Fidelity bank banner Newsexpress banner Okowa 2019 gubernatorial campaign Camano banner
Foreign investors, govt divest from banks

By Collins Nweze on 19/11/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 541


The Nigeria Deposit Insurance Corporation (NDIC) has released the ownership structure of all banks operating in Nigeria.

The report, contained in the corporation’s annual report, showed that foreign investors and government are divesting from Nigerian lenders, as private sector operators gain control of the sector.

“In comparison to the previous year, there was a slight change in the ownership structure of banks.

The private sector continues to dominate the ownership of Nigerian banks while government continues to divest from banks in line with requirements of Code of Corporate Governance for banks and discount houses.

“Government shareholding was below 10 per cent in all the banks except Jaiz Bank plc,” the corporation said in its 2017 annual report obtained at the weekend.

The report shows that 15 banks out of the 26 lenders had partial or full foreign ownership in 2017, with five banks having substantial foreign ownership above 50 per cent. The banks in this category are Citibank, 81.9 per cent; Ecobank 100 per cent; Rand Merchant Bank, 100 per cent; Standard Chartered Bank, 99.99 per cent, Sterling Bank, 36.94 per cent and Union Bank Plc 86.80 per cent. For Citibank, 18.1 per cent of its ownership rests on Nigerians; Union Bank has 13.20 per cent Nigerian ownership.

However, Access Bank has 91.14 per cent Nigerian ownership, 0.07 per cent government ownership and 8.79 per cent foreign ownership. Coronation Merchant Bank has 100 per cent Nigerian ownership and so are Fidelity Bank, First City Monument Bank, First Bank of Nigeria Limited, FBN Merchant Bank, SunTrust Bank and Guaranty Trust Bank plc.

Other lenders with 100 per cent Nigerian ownership include Heritage Banking Company Limited, Keystone Bank Limited, Wema Bank Plc and Providus Bank Limited.

Sterling Bank’s 62.94 per cent ownership rests on Nigerians with 0.12 per cent government ownership, and the rest foreign ownership.

United Bank for Africa has one per cent government ownership, 22 per cent foreign ownership and 77 per cent Nigerian ownership.

Unity Bank plc has 91.65 per cent Nigerian ownership, 8.34 per cent government ownership and 0.01 per cent foreign ownership.

Zenith Bank plc has 97.46 per cent Nigerian ownership, 2.49 per cent government ownership and 0.05 per cent foreign ownership.

Further analysis of the report showed that only a few commercial banks controlled the assets of the banking industry. The top five banks had assets of N17.68 trillion, representing 54.32 per cent of the industry total assets of N32.54 trillion.

That proportion was however, higher than the 53.68 per cent recorded by the top five banks in 2016.

Also, the total assets of the top 10 banks marginally increased from N23.34 trillion in 2016 to N25.23 trillion IN 2017 while its proportion relative to the industry total assets increased from 77.40 per cent in 2016 to 77.52 per cent in 2017, the report said.

Sourced from The Nation report

Source News Express

Posted 19/11/2018 11:31:02 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Presidential panel recovers 19 vehicles from ex-commissioners

FG, India move for higher collaborations

Chief Okereke’s case against Nigeria: Why there’s no...

2019: INEC deliberately disenfranchising Ndigbo — Ohanaeze

Zungeru dam communities get compensation

Bayelsa govt drags 'whistleblowers' to court over conspiracy...

Ikpeazu orders bulldozers to Aba, flags off road...

More trouble for Abati as Jonathan moves to...

Abia royal father wants financial autonomy for LGs...

Court remands 6 secondary school students in prison...

Hope rises for new minimum wage

Ex-Abia Super Perm Sec dies of HBP

 

Latest News Shoot-at-sight-order: Prepare to spend the rest of your life in jail, activists tell Buratai, others Court orders Jay Jay Okocha’s arrest State-by-state details of PVCs collected for 2019 elections: Lagos, Kano top the list Osinbajo attacked in Ilorin Boko Haram kills five, abducts nine in latest attacks US Secretary of State’s statement on Atiku is fake news: US Govt. Polls: Security agents uncover six flash points in Anambra Ohanaeze youths raise the alarm over plot to disrupt elections in South East 12 presidential candidates back Buhari Another Ebonyi guber candidate steps down for Umahi The Ekeh Miracle: Celebrating a digital icon @ 63 Pro-Buhari hackers accused of shutting down Atiku on-line platforms

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (451,658 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (405,574 views) Shameless Genevieve Nnaji exposes breasts in public (340,463 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (292,497 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (257,067 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (234,073 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (219,185 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (200,740 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (188,364 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (174,857 views) Lagos plane crash: Journalist releases victims’ names (172,954 views) 10 cars more expensive than Jets (167,998 views)

 

NLNG call for entries

CBN banner

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (81) Business & Economy (4,031) Business Verdict (58) Columnists (998) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (591) Features (716) Global Business Monitor (326) ICT Monitor (11) International (3,111) Interview (173) Live Commentary (28) Love Matters (152) Maggie's Blog (154) News (43,377) Opinion (1,197) Pidgin (17) Politics (9,579) Religion (951) Sports (1,899) Stock Watch (37) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera