NIGERIA · BANKING · APPOINTMENTS
Nigeria’s Alternative Bank, known as Alt Bank, has named Gul Khan as its managing director and chief executive. The appointment follows approval from the Central Bank of Nigeria (CBN), the country’s banking regulator, and became public in November 2026.
Khan most recently led the Kenyan lender I&M Bank and succeeds Hassan Yusuf, the bank’s founding managing director. Alt Bank is the non-interest (interest-free) banking arm of Sterling Financial Holdings Company Plc, a financial group listed on the Nigerian Exchange, the stock market in Lagos.
Key Facts
- Appointment Gul Khan becomes managing director and chief executive of The Alternative Bank Limited.
- Approval Alt Bank says the Central Bank of Nigeria approved the appointment.
- Predecessor Hassan Yusuf, the bank’s founding managing director, whom Khan succeeds.
- Background Khan most recently ran I&M Bank in Kenya; he has also worked at Airtel Money and HSBC.
- Not confirmed Khan’s exact start date and the bank’s own announcement date.
Who Is Gul Khan?
Alt Bank’s announcement says Khan has more than 25 years of banking experience across Africa, Europe, the Americas, Asia and the Middle East. He most recently served as chief executive and board director of I&M Bank in Kenya.
He has also been group head of products at Airtel Money, a mobile-money business that the announcement says covers 14 African markets. He previously served as global head of retail banking and wealth management at HSBC Amanah, the HSBC group’s non-interest banking business.
What Alt Bank Said
Non-interest banking is banking that avoids charging or paying interest. Muhtar Bakare, Alt Bank’s chairman, said Khan’s “expertise in non-interest banking and his leadership experience across African financial services position him well” for the job.
Khan said the opportunity is to “make Alt Bank the preferred choice for consumers and businesses in Nigeria.” The bank also said it met the CBN’s revised minimum capital requirement for national non-interest banks well ahead of the regulatory deadline.
The Group Behind the Bank
Sterling Financial Holdings, which also owns Sterling Bank, the group’s other lender, reported a 37.1% rise in nine-month profit before tax, as our earlier report on the results shows. Alt Bank has said it also moved to MIZAN, a core banking platform built for non-interest institutions.
The bank says its aim is to expand access to non-interest financial solutions for individuals and businesses across Nigeria. For another Nigerian lender’s push into new payments, see our report on Stanbic IBTC’s naira-to-yuan payment service.
What It Means for You
For investors in Sterling Financial Holdings, this is a leadership change at one subsidiary, not at the group. The appointment changes the bank’s leadership, not its ownership.
For US readers tracking Nigerian banks, the practical point is that the regulator has already cleared the appointment. Results in the coming quarters will show whether the change pays off.
What Is Not Known
The bank has not said how long Khan’s term runs, what his first priorities will be or when exactly he starts. We could not confirm the exact date of the announcement from the bank itself.
Frequently Asked Questions
Who is Gul Khan?
He is the new managing director and chief executive of Nigeria’s Alternative Bank. He most recently led I&M Bank in Kenya and has more than 25 years of banking experience.
Who did Gul Khan replace at Alt Bank?
He succeeds Hassan Yusuf, who was the bank’s founding managing director. The bank has not said how long Khan’s term runs.
What is Alt Bank?
The Alternative Bank Limited is the non-interest banking subsidiary of Sterling Financial Holdings Company Plc. Non-interest banking avoids charging or paying interest.
Did the regulator approve the appointment?
Yes. Alt Bank said it appointed Khan following approval by the Central Bank of Nigeria.
Sources: Alternative Bank Limited announcement, November 2026; Sterling Financial Holdings Company Plc nine-month results, 2026.
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