Nigeria’s banks stood out from their African peers for all the wrong reasons during the 2009 global downturn. While the majority of lenders on the continent came through unscathed, the Nigerian banking system imploded as oil prices collapsed and foreign investors fled the country.
Yet just two years on, Nigeria has revitalised its banks to an extent that would make governments in the West – many of whose financial systems are once again teetering – envious. The final hurdle was cleared in late September when the five lenders that still needed to meet the government’s deadline to recapitalise by the end of the month agreed to takeovers by rivals and private equity investors.
