Banking

Following a significant overhaul of the sector in 2012, Nigerian banks recorded their strongest performance since the onset of the banking crisis in 2009. The central bank has seized on recent bank restructuring to implement broader structural reforms aimed at safeguarding against future crises. Nigeria boasts a diverse financial sector. In contrast to most other sub-Saharan markets, foreign banks controlled only 13.6% of sector assets in 2012, according to the IMF. With the cleaning of balance sheets over the past two years, a consolidated and restructured market has emerged, and competition and lending are set to increase over the coming years. This chapter contains a viewpoint from Lamido Sanusi, Governor, Central Bank of Nigeria, and a roundtable with Aigboje Aig-Imoukhuede, CEO, Access Bank; Bisi Onasanya, CEO, First Bank of Nigeria; Segun Agbaje, CEO, Guaranty Trust Bank; and Phillips Oduoza, CEO, United Bank for Africa.