From Intern to CEO: Career Growth in Nigerian Banks

Last Updated on January 27, 2024

Nigerian banks are financial institutions that provide the safekeeping of money, loans, and investment opportunities. The country’s banking industry is one of Africa’s biggest, and there are various opportunities for career growth. The journey from intern to CEO in Nigerian banks is an exciting and achievable one.

As an intern, one gains practical experience on how the industry works, and with continuous learning and dedication, climbing the corporate ladder becomes a reality. Hard work, networking, self-confidence, and a solid educational background are essential to succeed in this journey.

Several successful Nigerian bankers have started from humble beginnings, some starting as tellers and rising through the ranks to become CEOs. The journey to the top is not easy, but it is possible with the right mindset and strategies.

In the following sections, we will explore the Nigerian banking industry, the various career paths available, and the steps to take to make it from an intern to a CEO in Nigerian banks. Join me as we take this journey to learn and prepare for a successful career in the Nigerian banking industry.

Read: Top Banking and Finance Certifications in Nigeria

#1. The Internship Experience

Are you a young graduate interested in working in the banking sector in Nigeria? One of the best ways to kickstart your career is through internships. In this blog chapter, we will look at the importance of internships in Nigerian banks, what employers usually look for in interns, and the typical experience of an intern in Nigerian banks.

Importance of Internships in Nigerian Banks

• Internships offer a unique opportunity for young graduates to gain practical experience and develop their skills in the work environment.
  
  
• Nigerian banks have a highly competitive work environment, and interns who successfully complete their programs have an edge over other candidates when applying for full-time roles.
  
  
• Internships also give banks an opportunity to evaluate potential employees, including their work ethics, initiative, and ability to adapt to the company’s culture and values.
  
  
• Through internships, Nigerian banks can also identify and train future leaders who can help drive their businesses forward.

What Employers Look for in Internships

While every employer is different, there are certain qualities that most Nigerian banks look for in their interns. These include:

• Good academic performance: Nigerian banks typically prioritize applicants who have excellent academic records, particularly in finance, economics, or related fields.
  
  
• Relevant Skills and training: Banks are looking for interns who have the skills and training that are relevant to the role they are applying for, whether in financial analysis, marketing, or customer service, among others.
  
  
• Strong work ethics and professionalism: Candidates who demonstrate a high level of professionalism, excellent communication skills, and a strong work ethic are likely to be successful in their internship programs.
  
  
• Enthusiasm and eagerness to learn: Banks prefer interns who are eager to learn, take initiative, and are willing to work hard to develop their skills and knowledge.

Experience of a Typical Intern in Nigerian Banks

• The experience of an intern in Nigerian banks can vary widely, depending on the role they are applying for and the company culture of the bank.
  
  
• Interns may be involved in a range of activities, including research projects, customer service support, or data analysis.
  
  
• They could also work on strategic projects that are important to the bank’s overall performance.
  
  
• Interns may receive training and coaching from senior staff members in the bank, attend internal meetings and events, and have the opportunity to network with colleagues and industry professionals.
  
  
• Internship programs can last anywhere from six months to one year, depending on the bank’s needs and the availability of the intern.
  
  
• At the end of their internship, successful candidates may be offered a full-time position within the bank, or they could receive a glowing reference that will boost their chances of securing a role elsewhere.

Internships are an essential stepping stone for young graduates who aspire to build successful careers in Nigerian banks. They offer a unique opportunity to gain practical experience, develop skills, and network with industry professionals.

Read: Essential Networking Tips for Nigerian Bankers

#2. Climbing the Ladder

As an intern in a Nigerian bank, working hard and being dedicated to your job is of utmost importance if you want to climb the career ladder. Promotions in Nigerian banks come in different types; understanding them can help you identify which path to take toward success.

Types of Promotions in Nigerian Banks

• Vertical Promotion – This is the most common type of promotion, where an employee is elevated from a lower-ranking position to a higher one. For example, from an entry-level position to a top management role.
  
  
• Lateral Promotion – This is where an employee is moved from one department or role to another within the same level. It helps to broaden the employee’s knowledge and skills.
  
  
• Diagonal Promotion – This is an unconventional type of promotion where an employee is moved from one job to a higher one in a different department or sector. For example, moving from a bank teller to a marketing personnel.
  
  
• Special Promotion – This type of promotion is given to an employee who has demonstrated exceptional performance, skills, or talents beyond the regular requirements of their job.

Obstacles to Career Growth

Several obstacles can hinder career growth in any industry, including Nigerian banks. Some of these obstacles are:

• Complacency – When an employee becomes complacent over time, there is no room for growth as they are content with their current position.
  
  
• Limited Opportunities – Nigerian banks are highly competitive and can be selective when it comes to promotions. Hence, an employee may not get the promotion they are aiming for.
  
  
• Unfavorable Work Environment – A toxic work environment can hamper career growth, as it demotivates employees and stifles productivity.
  
  
• Inadequate Qualifications – An employee not having the right skills or qualifications for a job can be a major obstacle to career growth.

Standing Out in a Competitive Industry

The Nigerian banking industry is highly competitive, and standing out can be a challenge. However, there are ways to stand out from the crowd:

• Continuous Learning – Staying up to date with industry trends and developing new skills can make an employee more valuable and increase their chances of promotion.
  
  
• Extraordinary Performance – Consistently exceeding expectations and delivering exceptional results can impress superiors and position an employee as a top performer.
  
  
• Networking – Building strong relationships with colleagues and superiors can pave the way for better career opportunities.
  
  
• Mentorship – Having a mentor can provide guidance and support, as well as open doors to new career opportunities.

In essence, career growth in Nigerian banks requires hard work, dedication, and knowledge of the different types of promotions available. Despite the obstacles, standing out in a competitive industry can be achieved through continuous learning, exceptional performance, networking, and mentorship.

Read: Unveiling the Microfinance Industry in Nigeria

Learn More: Women in Nigeria’s Banking and Finance Industry

#3. Achieving Executive Positions

Executive positions are the highest-ranking roles in Nigerian banks. These positions are critical to the success and growth of the bank, and they come with a lot of responsibility. Here is an overview of executive positions in Nigerian banks:

• Chief Executive Officer (CEO)
  
  
• Chief Operating Officer (COO)
  
  
• Chief Financial Officer (CFO)
  
  
• Chief Risk Officer (CRO)
  
  
• Chief Investment Officer (CIO)

To become a CEO, one must typically have many years of experience and a proven track record of success in leadership positions. Some of the pathways to becoming a CEO include:

• Rising through the ranks in a particular bank
  
  
• Joining a bank as a CEO from another bank
  
  
• Starting one’s own bank

Successful CEOs possess certain qualities that enable them to run a bank effectively. These qualities include:

• Visionary thinking
  
  
• Strong leadership skills
  
  
• Excellent communication skills
  
  
• A deep understanding of the banking industry
  
  
• The ability to make tough decisions

Mentorship and networking are also critical to achieving executive positions in Nigerian banks. Having a mentor who can provide guidance and support can help individuals navigate the complex path to becoming a CEO. Networking can also help individuals build relationships with others in the industry and open up opportunities for career growth.

In summary, achieving executive positions in Nigerian banks requires a combination of experience, skills, and connections. By developing these qualities and building relationships with others in the industry, individuals can work towards a successful career in banking.

Read: Nigeria’s Finance Sector: The Success Stories

Case Study: Success Stories

Profiles of Successful Nigerian Bank CEOs

Nigeria’s banking sector has seen immense growth in recent years, and this success can be attributed to the leadership of some of the most successful CEOs in the industry. Let’s take a look at a few profiles of these leaders:

1. Herbert Wigwe – CEO of Access Bank

Herbert Wigwe co-founded Access Bank in 1989, and over the years he has transformed the bank into one of the most successful financial institutions in Nigeria.

Under his guidance, Access Bank has grown steadily both domestically and internationally. In 2019, the bank merged with Diamond Bank, becoming the largest bank in Africa by customer base.

2. Adesola Adeduntan – CEO of First Bank of Nigeria

Appointed in 2016, Adesola Adeduntan has led First Bank of Nigeria to significant growth and profitability. He has been instrumental in the development of digital banking solutions and has overseen the expansion of First Bank’s footprint across the continent.

3. Onyeali-Ikpe, Unyime – CEO of Fidelity Bank

Unyime Onyeali-Ikpe was appointed as CEO of Fidelity Bank in 2021, making her the first female CEO of the bank. She has over 30 years of banking experience and has held several senior positions within the organization. She is a respected leader in the industry and is known for her focus on shareholder value.

Common Traits and Strategies Among Successful CEOs

While the journey to becoming a successful CEO is different for everyone, there are some common traits and strategies that these leaders possess:

1. Vision: Successful CEOs have a clear vision for their organization and the industry. They understand where the market is heading and make strategic decisions to position their companies for long-term success.
   
   
2. Leadership: Great CEOs are strong leaders who are able to inspire and motivate their teams. They lead by example and set a high bar for performance.
   
   
3. Risk-taking: Successful CEOs are willing to take calculated risks to drive growth and innovation. They are not afraid to try new things and are comfortable with uncertainty.
   
   
4. Adaptability: The best CEOs are able to adapt quickly to changing market conditions. They are flexible and are able to pivot their strategies when needed.

Lessons Learned from Their Journeys

The success stories of Nigerian bank CEOs offer some valuable lessons for aspiring leaders:

1. Stay focused on your vision: The most successful CEOs have a clear vision for their organization and stay focused on it, even when faced with challenges.
   
   
2. Build a strong team: Effective leadership is only possible with a strong team. Surround yourself with talented individuals who share your vision and values.
   
   
3. Embrace innovation: In today’s rapidly changing market, it’s essential to embrace innovation and stay ahead of the curve. Keep an eye on emerging technologies and be open to new ideas.
   
   
4. Be patient: Success doesn’t come overnight. It takes years of hard work and perseverance to achieve your goals. Stay patient and keep pushing forward.

In fact, the success stories of Nigerian bank CEOs offer a wealth of insights for aspiring leaders. By focusing on a clear vision, building a strong team, embracing innovation, and staying patient, anyone can achieve their goals and become a successful CEO in their own right.

Read: Role of Education in Launching a Finance Career

Conclusion

The career growth journey from intern to CEO in Nigerian banks requires dedication, hard work, and consistency. Starting from the bottom and working one’s way up the ladder is not easy, but it is achievable. It requires a constant thirst for knowledge, networking, and building relationships.

It is also important to have a clear focus and set realistic career goals. One must be willing to take risks, step out of their comfort zone, and develop new skills. Networking and building relationships, both within and outside the organization, is crucial.

Finally, becoming a CEO is not the end of the journey. Continuing to learn, developing new skills, and mentoring others are important in maintaining a successful career. It is also critical to give back to the industry and community, creating a lasting impact beyond one’s tenure.

For those seeking to advance their careers in the industry, take inspiration from the success stories of Nigerian bank CEOs. Stay focused, be determined, and never lose sight of your goals. With hard work and dedication, anything is possible.