2
The management of Summit Bank Ltd, Nigeria’s newest non-interest financial institution, has formally clarified its ownership, structure, and mission, putting to rest weeks of speculation about its affiliation with Zenith Bank and its operational status.
Addressing journalists at the bank’s Abuja headquarters, the Managing Director and Chief Executive Officer, Dr. Sirajo Salisu, affirmed that Summit Bank is “fully operational, well-regulated, and positioned to deliver ethical, transparent, and inclusive banking services to Nigerians and the diaspora.”
“We have followed the conversations with interest and gratitude; and the curiosity we have observed tells us that people care about us and about ethical finance,” Dr. Salisu said. “Now is the time for clarity—Summit Bank’s establishment and operations have gone beyond speculation. We are live, well regulated, and ready to serve Nigerians with clarity, integrity, and purpose.”
For weeks, rumours swirled in industry circles linking the fledgling Summit Bank to Zenith Bank, largely because several members of its board and management are former Zenith executives.
However, Dr. Mukhtar Adam, Executive Director and Chief Operating Officer, dispelled such notions, insisting that Summit Bank is “an independent financial entity governed by a professional board and compliant with all Central Bank of Nigeria (CBN) regulations.”
“While some of our directors have built accomplished careers at frontline financial institutions such as Zenith Bank, Summit Bank is not a subsidiary or affiliate of any existing commercial bank,” Dr. Adam stated. “We are an independent institution, guided by our own governance structure and purpose.”
He added that the bank’s leadership team brings together “seasoned executives from Nigeria’s top banks and digital innovators,” combining deep institutional experience with the agility of modern technology.
Summit Bank was incorporated in July 2024 and licensed by the CBN in February 2025 as a full-fledged non-interest financial institution. The bank’s operations are anchored on ethical finance, transparency, and financial inclusion, in line with Islamic finance principles that prohibit interest and promote equity participation.
According to Dr. Salisu, Summit Bank’s vision is to “be the leading ethical bank, supporting stakeholders for common growth and prosperity,” while its mission is to “provide ethical banking solutions that empower individuals and communities and make a positive impact in the lives of stakeholders.”
“We are a purpose-built institution designed to make non-interest banking accessible to individuals, groups, entrepreneurs, SMEs, and large corporates,” he explained. “Our model is simple, transparent, and values-driven—there are no hidden charges or complicated banking processes.”
Summit Bank’s leadership emphasized that its name reflects its philosophy: a commitment to reach “the summit” of integrity, innovation, and inclusion in Nigeria’s banking landscape.
Dr. Adam outlined the institution’s guiding principles—summed up in the acronym SUMMIT, representing Stewardship, Unity, Moral Integrity, Mastery, Innovation, Transparency, while also highlighting Boldness, Authenticity, Mobility, and Keenness as additional pillars of its corporate culture.
“These values are not cosmetic. They define how we operate, how we serve, and how we relate with customers and stakeholders,” he said. “We have designed a system that blends institutional banking experience with modern digital infrastructure to make non-interest banking practical and accessible to anyone, anywhere.”
The bank unveiled a comprehensive suite of products tailored for individuals, SMEs, corporates, and investors, all structured to comply with non-interest finance principles.
For Personal Banking, the offerings include: Savings Account, Current Account, Summit Mudarabah Term Deposit and domiciliary Account
For SME and Corporate Clients, the bank offers: Corporate Current Account, Summit Cost-Plus (Murabaha), Summit Sukuk Investments and Corporate Domiciliary Accounts
Under Finance and Investment, Summit Bank provides: Home and Asset Acquisition Finance, Investment Finance and Structured Investment Vehicles
According to Dr. Adam, these products are “designed to empower customers across sectors—especially entrepreneurs and small businesses—by providing funding solutions that align with Islamic ethical standards, avoiding interest and promoting shared value.”
Summit Bank’s leadership underscored that the institution’s architecture is built around technology and accessibility, ensuring that customers can access services anywhere, anytime.
“Our approach integrates digital platforms to reach the banked and unbanked, including Nigerians in the diaspora who seek value-driven, Sharia-compliant financial solutions,” Dr. Salisu said.
The bank plans to launch a suite of mobile and web-based applications designed for seamless account opening, fund transfers, and investment participation, with multilingual support and diaspora payment gateways.
He added that the bank’s technology strategy is built to deliver “clarity, speed, and safety,” ensuring compliance with CBN cybersecurity standards while prioritizing customer trust.
