Jump to navigation

Vol 50 No 19

Published 25th September 2009


Nigeria

Why the banks stay optimistic

Oil, gas and Africa's biggest market keep the investors interested despite the increasingly desperate politics in Abuja ahead of the 2011 elections

After six weeks of billion dollar bail-outs, high-level sackings and the arraigning in court of five top executives, Nigeria’s financial sector is still robust enough to prompt paeans of praise from banks such as Goldman Sachs, Renaissance Capital and Standard Chartered. Not far behind in their pursuit of Nigerian business are South African banks such as Standard, ABSA (now controlled by Britain’s Barclays Bank) and First Rand – all of which are looking at buying stakes in troubled banks such as Intercontinental, Union and Oceanic.

End of preview - This article contains approximately 787 words.

End of preview

Subscribers: Log in now to read the complete article.

Account Holders: Log in now and use your Account Credit to buy this article. No Credit? Top up your Account now.


If you have a print subscription already, click here for a password that gives you full access to the website.

If you are logged in, but still cannot access the full text of this article, email customer services or telephone us on +44(0)1638 743633.