Standard Chartered in Nigeria

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. It now has forty branches located in major cities across the country offering a wide range of products and services. It employs over 800 employees and sees Nigeria as a growth centre.

Proof Points
  • Nigeria is a very attractive and fast growing market for Standard Chartered Bank.

  • Banking sector reforms are a core part of Nigeria's broad economic restructuring programme. In Q4 2005, the 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 Standard Chartered Bank Nigeria (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.

  • Standard Chartered Bank Nigeria is delivering on 'turbocharge' expansion strategies for its business over the next three to five years.

  • The Bank maintains excellent business momentum and continues to generate trading profits.

  • Our physical footprint has expanded from 3 branches in 2003 to 40 branches presently, with over 70,000 retail customers across segments

  • Breeze – our mobile banking app was recently launched to provide our customers with convenient, secured, anytime, anywhere Banking.

  • We also launched the first purpose-built SME centre at Opebi, Lagos; a hub specifically dedicated to serving our SME clients.

  • SCBN has a strong reputation for delivering the highest standards of international governance – a competitive advantage and a differentiator.

  • Standard Chartered Bank Nigeria provides its corporate clients with a wide range of commercial banking solutions, offering cost-effective collections and payments services.

  • The Bank has also built a distinctive capability in Corporate Finance and Financial Markets, leveraging on Group product expertise and local knowledge to deliver solutions to its clients. Recent advisory and financing deals for NNPC, PXF, Arik Air, Indorama Petrochemicals and Dangote Industries Limited have further raised our profile in this space.

  • 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 played a leading role in actively developing Nigeria's Financial Markets through interactive sessions with clients and major stakeholders.

  • We participated actively 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.

  • We are taking advantage of trade corridor opportunities, positioning us as the Bank of Choice for Chinese Corporates and the market leader in RMB clearing capabilities.

  • By combining global capability with deep local knowledge and creativity Standard Chartered Bank Nigeria is positioned to outperform our competitors.

  • We are continually strengthening our operational risk framework which has reduced operational losses to record lows in the past few years.

  • Standard Chartered Bank Nigeria has focused on various community initiatives, including "Seeing is Believing" (Walk for Sight), "Nets for Life", "LwHIV/AIDS" and "GOAL" (our life skills empowerment program for adolescent girls). Our stamp is boldly imprinted with 'giving back to the communities in which we operate'. There has been continuous support in the prevention of blindness and support for the visually challenged, HIV awareness (internal and external) and theempowerment of adolescent girls through life skills and healthcare. Through "Seeing is Believing", we hold an annual initiative, 'Walk for Sight', that has been hugely successful. In 2013, the walk attracted about 800 participants and we raised USD 50,000, enough funds to restore sight to over 1,750 people with cataract-induced blindness. To date, through 8 consecutive Walk for Sight events, we have raised over USD 800,000.

  • We have continued to invest in our people, massively multiplying our leadership capacity which has culminated in most key leadership positions occupied by local talent.

  • We have a very successful mentoring programme and we aggressively manage 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 have a very successful mentoring programme and we aggressively manage 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 have 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.

  • The Technology and Operations teams have deployed the Instant Domestic Funds Transfer Service on our internet and mobile self service channels as part of our innovation and digitization banking strategy. We have continued to invest in our people, upgrade our operations and technology infrastructure leading to increased service robustness and availability in response to the increasing demands of our customers and to meet our business growth needs.

  • We have created a significant presence in Nigeria where we are one of the country's most respected financial institutions.

  • We will continue to balance the pursuit of our growth with firm control of costs and risks.


We are keeping our promises to shareholders and have a strong track record of performance. We had yet another remarkable outing in 2012, delivering stunning results. Despite the challenging external environment, Standard Chartered Bank Nigeria achieved a 157% growth in profit before taxation in 2012 on the back of a proven and sustainable business strategy reinforced by good governance oversight, a resilient operating model and a strong management capability.

  • Our strategy is centred on our clients and we continue to demonstrate this by supporting them and providing solutions that meet their intricate business requirements.

  • We took a leading role in actively developing Nigeria's Debt Capital Markets through interactive sessions with clients and major stakeholders. These efforts were successful as they resulted in reductions in taxes that had previously been applied to Corporate Bond issuances.

  • We supported the Government's priority to develop sustainable agribusiness by playing a lead role in two CBN conferences.

  • SCBN's performance across all indices resulted in our being awarded the 'Best Performing Retail Banking Business' in the Group year on year.

  • We achieved a very stable operations and technology environment while providing infrastructure support for our continued branch expansion.

  • We achieved significant growth in the number of customers that now use ATMs.

  • We continue to improve on our remote banking capabilities and service offerings.

Governance & Compliance
  • 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.


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.


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.

Branch Network

We have a steadily increasing branch network. We currently have 36 branches located in Lagos, Port Harcourt, Abuja, Ibadan, Aba, Kaduna, Maiduguri, Onne, Onitsha, Ota and Kano:


1. No. 142, Ahmadu Bello Way, Victoria Island
2. No. 105B, Ajose Adeogun Street, Victoria Island
3. No. 40, Warehouse Road, Apapa
4. No. 30, Aromire Street, Ikeja
5. No. 37A, The Palms Mall, Lekki Peninsular
6. Plot 1681 Sanusi Fafunwa Street, Victoria Island
7. No. 122/132 Apapa-Oshodi Expressway, Isolo - Afprint Isolo
8. No. 138, Broad Street
9. K23 Ikota Shopping Complex, Lekki-Epe Expressway
10. No. 184, Awolowo Road, Ikoyi
11. No. 56, Town Planning way, Ilupeju
12. No. 47, Isaac John Street, GRA Ikeja
13. No. 35 Opebi Road, Ikeja
14. Shop G2 and G3, City Mall, Onikan
15. Plot 94, Block 24, Lekki Scheme Phase 1, Eti-Osa LGA, Lekki
16. Ground & First Floor, Surulere Leisure Centre, Adeniran Ogunsanya Street
17. 72A, Adetokunbo Ademola, Victoria Island
18. Polysonic Plaza, 1B Point road Apapa
19. 21/22 Marina
20. Plot 6/7, 1st Avenue, Festac Town
21. Plot 42 Acme Road/34 Lateef Jakande Street, Agidingbi


22. Plot 3174 Adetokunbo Ademola Crescent, Wuse II
23. D'alibro Shopping Mall, Suite G13, 32 A.E. Ekukinam street, Utako district, Abuja
24. Tswanya Centre; Plot 1517/1518 Mohammadu Buhari Way, CBD, Garki
25. Zamani Complex; 1 Zambezi Crescent; 1405 Cadastral Zone A05, off Aguiyi Ironsi Street, Maitama
26. 84 Kwame Nkrumah Crescent, Asokoro Abuja


27. 143, Aba road
28. Plot 7, Trans-Amadi Industrial Layout


29. 20B, Aba - Owerri road, Aba


30. 102, Moshood Abiola Way Ring-Road, Ibadan


31. Plot 1 & 2C Kachia Road, Kaduna


32. 8C Murtala Mohammed Way, Kano


33. Kachim Ibrahim way, Maiduguri


34. 49 New Market Road, Onitsha


35. Km 3, Idi-Iroko Road, Otta


36. Free Trade Zone, Intels Compound; Onne


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We've operated for over 150 years in some of the world's fastest-growing markets. We aim to lead the way in Asia, Africa and the Middle East.

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