Nigeria’s banks are undergoing a new wave of consolidation. Two banks have merged in the past few months, and the total number has fallen from 25 to 23.
This second wave of consolidation was expected, but not so soon after the first between 2004 and 2006. However, there is a crucial difference between the first wave and the most recent. Government regulation and intervention brought about the first, following the Central Bank’s decision to enforce a minimum capital requirement.
