Marketing is a dynamic profession. It is said to be the process of creating interest in, and demand for, a product or service towards driving sales and building customer relationships.
Marketers are constantly in search of the best process; some come handy, while others are a function of deep research. Advertising, promotion, reputation building, product satisfaction, pedigree of company owners, qualifications, and affiliation of a brand to a successful brand can act alone or combine to jolt interest and trigger purchase.
Some of these factors may be going for the new Summit Bank, another player in Nigeria’s dynamic financial sector, where fintech firms and challenger banks are already reshaping the way customers interact with money. The bank is taking bold steps to find space. Licensed in February 2025 by the Central Bank of Nigeria (CBN), the bank is focusing on non-interest banking services to the public.
Summit Bank, on its website, said it is emphasising profit-and-loss sharing arrangements, ethical investments, and risk-sharing partnerships with its clients. “This model aims to promote financial inclusion, social justice, economic equity and moral accountability.”
It is playing in the area; other non-interest banks such as Jaiz Bank, Lotus Bank, Taj Bank and Alternative Bank have already taken space. These banks engage in partnership contracts, trading contracts, leasing contracts, and other financial services that conform to Islamic commercial jurisprudence and, generally, non-interest banking.
But one would not but wonder if Summit Bank is riding a horse into the sector. And if so, could this horse be Zenith Bank? Why would anyone even want to connect Summit Bank with Zenith Bank?
In his book, Find a Horse to Ride: The Key to Marketing Yourself, Al Ries created a metaphoric image of a jockey and the horse, where the horse represents something to be leveraged towards success. He wrote: “If you want to get ahead in business, think like a jockey. Find the best horse you can ride. It could be a company, a product, an idea, another person, or even your family.”
“Ordinarily, when a company is built on strong values, integrity, reputation and innovation, it becomes almost natural that everything that flows from it bears the mark of that goodness.”
Launching a new company is exciting — but it’s also a test of visibility and acceptability, especially in a crowded market. Some sorts of partnerships or relationships do not just put a company on the map — they can also create stories, experiences, and connections that traditional advertising alone cannot match.
A source told BusinessDay that this is where Summit Bank and Zenith Bank have some sort of connection, as former managers of Zenith Bank are the founders of Summit Bank. This may go a long way to put Summit Bank in good standing, as Zenith Bank has built a strong reputation and pedigree in the banking industry since its establishment in 1990.
Ordinarily, when a company is built on strong values, integrity, reputation and innovation, it becomes almost natural that everything that flows from it bears the mark of that goodness.
For instance, Mukhtar Adam, the Summit Bank’s ED/COO, was at Zenith Bank for about 17 years from 2007. He was Zenith Bank’s Group Chief Financial Officer in his last six years until last year, when he left to co-found Summit Bank. Within the commercial banking space, he is regarded as one with close ties to the Zenith Bank Chairman, Jim Ovia, which also points to his loyalty and dedication to the bank while he was there.
There is no doubt that the resilience and adept financial stewardship of Chief Financial Officers (CFOs) are part of key factors that guide banks through the years, even during turbulent financial conditions.
According to a Nairametrics report, these CFOs sit at the helm of their company’s financial management for success, overseeing critical areas such as financial planning, analysis, accounting, tax, risk management and audited financial statements.
“Their responsibilities include managing the finance and accounting divisions and ensuring accurate and timely completion of the company’s financial reports.”
It is also interesting to note that Zenith Bank has a culture of going for the best. For instance, Adam holds a doctorate in finance from Leeds Beckett University, an MSc in financial sector management from the University of London’s SOAS, an MBA in finance from the University of Leicester, and a B.Ed. in social sciences with a focus on economics and management from the University of Cape Coast, Ghana. His qualifications also include a Diploma in International Financial Reporting Standards (IFRS) from ICAEW and a Postgraduate Diploma in Islamic Banking and Insurance. Adam has enriched his expertise through executive programmes at prestigious institutions such as Wharton Business School, Harvard Business School, INSEAD, LSE, and MIT. He is a member of ICAN, ICAG, and CITN.
With such a span of qualifications and experience, he successfully managed Zenith Bank with a capitalisation of multi-billion naira. He is expected to bring this experience to bear on Summit Bank.
With Zenith Bank’s brand consistency and culture of excellence, it is safe to say that financial businesses that come out of Zenith Bank have a tendency to succeed. Therefore, Summit Bank, which was licensed to operate as an NIB in 2024 and is about to begin operation in the second half of 2025, has a high tendency to succeed.
A banking sector analyst, who pleaded anonymity, cited the case of Globus Bank and noted that the bank was among the top 10 performing banks in 2024. Although he is not certain if Zenith Bank has a hand in Globus, he relied on the fact that people from Zenith founded Globus and the latter has done exceedingly well in terms of numbers so far. “It is unlikely that a business that broke out from Zenith or was even established by them will fail,” he opined.
The source further hinted that Umar Shuaib Ahmed, the current board chairman of Summit Bank, is also a former Zenith Bank person. According to his profile, before jointly founding Summit Bank Ltd, Umar served on the Board of Zenith Bank Plc as an Executive Director for over six years. Within the Zenith group, he also served as a non-executive director at Zenith Pensions Custodian Limited.
In addition, Umar supervised Zenith Bank Sierra Leone as the Group Supervising Director. Umar started his banking career at Nigeria International Bank (Citibank Nigeria) in 1993. Thereafter, he worked briefly at Liberty Bank Plc and Broad Bank of Nigeria Ltd before joining Zenith Bank plc in 2006. Umar is coming to the board of Summit Bank with three decades of cognate experience.
In 1990, Ahmed earned a B.Sc. (Hons) degree in Accounting from Ahmadu Bello University, Zaria, and later earned an MSc. in Banking and Finance from Bayero University, Kano. In addition, he holds a professional certificate in Islamic banking and finance from the International Institute of Islamic Banking and Finance, Bayero University, Kano. He has attended several local and international executive programmes at renowned institutions, including LBS and Harvard.
Summit Bank says it is a forward-thinking Nigerian financial institution established to redefine banking through innovation, customer-centric solutions, and a strong commitment to integrity and excellence. The bank plans to bring ethical depths blended with digital seamlessness. And the customer will stand to be better for it.
Is Summit Bank running alone as a newcomer in the competitive banking sector, or is it riding on any horse? And if so, could this horse be Zenith Bank? Industry watchers are keeping a close eye as the new bank evolves.
