The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.

Nigeria: Sanusi gives banks some good news

Benefits from oil, rates, and stock market; Information awaited on financial results and state bad-debt plan

Nigerian central bank governor Lamido Sanusi

Lamido Sanusi: forcing Nigerian banks to clean up their act

In some ways things are looking up for Nigeria’s banks. Oil prices have recovered, central bank governor Lamido Sanusi has cut rates, and net interest margins are increasing. By the end of April the local stock market had risen 30% in 2010. There is hope banks might be able to write back margin loans made against stock investments. Banks wrote down many of these loans at the end of last year, some say aggressively. Loans were marked to market in line with collateral, after Sanusi enacted a sector-wide audit last summer. The stock market fell more than 60% in the 12 months from March 2008.

Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to and analysis and receive expertly-curated updates direct to your inbox.


Already a user?

Login now


We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree