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   Market Date: 20-10-2014   
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ADIGWE ATTRIBUTES SUCCESS OF AFRIBANK TO GOOD STRATEGY

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ADIGWE ATTRIBUTES SUCCESS OF AFRIBANK TO GOOD STRATEGY

 

The Group Managing Director/CEO of Afribank Nigeria Plc, Mr. Sebastian Adigwe, has attributed the success of Afribank post-consolidation to the deployment of effective operational and marketing strategies.

Mr. Adigwe told Executive Members of the Banks Directors Association of Nigeria (BDAN) who were on courtesy visit to the Management of the Bank that shortly after the Bank’s first recapitalization in 2004, the Board and senior Management of the Bank crafted a broad five-year development strategy to re-launch the Bank into the mainstream of the banking business. The thrust of the strategy is intended to maximize the new huge resources at the disposal of the Bank.

Mr. Adigwe explained that the Bank has continued to draw from the master plan which has enabled it to engage in business paradigm shift and the overhauling of its marketing plan and profits engines.

“The strategy has enabled us to be more market focused, initiate appropriate measures, form build strategic partnership, re-engineer operations, leverage on IT capabilities, build human capacity, rejuvenate the work force and widen the scope of product offerings”, Mr. Adigwe stressed.

Few years into the implementation of the strategy, Afribank has been re-launched into the market and it regularly manifests strong prospects in terms of performance indices.   

“Our success template is that we have changed the way we do business. Our service delivery model, risk management, business focus and market expansion are benchmarked with international standards”, Mr. Adigwe noted.

The Group Managing Director said that the Bank has continued to break new grounds and consolidate on its past successes by continually widening the scope of its businesses, customers and market reach. This has resulted in the expansion of the Bank’s subsidiaries to 9 and branches to over 300 presently.

He stated further that the Bank is presently well positioned and equipped to carry on business at home and abroad with the best of resources, mind set and approach.

Mrs. Morenikeji Onasanya, the President of BDAN, noted that the fundamentals and the results Afribank is posting for the past few years have confirmed its current rating as a top flying institution.

She expressed that BDAN is happy with the current management and future outlook of the Bank stating that Afribank Directors are making the Association proud.



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