Stanbic IBTC, Citi Bank, StanChart injects $1,267.8m into Nigeria’s economy

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Capital Importation by Bank
Capital is imported through financial institutions into the country. In the second quarter of 2017, the bank through which the highest share of capital was imported was Stanbic IBTC, which accounted for 32.91% or ($589.84 million) of the total share, up from the 9.12% share it recorded in the first quarter of the year.

This was followed by Citi Bank Nigeria, which accounted for 19.12% share or ($342.7 million) of capital importation, also up from a share of 5.12% in recorded in the first quarter of the year.

The financial institution to account the third largest capital import share was Standard Chartered Bank, which recorded a share of 18.7%, down from the 25.4% share it reported in the first quarter, however in absolute terms, it was $103.7 million more than the amount it reported in the first quarter of the year.

Altogether, these 3 banks (Stanbic IBTC, Citi Bank Nigeria and Standard Chartered Bank) accounted for 70.7% or $1,267.8 million of total capital importation during the quarter, while the other 22 banks accounted for the balance.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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