Coronation Merchant Bank Targets Top-tier African Status

Kayode Tokede 

Coronation Merchant Bank has marked a decade of operations with a bold outlook for its next phase of growth, positioning itself to become one of Africa’s leading banks as Nigeria’s economic reforms open fresh opportunities across key sectors.

Speaking at the Chairman’s Dinner held to commemorate the bank’s 10th anniversary in Lagos, Managing Director and Chief Executive Officer, Paul Abiagam, said the institution had successfully carved out a distinct niche in Nigeria’s highly competitive financial services market despite a decade defined by economic volatility, policy shifts and macroeconomic uncertainty.

“Over the last 10 years, we have found our own space in a very tight market and built credible footprints in the specific markets we chose to serve,” Abiagam said, describing the bank’s journey as “valiant” amid the changing economic landscape. According to him, the anniversary represents both a moment of gratitude to the bank’s founder, shareholders, board and partners, and a recommitment to scale new heights in the decade ahead.

Abiagam attributed the bank’s resilience and steady growth to strong shareholder and board support, as well as a clear and disciplined corporate strategy. He noted that Coronation Merchant Bank’s focus on defined target markets had enabled it to expand its footprint across key sectors of the economy while maintaining operational clarity.

Looking ahead, the CEO said ongoing reforms and the Federal Government’s ambition to build a $1 trillion economy present significant opportunities for financial institutions with the right expertise and positioning.

In his remarks, Chairman of Coronation Merchant Bank, Babatunde Folawiyo, reflected on the challenges of operating in Nigeria’s banking sector over the past decade, noting that the true measure of success lies in an institution’s ability to grow through uncertainty and emerge stronger.

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