Nigeria To Ban Foreign Takeovers Of Banks

Nigeria wants no further foreign takeovers of local banks and plans to set a cap on foreign equity stakes in domestic banks by the end of the year, Central Bank Governor Chukwuma Soludo told Reuters on Thursday.

Soludo said he wanted domestic banks to become regional and global champions and this would be better achieved if they remained in Nigerian hands. His comments came after South Africa’s Standard Bank completed a takeover of Nigeria’s IBTC in August.

 – Agency Report

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One response to “Nigeria To Ban Foreign Takeovers Of Banks

  1. Soludo, we trust you! Just continue doing your best for Nigeria.
    Even if some foreigners can buy shares in our banks, make sure no Indians or Lebanese is ALLOWED! They are funny business people !

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