Into Africa: Jiang Jainqing, chairman of ICBC, visited Nigeria last year as his bank looks to strengthen its African presenceWhile Nigeria is increasingly appearing on investors' radars the world over, it is China that has been the most active in the country. However, it isn't just Nigeria's abundance of oil and gas that is exciting Chinese investors. Stephen Timewell reports.
First Bank of Nigeria (which tops The Banker's ranking of the country's banks) has its headquarters alongside those of Union Bank in LagosThe banking landscape in Nigeria has changed dramatically over the past two years; a swift collapse followed the end of a banking boom, then a central bank audit revealed instances of malpractice and poor management, prompting major intervention. Now some banks are leading the way in rebuilding their fortunes and finances. Stephen Timewell reports
Following a banking crisis in 2008, Nigeria has embarked on ambitious reform in the sector. This has included a rigorous audit that resulted in replacement of management at several banks, the ending of 'universal banking', measures to boost lending to industry and small businesses, and a new corporation to take over banks' bad loans. Stephen Timewell assesses how likely this transformation is to succeed.