Greenwich Holdings Limited has announced that its subsidiary, Greenwich Merchant Bank Limited, has received Approval-In-Principle (AIP) from the Central Bank of Nigeria (CBN) to convert into a regional commercial bank, marking a significant milestone in the Group’s expansion strategy.
The disclosure was made by the Chairman of Greenwich Holdings, Kayode Falowo, during the company’s maiden Annual General Meeting (AGM) held in Lagos, where shareholders also commended the board and management for delivering strong financial results and successfully transitioning into a financial holding company structure.
Falowo said the Group is currently awaiting the issuance of the final commercial banking licence, which will enable it to broaden its operations and deepen its presence in Nigeria’s financial services sector.
The development comes as Greenwich Holdings posted strong financial results for the 2025 financial year, reflecting robust growth across key performance indicators.
Gross earnings surged by 131.9 per cent to N64.23bn, while profit before tax rose by 71 per cent to N19.29bn.
Profit after tax also increased by 71.3 per cent to N13.89bn, compared with N8.11bn recorded in the previous year.
The Group’s balance sheet also strengthened considerably during the period. Total assets grew by 69 per cent to N309.12bn, while shareholders’ funds rose by 67 per cent to N76.71bn.
Customer deposits increased by 80.5 per cent to N173.84bn, underscoring growing customer confidence in the institution.
Speaking at the AGM, Falowo attributed the performance to prudent management, operational efficiency and strategic investments despite a challenging macroeconomic environment characterised by elevated inflation and economic uncertainties.
He noted that the Group maintained strong cost discipline while continuing to invest in technology infrastructure and branch network expansion.
According to him, Greenwich Merchant Bank also sustained a zero non-performing loan ratio during the review period, highlighting the institution’s disciplined risk management framework.
Falowo further explained that the establishment of Greenwich Holdings as a financial holding company represents a strategic move designed to strengthen corporate governance, improve capital allocation across subsidiaries and create long-term value for shareholders.
At the meeting, shareholders approved all resolutions presented by the board, including a proposal authorising the company to increase its share capital, subject to obtaining the necessary regulatory approvals.
Shareholders also approved the re-election of all directors.
Several shareholders, including Dr. Umar Faruk and Sir Sunday Nwosu, praised the board and management for sustaining profitability, maintaining dividend payments and positioning the Group for future growth.
Providing an update on the Group’s corporate structure, the Group Managing Director, Samson Ariyibi, said the restructuring exercise culminated in the formal establishment of Greenwich Holdings as the parent company of Greenwich Merchant Bank Limited, Greenwich Asset Management Limited, Greenwich Securities Limited and Greenwich Capital Markets Limited.
Ariyibi said the holding company structure would enable the Group to leverage synergies across its various businesses and pursue new growth opportunities within the financial services ecosystem.
He also disclosed that the recent review of minimum capital requirements for Capital Market Operators by the Securities and Exchange Commission (SEC) has necessitated plans to raise additional capital to recapitalise affected subsidiaries ahead of the regulator’s 2027 compliance deadline.
According to him, the Group’s strategic priorities over the next two years will focus on strengthening its capital base, expanding its market footprint, accelerating digital transformation initiatives and enhancing service delivery across its core business segments.
“The Group remains focused on strengthening its capital base, expanding its footprint in financial services, and advancing its digital transformation agenda, while positioning for sustained growth across its core business lines,” Ariyibi said.
The strong financial performance, ongoing restructuring efforts and planned conversion into a regional commercial bank are expected to position Greenwich Holdings for its next phase of growth as it seeks to deepen its role in Nigeria’s evolving financial services landscape.
What do you think about this?
Drop your opinion in the comment section.
FOLLOW US & Share this with someone who needs to see this.
