Nigeria’s banks outpace political change
Now this cosy duo has been joined by Zenith Bank, GTB and Intercontinental, while UBA has bought Afrinvest. That is not all. At least four other banks – Oceanic, Platinum Habib, Access and FCMB – are applying for licences.
"We broke the dam," says Andrew Martin, chief executive of Zenith Bank in London. Like the other Nigerian banks, Zenith is a subsidiary, not a branch. The Financial Services Authority would not allow branches of Nigerian banks to operate in the City, taking a cautious view of Nigerian regulators. "It is possible to see the arrival of so many Nigerian banks in London as a feather in the cap of the central bank governor," says Martin. "It gives the country’s financial sector legitimacy."
It also helps to undo some of the harm that the notorious email scamsters have caused. It has not deterred...
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