NLNG Corporate Caring banner FirstGem 3rd anniversay lecture Fidelity bank card banner Emerald Energy Institute Camano banner

Foreign investors, govt divest from banks

By Collins Nweze on 19/11/2018

Gmail icon

Views: 734

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





You may also like...
Nigerian prostitution network dismantled in France

13 political parties plan merger

3 farmers killed, houses burnt as herdsmen attack...

Nigeria has enough varsities to meet West Africa’s...

Amnesty office denies owing ex-agitators

NAF bombers destroy Boko Haram Base in Sambisa...

Saraki deflects APC’s attack, says party still in...

Don’t evict 100,000 Nigerian refugees, UN urges Cameroon...

PDP chieftain kidnapped

Mambilla killings: Group calls for state of emergency...

Ronaldo in hospital in Ibiza with pneumonia —...

Lawyer shot dead in court


Latest News Teenager poisons wedding guests in Katsina Burnt PDP woman leader: Light of my family put out, husband cries, seeks justice We’ll meet labour’s December deadline on N30,000 wage — Governors Herdsmen killed more Nigerians in 2018 than Boko Haram — Report ASD Family dismisses police claim over daughter’s alleged illegal second marriage; indicts IGP Mohammed Adamu PDP seeks travel ban on INEC chiefs, police high command Reps probe NIMASA, transport ministry over alleged N71bn scam Nearly 5,000 dead in world’s worst measles outbreak Keep praying for Nigeria, Obi urges nuns Kano Govt dares court, vows to continue recognising sacked emirs Okowa threatens to sack non-committed Delta health workers Measles kills 34 children in Yobe


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (564,528 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (453,141 views) Shameless Genevieve Nnaji exposes breasts in public (402,451 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (336,995 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (304,461 views) 10 cars more expensive than Jets (283,220 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (259,416 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (257,658 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (239,172 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (225,619 views) Lagos plane crash: Journalist releases victims’ names (201,942 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (198,604 views)


CBN milk production

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (110) Business & Economy (4,581) Business Verdict (87) Columnists (1,147) Complaints & Requests (97) Enterprise & Opportunities (219) Entertainment (708) Features (845) Global Business Monitor (493) ICT Monitor (68) International (4,231) Interview (212) Live Commentary (30) Love Matters (176) Maggie's Blog (494) News (54,260) Opinion (1,424) Pidgin (17) Politics (11,789) Religion (1,122) Sports (2,230) Stock Watch (40) AMA & Al Jazeera Global Update







APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera