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11 Oct 2016

7 Nigerian Banks Undercapitalized - Report

Seven Nigerian banks are undercapitalized to the tune of N1tn ($3.2bn) according to a report from Arqaam Capital, a Dubai-based international investment bank.

The report lists the undercapitalised banks as 

  • First Bank of Nigeria,
  • Unity Bank Plc,
  • Diamond Bank Plc,
  • Skye Bank Plc,
  • FCMB Group Plc,
  • Sterling Bank Plc
  • Fidelity Bank Plc.
“Unity Bank and Skye Bank are close to being insolvent, while lenders, FBN Holdings Plc and Sterling Bank Plc, will need a dilutive capital hike,” it added.

The investment bank said the Nigeria’s banking industry “is experiencing a full-blown financial crisis” as failed fiscal and monetary policies had led to a credit crunch.

The affected banks have however refuted the report.

First Bank Spokesman, Mr. Babatunde Lasaki, said, “First Bank is not undercapitalised. We are still within the industry regulatory threshold. This is their opinion. Our position has been published in our half-year report; it is not the one from an investment bank or a speculative report. Our Q3 report will soon be published.”

Ikechukwu Mike Omeife, a spokesman for Diamond Bank said, “Our bank is strong. Our capital-adequacy ratio and non-performing loans are within the statutory requirements.”

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