Business
Brain drain hits Nigerian banks as tech experts, others resign in droves
Funds transfer between bank customers, in some cases now take an upward of two weeks to either drop in the receiver’s account or reversed to the sender.
Besides this obvious development, information is rife that most of the banks are working round the clock to manage internal tech problems that have suddenly hit them due to mass resignation of tech experts, who are travelling out of the country for greener pastures.
Besides the current wave of managing the crisis, the fear of succession has also gripped some of the establishments as the old hands are likely to end up not having anyone to take over from them. Fears that the quality of service provided by the banks in the country might even worsen in the coming months are growing.
Indeed, industry sources believe that banks are set to be hit by a great wave of resignations in September as a lot of their employees are booked to obtain their visas by the end of this month. At the post-Bankers’ Committee meeting press briefing held in April, the Chief Executive Officer of Sterling Bank Plc, Abubakar Suleiman, told reporters that the industry had been hit by an exodus of tech talents.
“So many of our very experienced talents, especially in the area of software engineering, are either leaving the industry or leaving the country,” a development he referred to as a “great resignation,” he said.
Suleiman stated that the Chartered Institute of Bankers of Nigeria (CIBN), the umbrella professional body for lenders in the country, would “drive the process of training more skills in the area where we see deficits,” adding that the bank CEOs at the meeting discussed plans to fund training for new tech-focused staffers to replace those who have left.
There have been reports on social media in recent times that Nigerian banks are facing frequent system breakdown and other IT related challenges as most of their tech engineers have resigned to join digital firms in the country’s booming fintech sector, especially the global conglomerate, Amazon, which began operations in Nigeria’s e-commerce space a few months ago.
It was however gathered that it was not only tech focused staff of the banks who are quitting in order to take up juicy appointments both within and outside the country.
An Assistant Head of Operations at the branch of a Tier 1 bank, who spoke on condition of anonymity, told New Telegraph’s correspondent that he recently obtained his visa to pursue a Masters Degree programme in the United Kingdom and would be leaving the country with his family next month.
According to him, he decided to apply for the visa, following encouragement from several former colleagues who resigned in the last few months and have secured jobs or admissions for post graduate programmes either in Europe or Canada.
The bank official said: “Despite the fact that the tough economy in Nigeria has been leading many bank staff in the last seven years to resign to seek better opportunities outside the country, I was not too keen on making that move.
“However, as economic conditions and insecurity have worsened since early this year, my wife and I decided that I should try my luck and apply for a UK visa. I was pleasantly surprised to be informed that my application was successful,” he said.
He disclosed that his immediate superior, the Head of Operations at the branch, had also obtained a UK visa and would be submitting his resignation letter in the coming days.
“The situation (wave of resignations in the industry) is really very serious and I’m wondering how banks are going to cope in terms of service delivery, if it continues. I can tell you that out of every 10 bank employees that you speak with today, at least four will tell you that they are making serious plans to “japa” (local parlance for leaving the country for greener pastures abroad).
“A lot of my colleagues are already complaining of being overworked because staff who resigned months ago are yet to be replaced,” he said.
Downturn in economy Another middle level bank staff at a Tier I bank branch in Lagos, who echoed similar views, predicted that the wave of resignations would increase in the coming months as economic conditions and governance issues in the country continue to deteriorate ahead of the general election next year.
“A lot of people are trying to ‘japa’ due to the situation in the country. The naira is heading towards N1, 000 per dollar; the prices of goods and services (inflation) are accelerating at an alarming rate; students of government-owned higher institutions have been at home for over six months now because of the strike embarked upon by their teachers and the rising wave of killings and kidnapping cases across the nation, are making many people to believe that with the election next year drawing near, governance will completely collapse. Thus, the only option left for any serious person is to travel abroad.”
The bank official revealed that in a bid to tackle the crisis, the financial institution she works for had reduced the minimum academic qualification required for people applying for permanent staff positions to Second Class Lower (2/2) University Degree from Second Class Upper (2/1).
She, however, said that the lowering of the academic qualification did not appear to be stemming the wave of resignations as many of the young permanent staff employed by the bank in recent times has quit after only two years to accept better offers outside the industry.
“Most of the young people that are even lucky to be employed as permanent staff by banks are not even interested in spending more than three or four years in the industry. After about two years, you will hear that they have either migrated to Canada or are doing remote work,” she said.
The bank official debunked the view that increasing automation would mitigate the impact of the resignations on the quality of service provided by the banks. She argued that while most bank operations are automated, there are still services that require the human element, pointing out that a lot of bank customers in the country prefer to visit bank branches to resolve issues that could have been addressed from the comfort of their homes.
Commenting on the wave of resignations and its likely impact on the industry, the President of the Bank Customers Association of Nigeria (BCAN), Dr Uju Ogubunka, told New Telegraph that “the impact is already being felt. Many experienced and skilled bankers are already resigning for greener pastures abroad. It is a reality.”
According to him, the resignations will adversely impact the industry as “service quality will go down and people will complain and all that.”
Ogubunka, who noted that the wave of resignations was not peculiar to the banking industry, said that he knew a lot of people in other sectors of the economy who are also planning to quit their jobs to look for better employment offers outside the country. He attributed the development to the tough economy, pointing out that it was in the nature of human beings to emigrate in search of a better life.
“That is why we are asking that it is very important that all the focus should be on improving the Nigerian economy,” he stated.
On his part, the CEO of BIC Consulting Services, Dr Boniface Chizea, said that he could not predict to what level the great resignation will get to before it would start to impact the banks negatively. He noted that while automation is helping the banks to cope with the resignation of key staff, the industry would be concerned if the number of exiting staff continues to head north.
Chizea said: “There are countries out there, like Canada, that have labour shortage. So, people will want to move to such places to search for work. That is why we must tackle our economic problems.
What is causing the high inflation; the depreciation of the naira?” Blessing in disguise Last week, in his address at the pre-media briefing for the CIBN’s 15th Annual Banking and Finance Conference (ABFC), scheduled for September 13 – 14, Suleiman, who is the Chairman of the Consultative Committee of the conference, announced that an ongoing research finding on, “Analysis of Human Capital Attrition in a Global Context: A Case Study of the Financial Services Industry,” would be shared for information of stakeholders and value addition to the 15th ABFC.
Responding to a question on what measures the banking industry is taking to address the great resignation, he said: “With reference to the Chinese word for crisis, which also means opportunity, our attitude is that Nigeria is not lacking in healthy, young people, who are willing and are able to work. Therefore, if we see ourselves losing talent, the best response is to actually focus on converting those young people as replacement for those who are leaving.”
He further disclosed that “the industry, as a collective, is putting together a plan that will enable us support individuals who are looking to acquire skills in the area of technology and all other fields where we have skills shortage. The thinking is that actually, we can turn the crisis into an opportunity.” (New Telegraph)
…Meets CBN Capital Requirements, to Open Eight New Branches in 2026.
NOVA Bank Limited has announced the appointment of Jude Anele as its Managing Director and Chief Executive Officer, following the approval of the Central Bank of Nigeria.
The appointment comes at a pivotal moment in the Bank’s evolution, following its transition from merchant banking to commercial banking and the successful completion of its recapitalisation programme ahead of the March 31, 2026, regulatory deadline.
Anele brings more than 33 years of banking experience across West and Central Africa, with deep expertise in retail /commercial banking, corporate banking, risk management, institutional transformation and executive leadership. Over the course of his career, he has led complex banking operations, strengthened governance frameworks, delivered sustainable revenue growth and built high-performance teams.
The appointment reflects the Board’s strategic commitment to consolidating NOVA Bank’s commercial banking platform while accelerating growth across its Corporate, Commercial and Retail segments, as well as priority markets.
Speaking on his appointment, Anele said he was honoured to assume leadership of the Bank at a defining stage of its growth.
“Nova Bank has built a strong institutional foundation defined by regulatory compliance, capital strength, disciplined governance and a clear commercial mandate. Our focus now is execution — deepening customer relationships, expanding responsibly across priority markets, strengthening risk discipline and delivering sustainable value to our shareholders,” he said.
The Bank’s Chairman, Phillips Oduoza, also expressed confidence in the new leadership.
“The Board is pleased to welcome Mr. Jude Anele as Managing Director and Chief Executive Officer. His depth of experience, strategic clarity and proven leadership record align strongly with NOVA Bank’s growth ambitions,” Oduoza said. He added that with recapitalization completed ahead of the regulatory timeline, the Bank is entering a new phase defined by scale, stability and structured expansion.
NOVA Bank also confirmed that it has met the recapitalization requirements set by the Central Bank of Nigeria ahead of the regulatory deadline, reinforcing its capital adequacy and long-term financial stability. The capital raise, supported by new and existing shareholders, further strengthens the Bank’s balance sheet and positions it for disciplined growth.
In 2025, Global Credit Rating reaffirmed NOVA Commercial Bank’s national scale long- and short-term issuer ratings of BBB(NG) and A3(NG) respectively, while Agusto & Co. reaffirmed the Bank’s “Bbb” rating with a stable outlook, reflecting its strong capital base, sound liquidity position and resilient asset quality relative to its risk profile.
NOVA Bank currently maintains operations in Lagos, Abuja, Owerri and Port Harcourt, with plans to open eight additional branches across key commercial hubs in 2026 as part of its expansion strategy.
The commissioning of the Bank’s regional office in Owerri marked a significant milestone in its South-East and South-South growth strategy. The event attracted government officials’business leaders and Nigerians in diaspora and underscored NOVA Bank’s commitment to supporting enterprise development and economic growth.
NOVA Bank Limited is a commercial bank licensed and regulated by the Central Bank of Nigeria. Commencing operations in 2018 as a merchant bank, the institution transitioned to a commercial bank in 2024 and provides retail, SME, corporate and commercial banking services through its Phygital model—an integrated approach combining physical branch presence with digital banking infrastructure.
The Dangote Refinery on Tuesday reduced its petrol gantry price by N100, from N1,175 to N1,075 per litre.
The move followed a slump in global oil prices, with Brent crude dropping to $89 per barrel from over $100 on Monday.
Officials of the refinery confirmed the development to newsmen, adding that diesel prices have also been reduced.
They stated that petrol supplied via coastal distribution channels will now sell for N1,050 per litre, reflecting a slight differential for marine logistics.
Similarly, diesel is now N1,430 per litre at the gantry, representing a N190 reduction from the earlier price of N1,620 per litre.
According to oilprice.com, Brent crude prices witnessed a dramatic reversal on Tuesday, plunging nearly 27 per cent from the previous day’s high of $119 per barrel to as low as $87 per barrel.
The Dangote Refinery reportedly blamed global crude volatility for the repeated price hikes, citing tensions arising from the US-Iran conflict.
Anambra State Governor, Professor Chukwuma Soludo, has ordered the closure of the Onitsha Main Market for one week following traders’ failure to comply with the state government’s directive to disregard the Monday sit-at-home order.
The governor gave the directive on Monday during an on-site visit to the market, along with some of his aides and other government officials.
Soludo warned that the closure could be extended if traders fail to comply with the directive, adding that security agencies have sealed the market to enforce the order.
Anambra state governor, Chukwuma Soludo
The governor described the development as the latest—and perhaps most drastic—salvo in a protracted struggle over control of economic life in the South-East on Monday.
Soludo said that despite repeated assurances of enhanced security and appeals to reclaim public spaces, many traders at the iconic market once again chose to keep their stalls locked.
According to him, their absence amounted to a quiet rebellion that nonetheless spoke volumes about the lingering climate of fear.
Soludo said, “The government cannot stand by while a few individuals willfully undermine public safety and disregard official directives meant to restore normalcy. This is plain economic sabotage.
“We are not going to allow this. The closure is a protective measure for law-abiding citizens.”
He, however, issued a stern warning that if the market fails to reopen after the one-week shutdown, it will be sealed for one month.
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“You either decide that you are going to trade here or you go elsewhere. I am very serious about this,” the governor added.
The scene at the market on Monday was marked by tense enforcement, as a joint task force comprising police, army, and other security agencies was seen securing the perimeter.
As the gates remain locked this week, the standoff in Onitsha highlights the broader struggle to abolish the Monday sit-at-home.
When the market is scheduled to reopen next Monday, attention will be on the traders—whether they will return to their stalls following the state’s show of force, or whether empty aisles will deliver a different verdict.
The outcome may determine not just the fate of the market, but the rhythm of economic life in Anambra State on Mondays.
The state government had earlier directed traders and businesses to continue normal activities on Mondays as part of efforts to restore economic stability and end disruptions caused by recurring sit-at-home observances.
Meanwhile, PUNCH Online had reported on Saturday that the state government would begin pro-rata salary payments for workers across the state as part of efforts to end the Monday sit-at-home.
The state Commissioner for Information, Law Mefor, disclosed this to journalists in Awka, noting that effective February 2026, civil servants’ salaries would be paid according to attendance on Mondays.
Mefor said the decision was reached during the end-of-tenure retreat of the Anambra State Executive Council held in Awka, which reviewed the administration’s activities over its concluding four-year tenure and outlined priorities for the new term beginning on March 17, 2026.
According to government sources, the shutdown will initially last one week. However, authorities warned that if the market fails to fully reopen by next Monday, the closure will be extended to one month, a move that could have far-reaching economic consequences for traders and supply chains across the South-East and beyond.
“This is no longer about fear or compliance under duress. It is about restoring law, order, and economic sanity,” a senior government official said.
Onitsha Main Market serves as a commercial nerve centre for millions of traders and consumers nationwide.
The state government insists that continued observance of sit-at-home undermines public safety efforts, emboldens criminal elements, and projects Anambra as unsafe for business and investment.
The government also issued a stern warning to market unions, transport operators, and individuals suspected of enforcing or promoting the sit-at-home order, stating that anyone found aiding or abetting the practice would face legal and regulatory sanctions.
Security agencies have reportedly been placed on alert to ensure compliance and protect traders willing to open their shops.
While some traders welcomed the government’s firm stance, describing it as long overdue, others expressed fear and uncertainty, citing security concerns and past incidents of violence linked to defiance of sit-at-home orders.
The Anambra State Government, however, reassured residents that adequate security measures are being put in place to protect lives and property, urging traders to cooperate in the interest of collective economic survival.
As the countdown to next Monday begins, all eyes are now on Onitsha Main Market—where the decision to reopen or remain shut could shape the economic direction of Anambra State in the weeks ahead.
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