Alex Otti, is no new name when it comes to the banking industry in Nigeria. He is one man, who can be aptly quoted as haven seen it all. Calling him a financial colossus wouldn’t be out of order, as he has worked and gained experience in some of the most popular tier 1 banks in Nigeria.
For a journey that started over 5 years ago, indeed Signature Bank has been a long time coming. But before we go into the main story of Signature Bank’s emergence, let’s take a look at the man behind the banking innovation, the man of the moment, Dr Alex Otti.
Background
Alex Otti, was born in February 1965 in Abia State, Nigeria. He is best described as an economist, banker, investor, philanthropist and politician. His parents, Late Pastor and Mrs. Lazarus Otti were fully committed to the work of God.
Alex attended Ngwa High School, Aba in Abia State, where he finished as the best student in his set during the school certificate examinations. He then proceeded to the University of Port Harcourt, where he graduated with a First Class honors degree in economics in 1988. Taking his academics further, Otti earned an MBA degree from the University of Lagos in 1994.
His academic pursuits has earned him various international courses including the Executive Development Programmes of the Columbia Business, and Stanford Business School and Wharton Business School (University of Pennsylvania). Otti also did an executive programme at INSEAD, Fontainebleau, France.
And he also has several honorary degrees conferred on him, such as an honorary doctorate degree by Babcock University (2009), and in 2012, an honorary Doctor of Science (D.Sc.) Degree by the University of Port Harcourt (2012), another honorary doctorate degree from the University of Nigeria, Nsukka (2013).
So, coming from this background of wealth of education, in the economic and banking industry, which he acquired overtime, it was clear that Alex Otti, had a vision to move the banking industry future-forward.
Career
Alex Otti joined the banking industry, straight up after the university in 1989, and his first job was as an operations staff with the Nigerian International Bank, a subsidiary of Citibank New York. He moved to the then Nigerian Intercontinental Merchant Bank Ltd and worked both in the treasury and financial services unit as well as the corporate banking division.
In 1992, Alex Otti joined Societe Bancaire Nigeria Limited (Merchant Bankers), a subsidiary of Banque SBA Paris and rose to the position of a senior manager, before he eventually moved to the United Bank for Africa (UBA). He worked as the principal manager for UBA’s corporate banking sector for the entire South Division, and his core responsibility was to grow the oil and gas business for the bank.
Nine years later, precisely in 2001, he joined First Bank of Nigeria, PLC as assistant general manager, his sole responsibility was also to grow the Energy Sector for the bank. In April 2004, he was promoted to the position of deputy general manager, and a year later was appointed executive director, commercial banking.
Alex Otti’s giant and result-oriented strides in First Bank Plc, led to his re-designation as the executive director south directorate, where he was responsible for over 140 branches in both the South-South and South Eastern geopolitical zones of the country.
Then in March 2011, Alex moved from First Bank Nigeria PLC to Diamond Bank as group managing director/ chief executive officer. His exploits in Diamond Bank are sl glaring for all to see, and established his name as a transformational banking expert. He led the bank through some major transformations, which led to the renewing of his tenure as a GMD, when his first tenure expired to an additional 3 year tenure.
Alex Otti voluntarily retired as a GMD in Diamond Bank on October 24, 2014.
Political strides
Leaving banking, Alex Otti ventured into politics and contested for the governorship of Abia State, under the All Progressives Grand Alliance (APGA). it was quite a controversial business, as he was declared the winner of the elections by the Court of Appeal in Owerri in 2015, and was the verdict was also reversed by the Supreme Court of Nigeria on February 3, 2016.
Alex Otti is also currently vying again for the governorship of Abia State, under the Labour Party.
Till date, Alex Otti is a member of the editorial board of Thisday, and writes a fortnightly column, every other Monday, titled “Outside The Box”.
Starting Signature Bank
The journey to establishing Signature bank started in 2017. According to Alex Otti, he and his friends sought to buy an existing bank and remodel it to fit their vision, but after preliminary due diligence, the decision was dropped and jettisoned.
“We then decided to set up a brand new commercial bank and applied to the Central Bank of Nigeria (CBN) for a fresh banking license”.
“The journey began because we were driven by a yawning gap we identified, a vacuum created by repeated unresolved complaints, poor responsiveness, and unsavoury customer experience which was encountered regularly from the banks we did business with. It came from a yearning for simplicity and ease of doing business and less than adequate attention to the dynamic needs of the customer, not just within Nigeria, but across continents. For example, paying your child’s school fees, trading with partners overseas, settling bills without leaving the comfort of your home and making payments seamlessly.
“In December 2021, we received an approval-in-principle from the CBN and immediately set out to redefine the industry by building a sophisticated bank that will, expectedly, operate without borders, driven by cutting-edge technology and a highly motivated workforce, offering personalized products and services that are tailored to our customers’ needs.
“In August 2022, the CBN approved the issuance of an operating license to our bank after a very rigorous process of verification of the sources of our capital, inspection of our systems, processes and documentation that lasted close to nine months.
“Building on the learning points and successes of taking the erstwhile Diamond Bank from a loss position in 2011, to becoming one of the 8 Systemically Important Banks (SIBs) in Nigeria, a retail trailblazer and pioneer in mobile/digital banking, we set about to envision a new way of banking. A bank that leaves no one behind. A bank that is borderless and caters to the unbanked and underbanked. A bank that will deliver solutions to everyone’s doorstep through digital channels and a focus on service excellence and customer centricity.”
Speaking at the inauguration of the bank at its Abuja headquarters, the founder, Signature Bank, Alex Otti, said the financial institution was established to redefine the industry by delivering seamless access to financial services.
Citing statistics from the Nigeria Inter-Bank Settlement System Plc, Otti observed that there were just about 55 million bank accounts as at May 2022, while an estimated 42 million people had no access to financial services.
He stated that the provision of personalised services to these category of customers required a different kind of mind-set, which Signature Bank exemplified.
He admitted that the bank would operate in an industry that was saturated with several competing banks, but pointed out that Signature Bank would fill the customer experience vacuum that other banks had left unmanned.
Also, the Chairman of the Board of Directors of the bank, Mutiu Sunmonu, chipped in to the media and said that the vision will revolutionize the financial services in Nigeria.
“Looking back on the journey to set up Signature Bank, I recalled the discussions and sessions with my brother and friend, Dr Alex Otti who I have immense respect.
“He was very clear about the vision to revolutionize the financial services industry and impact the lives of customers in a positive way. I have always been passionate about creating operational efficiency through digital solutions and service excellence. So, it was easy for me to identify it along with our expectations, especially in delivering superior customer experience to our customers.”
Signature Bank has commenced operations in Nigeria, and is aimed at employing startegies that would adapt to the changing demographics and dynamics that customers continually yearn for. Thus Signature Bank would offer simpler and more flexible digital solutions.
Otti, who is set to take the message of Signature Bank beyond the Nigerian sphere and even African continent stated, “In all these, what customers expect from their bank is not too tall an order. What customers across different business segments are looking for is a bank that fits their aspirations, their personal stories and their lifestyle”.
“In other words, customers want a bank that puts them first. So, we set out to build a bank that challenges the status quo, that is future-forward, embraces change and impacts the lives of the people we serve. A bank that leaves no one behind.”
Signature Bank’s services and operations would be hitch-free, as the bank targets to resolve customer complaints effectively and speedily, and also provide quick responses to challenges in financial transactions for customers.
Signature Bank’s niche would be the use of artificial intelligence, robotics and 3D Printing! It is a complete new world of Innovation, Convergence and the 4th Industrial Revolution!
“In all these, what customers demand is not far-fetched. What they expect from their bank is not too tall an order. What customers across different business segments are looking for is a bank that fits their aspirations, their personal stories and their lifestyles. In other words, customers want a bank that puts them first. So, we set out to build a bank to challenge the status quo, that is future-forward, embraces change and impacts the lives of the people we serve.
“We believe that the individuality and uniqueness of every customer should be celebrated, just like our signatures are unique to each one of us, a commitment, a symbol of who we are. This is the essence and promise of Signature Bank.”
Signature Bank is currently working to open several locations across Nigeria, including Port- Harcourt, Aba, Sokoto, Owerri, Onitsha, Kano Enugu and in other metropolitan cities around the country.
Role in Signature Bank
Surprisingly, for someone setting up such a huge investment, Alex Otti stated emphatically that he would not hold any active position in the bank, instead, he would give opportunities to the younger generation to pilot the affairs of the bank.
In other words, Alex Otti, would not interfere in the day-to-day operations of the bank, he would only play an advisory role to the management team.
“We also have in place a very experienced Board led by the very brilliant former Chief Executive Officer of Shell Companies in Nigeria and current Chairman of Julius Berger, Dr Mutiu Sunmonu. You can’t get any better than that.”
The Chairman of the Board, Dr Mutiu Sunmonu, in his remarks, was very optimistic that the bank will serve the interest of Nigerians who are yearning for quality and affordable banking services.
“Customers will enjoy easy, accessible, borderless financial services, driven largely by digital solutions that fit their lifestyle. The goal is to give our customers the freedom to bank on the go and do business with us from anywhere, anytime, anyplace”.
“We are setting up unique-looking branches in targeted cities across the country so that our customers can have physical touch points to experience our different brands of in-person services.”
Dr Sunmonu’s confidence in the bank is that it’s built around professionalism, audacity, creativity, trust, and service excellence.
“It is a brand that is sophisticated, disruptive, yet transparent. It is a brand that is built entirely around the customer,”.
There is no doubt that the emergence of Signature Bank will challenge the status quo in the banking cum financial institutions in Nigeria and beyond. And with a Dr. Alex Otti and his team of experienced members charting the course, we can safely say, WELCOME TO THE WORLD OF DIGITAL BANKING INNOVATIONS in Nigeria and Africa.
