Ecobank, Stanchart lead in capital importation - THE NATION
BY Collins Nweze
National Bureau of Statistics (NBS) says Ecobank Nigeria and the local unit of Standard Chartered Bank (Stanchart) have joined Stanbic IBTC Bank to become foreign investors’ favourites for investment deals.
Details of the report showed that out of 26 banks foreign investors used to deploy foreign capital into the country, the most investment came through Stanbic IBTC Bank. The bank attracted $1.63 billion worth of investment in the third quarter of this year, lower than $1.76 billion it had in the previous quarter.
Ecobank followed with $754.38 million worth of foreign investment, while Standard Chartered Bank, a wholly-owned subsidiary of UK-based Standard Chartered Bank occupied the third position by attracting $502.47 million inflows. Access Bank got $477.55 million; Rand Merchant Bank, $430.15 million; Citibank Nigeria Limited; $350.95 million; while First Bank of Nigeria had $307.94 million.
According to NBS, while the total value of capital importation into the Nigerian economy fell by 7.78 percent to $5.36 billion in the third quarter of 2019 from the previous quarter, Ecobank Nigeria attracted $754.38 million worth of foreign investment, representing 55.41 percent more capital thereby making the bank foreign investors’ favourites for investment deals.
Commenting, Adetokunbo Uko, Country Treasurer, Ecobank Nigeria, said the Bank was leveraging on its pan-African strategy to attract capital to the nation’s economy, stressing that the bank remains committed to increasing capital flows to Nigerian financial market.
According to her, “As a gateway to the African market for foreign direct and portfolio investments, Ecobank Nigeria is leveraging on its Pan-African platform, people and products to contribute to the financial and economic development of Nigeria through provisions of foreign exchange solutions and fixed income products to local and foreign customers. We remain committed to our African strategy, to increase capital flows to Nigerian financial market through enhanced product offerings, good customer experience and transparency in all transactions”.