Citibank Nigeria Limited (Citi) is celebrating 40 years of partnership, and impact. From the bank’s foundation as Nigeria International Bank Limited, Citi’s story in Nigeria has been one of continuous growth and transformation. Citi has consistently deployed innovative solutions, which are mostly first-of-their-kind to resolve clients’ banking needs. The bank has leveraged its local expertise and global network to serve as a trusted partner providing financial services that enable economic progress.

Commenting on this significant milestone, Shamsuddeen Usman, chair of the Board of Directors, Citibank Nigeria Limited said, “Citi has grown steadily, adapting to the evolving needs of its clients, embraced digital transformation, and expanded its services to meet the demands of a dynamic world. Through it all, the bank has remained true to the values that inspired the founders of Citibank Nigeria Limited — a commitment to trust, service, and community.”

The bank hosted a gala recently as part of activities to commemorate its 40-year operating presence. While paying homage to the continued support and trust of clients, alumni and valued partners, Ebru Pakcan, Middle East & Africa Head for Citi, said: “Nigeria is a key market to watch, with enormous potential and is an exciting investment proposition. For Citi, helping our clients navigate the challenges and embrace the opportunities of our rapidly changing world is fundamental to our mission of enabling growth and economic progress.”

Since the bank commenced operations, Citi has played a pivotal role in equipping and upskilling the expertise of Nigeria’s financial institutions. Citi’s award-winning Bourse Game remains the gold standard for foreign exchange and fixed-income training in Nigeria. The bank has also been running its Securities Trading Simulation Dealing training to foster specialist skills. Citi played a foundational role in the establishment and evolution of Nigeria’s Financial Markets Dealers Association (FMDA) and has produced three past Chairs of its Governing Council. Year-on-year the bank has provided specialist training to the membership of the FMDA, critical for the structure and processes required for a well-ordered financial market.

Nneka Enwereji, CEO Citibank Nigeria Limited, highlighted the indelible mark Citi has had in the banking industry, “The past 40 years have been an incredible journey. We have navigated economic shifts, technological advancements, and unprecedented global events. Yet through it all, we have remained resilient and dedicated to providing trusted financial solutions that enable growth and economic progress. The needs of our clients and communities are at the heart of everything we do. We remain inspired as we continue to build on our legacy and chart new paths.”

As a trailblazer, Citi has pioneered various solutions and reforms across the Nigeria banking and financial sector. The bank launched Electronic Banking, connecting client offices to Citi Nigeria Offices and introduced Online Real-Time Banking in Nigeria, connecting all the bank’s branches, making Citi the first bank in Nigeria to enable funds transfers across its branch network. This was a significant milestone at the time, given that intercity clearing took 21 days, and this was reduced to a matter of minutes. Citi was instrumental to payment modernization in Nigeria. The bank contributed its expertise and thought leadership that transformed the digital payment landscape. Citi’s presentation to the Central Bank of Nigeria (CBN) on the setting up of an automated clearing house was instrumental to the establishment of the Nigeria Inter-Bank Settlement System Plc (NIBSS). Citi’s collaboration with the CBN also shaped the Payment Systems Vision (PSV) 2010 and 2020. Citi’s commitment to digitization not only simplified international trade processes but also aided business efficiency and created pathways for businesses to manage financial risks more efficiently. The bank has also been at the forefront of trade innovations and developed foreign exchange (FX) tools like forwards, swaps, and derivatives. Citi in conjunction with the CBN established Open Market Operations (OMO) as the monetary tool for a market-based system to determine Treasury Bills rate and manage market liquidity.

The bank has long stood as a catalyst for meaningful progress, consistently championing initiatives that drive positive change in the communities it serves. Citi was pivotal to the establishment of Accion Microfinance Bank, Nigeria’s first microfinance bank. Citi remains a leading bank for investor flows, leveraging its unparalleled access and global footprint. Citi has been instrumental in attracting substantial foreign direct investment (FDI) into Nigeria over the years, showcasing the country’s robust economic potential and fostering relationships with investors.

Citi has been a trusted partner in building efficient access to the Debt Capital Markets (DCM). Since

Nigeria’s debut in international bond markets in 2011, the bank has supported the country in raising over USD$17 billion from the Debt Capital Markets and remains the only bank to act as Joint Lead Manager (JLM) for Nigeria on every one of its DCM issuances. The bank also remains a trusted partner and advisor to local corporates and financial institutions looking to access the international debt capital markets (helping them raise more than $6bn in Eurobond issuances); as well as access longer-term financing from Development Finance Institutions (DFIs) under co-lending structures. Consequently, Citi has helped build Nigeria’s credit story and bolstered the nation’s reputation as a credible issuer. Citi continues to leverage its access and global network to support local financial institutions as they expand their footprint within Sub-Saharan Africa and offshore.

As Citi honours its history and celebrates its resilience in Nigeria, the bank is looking to the future, determined to embrace new opportunities and technological advancements.