The big business news of the day for Nigeria, in today's FT. Its a bold move which should shake things up, introduce some energy into the financial services sector and introduce global best practice...
it's a bad move that will stunt the growth of these young banks. their interests will turn to those of their foreign owners and will further move away from the nigeria domestic market.
what is global best interest?
typing idi0cy. I meant. global best practices :(
For once we have an appointee of the Govt making some sense. The new CBN gov is right, good governance, full disclosure & transparency is a natural progression from the good work started by the previous CBN gov. This would identify the wheat from the chaff, some Nigerian banks have huge bad & doubtful debts that need to be treated in a prudent manner and disclosed immediately. Somehow, I do not see foreign banks rushing in to take over Nig banks,and at most we'll have 5 takeovers, hardly a stampede or a smothering effect on Nig banks. More like competition for the cash rich Nig banks. Bring it on!
yeah it will work out like it did in the oil and gas industry, the foreigners will look out for their interests, even if it calls for ( and it will) the destruction of the nigerian financial market. this is a bad move
....and of course Nigerian banks and insurance companies buying into other African countries is what? Think! If Nigerian banks are free to operate anywhere in the world if they meet the required standards, why can't other banks do the same here?
As usual, the curious Nigerian case of allowing someone to rule your life, and assume they will do so in your best interest. Hogwash!
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