Meet the Executives Managing N40.66 Trillion Across Nigeria’s Offshore Banking Hubs
Nigerian banking groups are no longer just domestic giants. They have expanded into major financial centers across Europe and key markets in Sub-Saharan Africa.
Financial data reveals that 10 major overseas subsidiaries of Nigeria’s leading banks—Access Bank, First HoldCo, Zenith Bank, United Bank for Africa (UBA), and Guaranty Trust Holding Company (GTCO)—managed a combined asset base of N40.66 trillion.
London, Accra, and Kinshasa have become key growth drivers for these banking groups. Behind this international growth are veteran financial leaders steering regulatory compliance, cross-border trade, and portfolio expansion.
Here is a look at the key executives leading these offshore operations.
Breakdown of Overseas Banking Operations
The United Kingdom continues to hold the largest share of offshore assets due to its role as a global trade and clearing hub. Meanwhile, subsidiaries in Ghana and the Democratic Republic of Congo (DRC) have shown strong year-on-year asset growth.
Top Offshore Executives Leading the Expansion
1. Jamie Simmonds – CEO, Access Bank UK
Jamie Simmonds has served as the founding CEO and Managing Director of Access Bank UK since January 2008. Under his leadership, the UK unit has become the largest overseas operation among Nigerian bank subsidiaries, growing its total assets by 76% to reach N16.69 trillion in FY2025.
2. Olukorede Adenowo – CEO, FirstBank UK Limited
Olukorede Adenowo took over as CEO of FirstBank UK in November 2023 following a 24-year career at Standard Chartered Bank, where he served as CEO for Nigeria and Gambia. FirstBank UK manages N4.41 trillion in assets, remaining one of the primary European gateways for the group.
3. Udu Ovbiagele – CEO, Zenith Bank (UK)
With over two decades at Zenith Bank across corporate banking, trade finance, and project finance, Udu Ovbiagele leads Zenith Bank UK. The subsidiary grew its assets to N4.31 trillion in FY2025, driven by corporate banking and international trade services.
4. Henry Chinedu Onwuzurigbo – MD/CEO, Zenith Bank Ghana
Appointed in May 2022, Henry Onwuzurigbo brings over 24 years of audit, treasury, and executive management experience. Under his leadership, Zenith Bank Ghana saw its asset base expand by 80.37% to N3.78 trillion.
5. Thomas Attah John – MD, GTBank Ghana
Thomas Attah John has spent over 16 years within the GTBank network structuring deals across telecommunications, corporate banking, and retail operations. GTBank Ghana recorded an 84.63% asset growth, closing FY2025 at N2.95 trillion.
6. Pearl Nkrumah – CEO, Access Bank Ghana
Pearl Nkrumah brings more than 25 years of banking experience across retail, digital, and commercial strategy. She also serves as Chairperson of the Council of the Ghana Stock Exchange. Access Bank Ghana recorded N2.69 trillion in assets for FY2025.
7. Olajide Motolani S. Ayeronwi – MD/CEO, FirstBank DRC
Leading FirstBank DRC since February 2022, Ayeronwi has driven financial inclusion in Central Africa through agency banking and digital channels. FirstBank DRC closed FY2025 with N2.61 trillion in assets.
8. Bernard Gyebi – MD/CEO, UBA Ghana
Taking office on January 1, 2026, Bernard Gyebi brings 27 years of experience in enterprise risk management, compliance, and corporate governance. UBA Ghana’s assets rose 52.05% to N1.59 trillion.
9. Paul Croucher – CEO, GTCO UK
Paul Croucher brings nearly four decades of finance experience, including senior leadership roles at NatWest, Lloyds, UK Export Finance, and Reliance Bank. GTCO UK maintained steady growth, reaching N1.13 trillion in assets.
10. Loknath Mishra – CEO, UBA UK
Loknath Mishra assumed leadership of UBA UK on February 2, 2026, after serving as MD/CEO of ICICI Bank UK. He focuses on enhancing corporate governance and expanding correspondent banking between Africa and Europe. UBA UK recorded N880 billion in assets.
Strategic Significance for Nigerian Parent Banks
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Balance Sheet Diversification: Offshore assets provide a stable hedge against domestic macroeconomic fluctuations and FX volatility.
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Trade Facilitation: European operations in London serve as a bridge for trade finance, trade credit insurance, and clearing services between global investors and African markets.
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Regional Market Depth: Deepening presence in markets like Ghana and DRC allows tier-1 banks to tap into underbanked segments using agency banking and trade networks.
