The management of Summit Bank Ltd, Nigeria’s newest non-interest financial institution, has addressed public speculations about its ownership and operational structure, emphasizing that the bank is fully independent and compliant with regulatory standards.
At a press briefing held in Abuja on Thursday, Dr. Sirajo Salisu, the bank’s Managing Director and Chief Executive Officer, confirmed that Summit Bank is “live, well-regulated, fully operational, and ready to serve Nigerians with clarity, integrity, and purpose.”
According to the Central Bank of Nigeria (CBN), Summit Bank has been licensed as a regional non-interest bank with its headquarters in Abuja.
Dr. Salisu addressed recent speculations linking the new institution to a tier-one commercial bank, clarifying that Summit Bank operates independently and is built around ethical finance principles.
“We have followed the conversations with interest and gratitude. The curiosity we have seen shows that people care about ethical banking. Summit Bank’s establishment and operations have gone beyond speculation — we are here to serve,” he said.
He explained that Summit Bank was designed to make ethical and transparent financial solutions accessible to individuals, SMEs, entrepreneurs, and large organisations, while supporting stakeholders for shared prosperity.
Also speaking, Dr. Mukhtar Adam, Executive Director and Chief Operating Officer, said the bank’s leadership team comprises seasoned executives from top Nigerian banks and digital innovators.
“While some of our directors have built accomplished careers at frontline financial institutions such as Zenith Bank, Summit Bank is an independent financial entity governed by a professional board and fully compliant with CBN regulations,” Adam stated.
He reaffirmed the bank’s mission “to be the trusted partner providing ethical banking solutions that empower individuals and communities while making a positive impact on society.”
Adam added that the bank’s operations are guided by values of clarity, fairness, and integrity, with a strong focus on financial inclusion and digital accessibility.
“Our offerings promise no hidden costs or complicated banking for both banked and unbanked Nigerians. We provide compliant, technology-driven services supported by robust infrastructure and skilled professionals,” he said.
Summit Bank’s product portfolio includes:
- Personal Banking: Savings Account, Current Account, Summit Mudarabah Term Deposit, and Domiciliary Account.
- SME and Corporate Solutions: Corporate Current Account, Summit Cost-Plus, Summit Sukuk Investments, and Domiciliary Accounts.
- Finance and Investment Products: Home and Asset Acquisition Finance, Investment Finance, and Structured Investment Vehicles.
Incorporated in July 2024 and licensed by the CBN in February 2025, Summit Bank positions itself as a purpose-driven non-interest institution, blending institutional banking experience with modern digital systems to make ethical finance practical and accessible to all.