A Brief Note On The Nigerian Banking Sector Essay

A Brief Note On The Nigerian Banking Sector Essay

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In 2004, the Nigerian banking sector had undergone a significant policy change which led to the waves of consolidation and recapitalisation exercises in the financial sector and the policy in part include the increased in minimum capitalisation requirement from N2 billion naira to N25 billion. The consolidation and recapitalisation exercise that followed saw the emergent of 25 banks from the 89 banks operating in Nigerian prior to the banking policy implementation. The policy implementation not only resulted in a leaner and more robust banking sector but created a strong and solid banking sector to support the growing economy thereby strengthens the Nigerian banks to expand their operations beyond Nigeria especially in Africa (AFDB, 2013). The case firm BDM emerge as one ofNigerian top banks . The Nigerian banks also became the pioneers of Nigerian firms’ internationalisation for example by 2012 Nigerian banks were operating in more than 30 countries (Alade, 2014). Today, Nigerian banks are most developed financial systems in Sub-Saharan Africa especially in the banking sub-sector that represent the most vibrant and dynamic part of the financial system. Also, 10 Nigerian banks featured in the 1000 global top banks of 2016 of which the case firm “BDM” was one of the banks. The next section analyses the domestic evolution and expansion process of BDM.
3.3 BDM Background and Domestic Expansion Process

BDM is one of Nigerian top banks regarded as “new generation banks” incorporated in 1990 and commenced operations in 1991 as a private limited liability company. The bank evolved and witnessed a rapid growth attain the universal banking status in 2001 and he same year BDM became the first Nigerian bank to establish a reta...


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... Acquisition, 2006". The bank is also highly rated with BBB+ rating by Fitch Ratings, Agusto & Co., and A- rating by GCR, reflects the bank 's sustainable liquidity, sound and professional practices and good standing as a high investment grade institution. These are a testimony of how the bank is realising it vision which is “To be a leading financial institution, with the best people, providing unequalled customer experience and delivering superior shareholder value”. As of January 2016, BDM Group has strong footprints in Nigeria as well a strong presence in countries like Republic of Benin and branches in Senegal, Togo and Ivory Coast – making it the first Nigerian bank to operate in Francophone West Africa and in 2013 the bank non-African subsidiary was establied in the UK. Below diary illustrate the factors that have impacted of rapid domestic growth of BDM.

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