When Joshua Oigara took over the helm of Stanbic Bank, expectations were high. A seasoned executive with years of corporate leadership experience, many expected stability, innovation, and strategic growth. Instead, what has followed is a growing series of controversies, internal discomfort, and public image crises that now threaten to derail the bank’s once-solid reputation.
Bloated Executive Spending Amid Cost-Cutting
Sources inside Stanbic Bank allege that since Oigara assumed office, executive spending has ballooned, particularly in areas such as travel, luxury accommodation, and PR campaigns targeting personal branding rather than institutional growth. Internal memos show disproportionate budget allocations to non-core expenditures, raising eyebrows within middle management.
This comes at a time when staff rationalization and job insecurity have reportedly increased. Anonymous insiders say morale has dipped sharply in departments that were once high-performing, with talented staff leaving quietly due to lack of motivation and unclear strategic direction.
Questionable Public Relations Moves
Stanbic’s recent PR push, including a rebranding campaign and high-cost social media promotions, has been widely criticized as tone-deaf and misaligned with ground-level realities. Analysts question the ROI of image-driven marketing instead of product-driven innovation.
Several industry stakeholders argue the bank has focused more on “corporate visibility” than actual performance. Oigara’s personal appearances at events and his positioning in media have outpaced meaningful product rollouts or customer-first initiatives.
Governance Concerns and Internal Friction
While no formal investigations have been launched yet, murmurs of internal dissatisfaction continue to grow louder. Allegations of favoritism in appointments, stalled promotions, and centralized decision-making have created friction across departments.
Insiders speak of a culture of intimidation for dissenting views, with some senior managers feeling side-lined for disagreeing with certain strategic directions. Transparency in project financing and procurement has also been called into question, though no external audit has confirmed malpractice.
Client Trust and Market Perception Slipping
In the last six months, Stanbic has faced several client complaints online regarding service delivery delays, unexplained deductions, and account management errors. While the bank has responded to some queries, there is a growing perception that customer care is no longer a priority. This erosion of trust, combined with internal instability, may be a warning sign of deeper structural issues.
A Leadership Model in Question
Joshua Oigara’s leadership at Stanbic Bank has so far fallen short of industry expectations. While he may argue for long-term strategic transformation, the short-term realities suggest disconnection, low morale, and a weakening grip on core banking excellence.
If changes are not made swiftly, Stanbic risks joining the list of institutions brought down not by market forces, but by internal mismanagement and public mistrust.
