Nigeria’s new biggest bank not profitable even with $18 billion assets

0
758

Access Bank Plc is now Nigeria’s biggest lender after its takeover of Carlyle Group LP-backed Diamond Bank Plc.

Lagos-based Access leapfrogged FBN Holdings Plc and Zenith Bank Plc as its assets rose 31 percent to $18 billion.

It still has a way to go before becoming the most profitable bank in Africa’s main oil producer: its first-quarter net income of $112 million trailed Zenith and Guaranty Trust Bank Plc, which each made about $135 million.

SHARE
Previous articleU.S. CFTC probes Glencore for “corrupt practices” linked to Nigeria, D.R.C., Venezuela
Next articleEXCLUSIVE: Osinbajo’s Man Gbadebo-Smith ‘Running Down NISER… Sells Off N30m Generators For N700,000’
Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.