Awards for Excellence 2009: Nigeria
Euromoney, is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2023
Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Awards for Excellence 2009: Nigeria

Best Bank: Guaranty Trust Bank
Best Investment Bank: Standard Bank

Nigerian banks increased their capital bases by $11 billion in 2007. Unfortunately, much of this seems to have gone directly or indirectly into the stock market, and after the Nigerian exchange crash last year, there has been a big sell-off of bank stock. Much of the international money in the exchange would perhaps have left anyway: when people invest in sub-Saharan Africa outside South Africa they often end up putting their money in Nigerian banks. But investors complained that a lack of transparency made it difficult to judge how badly individual banks were affected, and this exacerbated the sell-off.

Guaranty Trust Bank has been the object of relatively small amounts of criticism, perhaps partly because it is the only Nigerian bank to be listed in London. The bank was also one of the first in Nigeria to institute International Financial Reporting Standards (IFRS) even if others have since also started to do so.