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Tag: Nigeria banks

Nigeria asks investors to throw good money into its bad bank

Mar 28, 2013 3:48pm by Andrew Bowman
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Two years on from the start of its cleanup operation for Nigeria’s banking crisis, the Asset Management Corporation of Nigeria (AMCON) – the country’s ‘bad bank’ – is courting foreign investors.

Since its establishment in 2010, Amcon has issued five series of zero-coupon bonds with a combined face value of just under N5.7tn – that’s almost $36bn – which it has used to buy non-performing loans and recapitalise struggling banks. The first series – face value N1.7tn ($11bn) – matures in December 2013, and with African sovereign debt in high demand, Amcon is considering turning to international markets for refinancing. Continue reading »

Tags: , , Posted in Africa, Nigeria |

Zenith Bank: London share switch

Mar 21, 2013 4:17pm by Rob Minto
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Zenith Bank, Nigeria’s second largest bank by market share, has successfully listed on the London Stock Exchange on Thursday. The bank has listed 125m global depository receipts – but the move is not capital raising, as the bank has bought back shares in Nigeria to make the move.

So why the switcheroo? And what does it say about listing in Nigeria? Continue reading »

Tags: , , , , Posted in Africa, Nigeria |

Nigeria’s banks: a rosy 2013 in store?

Mar 18, 2013 5:33pm by Rob Minto
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Or he could take it to the bank

In the last few years Nigeria’s banks have been to the bottom and back again, with the 2009 crisis, bailouts, mergers and the creation of a bad bank, Amcon. So is 2013 the year when they get a chance to shine?

According to a report from rating agency Standard & Poors, The Nigerian Banking Sector Outlook 2013: At The Start Of A New Cycle, the mixture of strong economic growth in Nigeria and political stability should underpin a year of expansion. Could anything go wrong? Continue reading »

Tags: , Posted in Africa, Nigeria |

Investing in Nigeria

Nov 28, 2012 3:21pm by Avantika Chilkoti
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With painful irony, oil-rich Nigeria is unable to supply its own population with electricity. The country ranked 178th of 185 economies on access to electricity for new businesses in the World Bank’s latest “Doing Business” publication.

Infrastructure is, not surprisingly, a key to the country’s future development, as an FT Special Report sets out. Continue reading »

Tags: , , , , Posted in Africa, Nigeria |

Nigerian banks: capital worries?

Sep 12, 2012 7:30pm by Rob Minto
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The Nigerian banking sector has been put through the wringer in the last few years, to say the least. But after the cleanup, are things as shiny as they seem? Rating agency Fitch sounded a few alarms earlier in July, saying rapid credit growth in Africa’s most populous country could carry the risk of weakening bank asset quality.

And on Wednesday, Standard and Poor’s published a report with the rather alarming title of Why Standard & Poor’s Calculation Of Capitalization For Nigerian Banks Is Lower Than The Regulatory Measure. In a nutshell – don’t look at the official figures, they are too high. Continue reading »

Tags: , , Posted in Africa, Nigeria |

Nigeria’s banks: expanding too fast after the cleanup?

Aug 1, 2012 1:20pm by Andrew Bowman
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After the crisis of 2009, Nigeria’s banking system has been cleaned up, with the sector performing impressively this year. So everything’s fine?

Not quite, according to a new report by the ratings agency Fitch. Rapid credit growth in Africa’s most populous country could carry the risk of weakening bank asset quality. Continue reading »

Tags: , , , , Posted in Africa, Nigeria |

Nigerian banks: staying healthy

May 30, 2012 6:59pm by Rob Minto
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The turnaround for Nigeria’s banks has been dramatic, if a little costly. Bailouts, mergers, the formation of a bad bank. Total bill? $21.5bn.

But it looks like it is starting to pay off. After Standard and Poor’s tentative thumbs up earlier this year, the first quarter figures and 2011 full year numbers for nine of Nigeria’s banks are something to cheer. Continue reading »

Tags: , Posted in Africa, Nigeria |

Nigerian banks: back from the brink

Mar 1, 2012 8:00am by Rob Minto
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After 10 bailouts, $21bn spent and several mergers, Nigeria’s banks have been given a positive report by Standard and Poor’s.

It’s a tentative thumbs-up though. There is still work to be done, especially in regulation. But it’s a long way from the crisis of 2009. Continue reading »

Tags: , , Posted in Africa, Nigeria |

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