam – Chief Operating Officer
  • Ebehijie Momoh – Head, Retail Banking
  • Yetunde Oni – Head, Commercial Banking
  • Olusiji Adeyinka – Head, Compliance
  • Rachael Asonibare – Chief Information Officer
  • Sola Mabadeje – Head, Legal and Company Secretary
  • Florence Nyokabi – Head, Human Resources
  • David Adepoju – Head, Financial Markets
  • Syed Khurrum Zaeem – Head, Transaction Banking
  • Dayo Aderugbo – Head, Corporate Affairs, Brand & Marketing
  • Simpa Adaba – Head, Wealth Management
  • Emeka Owoh – Head, Audit, Nigeria
Branch Network

We have a steadily increasing branch network. We currently have 22 branches located in Lagos, Port Harcourt, and Abuja