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AfricaApril 6 2008

Cashing in

Political stability, economic growth, foreign investment, oil wealth, a growing middle class; there are many reasons why Nigeria’s banks have amassed large capital bases. As Charlie Corbett reports, the dilemma now is how to use it.
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Nigerian investors across the globe held their breath on February 26 as a panel of five judges in Abuja mulled over a petition by opposition leaders to have president Umaru Yar’Adua’s election declared null and void. The consequences of such a ruling would have dealt a severe blow to the nation’s hard-won political stability, and in turn hit the blossoming capital markets.

One Nigerian specialist told The Banker that of the 40 potential investors he was slated to meet in New York recently, the vast majority would have reconsidered their decisions to invest if Mr Yar’Adua’s election had been declared illegal.

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