The Alternative Bank Limited (Alt Bank), the non-interest banking subsidiary of Sterling Financial Holdings Company Plc, has appointed Gul Khan as its Managing Director and Chief Executive Officer. The appointment received the approval of the Central Bank of Nigeria (CBN).
Khan succeeds Hassan Yusuf, the bank’s founding Managing Director. The leadership change was announced in a press statement issued by Alt Bank and reported by Nairametrics.
According to the bank, the transition comes as it continues to strengthen its operations, expand its reach and develop financial solutions for consumers and businesses.
Muhtar Bakare, Chairman of Alternative Bank, said the board was confident that Khan would build on the bank’s existing foundation and broaden its reach. He highlighted Khan’s experience in non-interest banking and financial services, expressing confidence in his ability to lead the bank through its next phase of growth. Bakare added that Khan would work with the board and management team to guide that next phase.
Outlining his priorities, Khan said he aims to make Alt Bank the preferred choice for consumers and businesses in Nigeria. He brings more than 25 years of international financial services experience, having worked across Europe, America, Asia, the Middle East and Africa.
The appointment follows a period of regulatory and operational progress at the bank. The Alternative Bank met the CBN’s revised minimum capital requirement for national non-interest banks well ahead of the regulatory deadline. It has also completed its migration to MIZAN, a core banking platform designed for non-interest financial institutions. The bank said its strengthened capital base and investment in technology support its capacity to finance business growth and develop products that meet customers’ needs.
In February 2026, Sterling Financial Holdings Company Plc confirmed that its core banking subsidiaries, Sterling Bank and The Alternative Bank, had been fully recapitalised in line with the CBN’s revised minimum capital requirements. The group said its capital-raising programme was largely completed between December 2024 and October 2025, placing it ahead of the March 2026 industry deadline.
Yemi Odubiyi, Group Chief Executive Officer, said the recapitalisation had strengthened the group’s capacity to support economic growth while preserving financial stability. He noted that fully capitalising both Sterling Bank and The Alternative Bank reinforced the group’s dual-bank model, enabling it to serve both conventional and non-interest banking segments.
