Sage Grey targets tier-one bank status in 10 years

Sage Grey Finance Limited has set a target of becoming a Tier 1 Nigerian bank within the next 10 years as the financial services group enters a new phase of expansion.

The company said it plans to strengthen its financial services business, deepen its capabilities and expand its banking operations as part of its next decade of growth.

According to its 10th anniversary presentation, Sage Grey Finance plans to become a commercial bank by 2027 and subsequently build the institution into a Tier 1 Nigerian bank with wholesale, retail and commercial banking capabilities.

Temitope Runsewe, managing director and chief executive officer of Sage Grey, said the group had spent its first decade building the people, institutions, processes and governance needed to support its next phase.

Sage Grey started operations in 2016 as a three-person advisory business focused on helping businesses and institutions identify opportunities, structure transactions and mobilise capital. It has since expanded into financial services, technology and investment.

The company said its group now has about 1,000 staff, more than 38 companies and total assets of over $40 million across Nigeria. The company also plans to become listed on the Nigerian Exchange as part of its growth strategy.

Runsewe said the decision to expand beyond advisory was driven by the need to develop capabilities that would allow the company to support clients through execution rather than simply provide advice.

“We built it for two reasons. One, create value, create impact,” he said.

Sage Grey Finance is currently a CBN-regulated financial institution focused on impact finance and institutional partnerships. The company said it recorded N2.43 billion in revenue and N920.7 million in profit over the past three years.

Runsewe said the next decade would focus on consolidating, optimising and scaling the businesses built over the past 10 years.