Nigerian banks in a race for new heights
EVEN with the glowing tributes being heaped on Nigerian banks globally,they are not resting on their oars. Currently they are trying to raise their market capitalisation to a new level.The Central Bank of Nigeria's governor, Prof. Chukwuma Soludo last week revealed that the 25 banks market capitalisation would hit N3.84 trillion by December 2007.He disclosed this in Abuja in his address at the International Conference on African Central Bank's website,. He said by the end of the year there would be over 15 banks with market capitalisation of N256 billion ($2 billion) each.
While noting that three years ago none of the banks came up to $500 million,he remarked that "It is not an understatement that Nigeria has the fastest growing banking system in Africa and one of the fastest in the world. According to him, there was no Nigerian bank in the top 1,000 banks worldwide of 2004 but as at the end of 2006, there were 12 banks ranked among the top 1,000, with one ranked 335th among the top 500. Besides making domestic roads into the West African coast,we now have Nigerian banks setting up subsidiaries in Europe as well as getting listed on the London Stock Exchange.
He also said the goal of becoming one of the 20 largest economies in the world had imposed on the CBN a sense of urgency to mainstream the economy as the international financial centre of choice and African's financial hub.In this regard, the apex bank has been at the forefront of institutionalising the necessary reforms through the Financial System Strategy (FSS) 2020 framework to leap frog Nigeria towards the attainment of this goal.He expressed delight that the FSS 2020 is concretising the fine details of the road-map for the realisation of this medium agenda which include the globally acknowledged banking consolidation exercise that has literally transformed Nigerian banks to global players.
Since the 2004 banks' consolidation exercise in the country, current happenings are like a dream.This is because, when this programme was unveiled by the Central Bank of Nigeria (CBN) governor, Pro. Chukwuma Soludo on July 6, 2004 most thought the idea was at best a bad dream.Apart from the then N25 billion minimum capitalisation requirement, Soludo had insisted that he wanted to see Nigerian banks compete globally. Currently, not only that, Nigerian banks have even far exceeded the N25 billion capitalisation benchmark, every of their steps in business has international trademark.
Banks offerings now have Global Depository Receipts (GDR) components, which expose investors to the international stock markets.Meanwhile, global acclaim came in bountiful proportions for Nigerian banks at the weekend in Washington D.C., United States.The events also provided another opportunity for stakeholders in the financial sector to shower encomiums on the Central Bank of Nigeria and its governor, Prof. Chukwuma Soludo. He emerged the African Central Banker of the Year for the second time.
First Bank of Nigeria Plc clinched three awards, courtesy of a poll conducted by an international financial publication, Global Finance (GF) based in Washington D.C. At another event, packaged by a London-based organisation, I.C. Publications, publishers of the African Banker magazine, six other Nigerian banks also carted away awards The awardees include Oceanic International Bank Plc, the United Bank for Africa Plc and Zenith Bank. The others are Access Bank Plc, Bank of Industry and IBTC Chartered Bank Plc.
The three awards were bestowed on First Bank during this year's meeting of the World Bank and the International Monetary Fund (IMF) in Washington DC. They are Best Bank in Nigeria, Best Trade Finance Bank and the Best Foreign Exchange Bank for 2007. In a poll conducted by GF with input from industry analysts, corporate executives, banking consultants and technology experts in 24 countries, First Bank was named Nigeria's best bank. This makes it the third consecutive year the bank has won the awards. Announcing the award from its New York headquarters, Joseph Giarraputo, GF president, noted that emerging markets were attracting increased attention. He added that "We have identified the banks that provide services to corporations seeking to take advantage of substantial opportunities for growth in a sometimes challenging environment and First Bank is one of them."
At the African Banker magazine awards, Dr. Cecilia Ibru of Oceanic Bank won the Banker of the Year award, while UBA got the prize for the Best Emerging Global Bank in Africa.The Most Innovative Bank of the Year went to Access Bank Plc, while the Bank of Industry was named the Development Bank in Nigeria and Zenith Bank got the Socially Responsible Bank of the Year award.Swazi Bank in Swaziland received the Gender Sensitivity award. For its award, Access Bank beat two other Nigerian banks, First Inland and GTBank, as well as the Swazi Bank. Access Bank also came close to clinching the Gender Sensitivity award won by Swazi Bank.
UBA won the Emerging Global Bank in Africa category, which had JP Morgan Chase Bank and Standard Bank of South Africa (also trading as Stanbic Bank) in contention. Zenith emerged the Most Socially Responsible Corporate Citizen in Africa, coming tops of Fidelity Bank, Bank PHB, Intercontinental and Medbank of South Africa. Receiving the award, the Deputy Managing Director, Godwin Emefiele thanked the organisers for the initiative and promised to keep being a very good corporate citizen.
The fact that presently, most Nigerian banks going to the capital market to raise fresh funds to enhance their capital base are incorporating the Global Depository Receipts (GDRs) as a component part of their capital raising schemes.In the spirit of expanding their world view and business focus, Nigerian banks are no longer satisfied with just raising only naira denominated capital but also dollar capital by offering their shares to international investors through GDRs.
A Global Depository Receipt is typically a dollar denominated instrument issued in international financial market through a registered depository bank (the depository bank). They are negotiable bank certificates, issued by the depository bank, which represent ownership of certain equity securities (the underlying shares) that are issued and tradeabe in local market.
The GDRs are exchanged with the underlying shares at a predetermined ratio (for example, 50 shares to one GDR), and are mostly used for capital raising by companies from emerging market to access investors in international markets. The issuer of GDRs is typically a non-United States or United Kingdom domiciled company, and is responsible for issuing, registering, and depositing the GDRs with the depository bank.Although a GDR offering is targeted at international institutional investors seeking to invest in well structured emerging market equities, local investors (Nigerians) may also participate in GDR offering if a Nigerian company seeking to issue GDRs decides to sell a portion of the offering to domestic investors.
For a typical Nigerian investor in the GDRs, the benefits accruing are many and include portfolio diversification into foreign securities, opportunity for holding a foreign currency denominated instrument issued by a top tier local company, and opportunity for getting dividends in U.S. dollars.Other benefits include being able to trade on foreign stock exchanges, which provides liquidity as well as having equivalent corporate shareholder and economic rights to ordinary shares.
While noting that three years ago none of the banks came up to $500 million,he remarked that "It is not an understatement that Nigeria has the fastest growing banking system in Africa and one of the fastest in the world. According to him, there was no Nigerian bank in the top 1,000 banks worldwide of 2004 but as at the end of 2006, there were 12 banks ranked among the top 1,000, with one ranked 335th among the top 500. Besides making domestic roads into the West African coast,we now have Nigerian banks setting up subsidiaries in Europe as well as getting listed on the London Stock Exchange.
He also said the goal of becoming one of the 20 largest economies in the world had imposed on the CBN a sense of urgency to mainstream the economy as the international financial centre of choice and African's financial hub.In this regard, the apex bank has been at the forefront of institutionalising the necessary reforms through the Financial System Strategy (FSS) 2020 framework to leap frog Nigeria towards the attainment of this goal.He expressed delight that the FSS 2020 is concretising the fine details of the road-map for the realisation of this medium agenda which include the globally acknowledged banking consolidation exercise that has literally transformed Nigerian banks to global players.
Since the 2004 banks' consolidation exercise in the country, current happenings are like a dream.This is because, when this programme was unveiled by the Central Bank of Nigeria (CBN) governor, Pro. Chukwuma Soludo on July 6, 2004 most thought the idea was at best a bad dream.Apart from the then N25 billion minimum capitalisation requirement, Soludo had insisted that he wanted to see Nigerian banks compete globally. Currently, not only that, Nigerian banks have even far exceeded the N25 billion capitalisation benchmark, every of their steps in business has international trademark.
Banks offerings now have Global Depository Receipts (GDR) components, which expose investors to the international stock markets.Meanwhile, global acclaim came in bountiful proportions for Nigerian banks at the weekend in Washington D.C., United States.The events also provided another opportunity for stakeholders in the financial sector to shower encomiums on the Central Bank of Nigeria and its governor, Prof. Chukwuma Soludo. He emerged the African Central Banker of the Year for the second time.
First Bank of Nigeria Plc clinched three awards, courtesy of a poll conducted by an international financial publication, Global Finance (GF) based in Washington D.C. At another event, packaged by a London-based organisation, I.C. Publications, publishers of the African Banker magazine, six other Nigerian banks also carted away awards The awardees include Oceanic International Bank Plc, the United Bank for Africa Plc and Zenith Bank. The others are Access Bank Plc, Bank of Industry and IBTC Chartered Bank Plc.
The three awards were bestowed on First Bank during this year's meeting of the World Bank and the International Monetary Fund (IMF) in Washington DC. They are Best Bank in Nigeria, Best Trade Finance Bank and the Best Foreign Exchange Bank for 2007. In a poll conducted by GF with input from industry analysts, corporate executives, banking consultants and technology experts in 24 countries, First Bank was named Nigeria's best bank. This makes it the third consecutive year the bank has won the awards. Announcing the award from its New York headquarters, Joseph Giarraputo, GF president, noted that emerging markets were attracting increased attention. He added that "We have identified the banks that provide services to corporations seeking to take advantage of substantial opportunities for growth in a sometimes challenging environment and First Bank is one of them."
At the African Banker magazine awards, Dr. Cecilia Ibru of Oceanic Bank won the Banker of the Year award, while UBA got the prize for the Best Emerging Global Bank in Africa.The Most Innovative Bank of the Year went to Access Bank Plc, while the Bank of Industry was named the Development Bank in Nigeria and Zenith Bank got the Socially Responsible Bank of the Year award.Swazi Bank in Swaziland received the Gender Sensitivity award. For its award, Access Bank beat two other Nigerian banks, First Inland and GTBank, as well as the Swazi Bank. Access Bank also came close to clinching the Gender Sensitivity award won by Swazi Bank.
UBA won the Emerging Global Bank in Africa category, which had JP Morgan Chase Bank and Standard Bank of South Africa (also trading as Stanbic Bank) in contention. Zenith emerged the Most Socially Responsible Corporate Citizen in Africa, coming tops of Fidelity Bank, Bank PHB, Intercontinental and Medbank of South Africa. Receiving the award, the Deputy Managing Director, Godwin Emefiele thanked the organisers for the initiative and promised to keep being a very good corporate citizen.
The fact that presently, most Nigerian banks going to the capital market to raise fresh funds to enhance their capital base are incorporating the Global Depository Receipts (GDRs) as a component part of their capital raising schemes.In the spirit of expanding their world view and business focus, Nigerian banks are no longer satisfied with just raising only naira denominated capital but also dollar capital by offering their shares to international investors through GDRs.
A Global Depository Receipt is typically a dollar denominated instrument issued in international financial market through a registered depository bank (the depository bank). They are negotiable bank certificates, issued by the depository bank, which represent ownership of certain equity securities (the underlying shares) that are issued and tradeabe in local market.
The GDRs are exchanged with the underlying shares at a predetermined ratio (for example, 50 shares to one GDR), and are mostly used for capital raising by companies from emerging market to access investors in international markets. The issuer of GDRs is typically a non-United States or United Kingdom domiciled company, and is responsible for issuing, registering, and depositing the GDRs with the depository bank.Although a GDR offering is targeted at international institutional investors seeking to invest in well structured emerging market equities, local investors (Nigerians) may also participate in GDR offering if a Nigerian company seeking to issue GDRs decides to sell a portion of the offering to domestic investors.
For a typical Nigerian investor in the GDRs, the benefits accruing are many and include portfolio diversification into foreign securities, opportunity for holding a foreign currency denominated instrument issued by a top tier local company, and opportunity for getting dividends in U.S. dollars.Other benefits include being able to trade on foreign stock exchanges, which provides liquidity as well as having equivalent corporate shareholder and economic rights to ordinary shares.
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