Through Alternative Financing, Greenwich Merchant Bank Supports Nigeria’s Economy  

Mary Nnah

Managing Director/Chief Executive Officer, Greenwich Merchant Bank Limited (GMB), Bayo Rotimi, recently discussed the bank’s role in supporting the nation’s economy through its alternative financing expertise in the first three years of the bank’s operation.

While briefing reporters at the bank’s headquarters in Victoria Island, Lagos, Mr. Rotimi commented that the institution has been around for 29 years but had previously concentrated only on its Investment Banking operations. 

However, following its transition, the bank has gone beyond the usual boutique investment banking firm into wholesale banking, and alternative financing, employing financial channels and instruments that emerge outside the traditional financial system to assist private institutions, state, and federal governments.

“As an institution and a group, this is our 29th year but it is our third year carrying that, ‘Merchant Bank’ identity.  Our strategy is very clear. We have a rich history and pedigree in the capital markets but interestingly, we have identified a niche area where we can use our knowledge and expertise to build a competitive advantage for ourselves. Hence, GMB’s decision to focus on the alternative financing market and that includes, non-interest financing.”
Commenting on the bank’s support to boost the economy of the nation, Mr. Rotimi said, “For the last two years, we have raised more than $2 billion in terms of subscription for the Federal Government of Nigeria Via Sukuk IV & V Issuances.

Additionally, we are proud to support the Federal Government in the housing sector – Family Homes Funds – again making impacts while deepening the financial market.
Taking our alternative financing pedigree beyond FGN, we advised TAJbank, the third non-interest bank to be licensed in Nigeria, on an N100 billion Tier 1 Mudarabah Sukuk Issuance programme, the first of its kind.”

Mr. Rotimi further stated “Recently, we were recognized for our significant contributions to the Nigerian Capital Markets in 2022, GMB won three awards at the recently concluded IFN Awards in the United Arab Emirates. The awards received were ‘Best Investment Bank in Nigeria’, ‘Sukuk Deal of the Year’ and ‘Africa Deal of the Year for advising Family Homes Fund Limited (FHFL) in its issuance of the first-ever Corporate Sukuk registered by the Securities & Exchange Commission. We just received another nomination from the African Banker Awards for ‘Infrastructure Deal of the Year’.”