Four Nigerian Banks Among Global Top 500 Banking Brands

Nigerian BanksFirst Bank of Nigeria ranks 320 in the 2016 top 500 banking brands ranking published by the Banker Magazine of Financial Times Group.

The bank moved up the scale 16 places from 336th position in 2015 to retain its number one banking brand ranking in Nigeria for the fifth consecutive year.

A press release from the country representative of the Banker Magazine in Nigeria, Kunle Ogedengbe, added that three other Nigerian banks also made the ranking.

They are Guaranty Trust Bank which moved to 389th position, Zenith Bank at 392nd, and United Bank for Africa at the 447th position.

Access Bank that made the ranking at 496th position in 2015 dropped from the 2016 ranking.

According to The Banker magazine, Nigeria has the highest brand value increase of $249m among the five countries in Africa that made the ranking.

Egypt moved up by $239m; Togo gained $134m while South Africa and Morocco lost $878mn and $213m.

The top 10 banks in the world are Well Fargo (USA); ICBC (China); China Construction Bank; Agricultural Bank of China; Chase (USA); Bank of China; Bank of America; Citi (USA); HSBC (UK); and Barclays (UK).

Power Issues Are Beyond Political Campaigns – Minister

PowerWhile the elections dominate public spheres, some government officials have cautioned that certain issues should not be reduced to campaign tactics.

Speaking in London recently on electricity, Nigeria’s Minister of Power, Professor Chinedu Nebo, told journalists that power generation in the country is beyond 4,000 megawatts regardless of contrary speculations but admitted that consistent power supply would still take years to attain, regardless of the administration in office.

It was a meeting with Nigerians resident in London, and the Minister decried the spate of sabotage on gas pipelines as one of the factors restricting further progress.

For him, the solution lies first in dealing with the spate of gas pipeline vandalism then attracting more private funds to the sector.

According to Prof Nebo, moving forward requires alternatives that can support the National Integrated Power Projects, some of which take at least four years to materialise. The same goes for transmission.

Responding to the expectations of 24-hour electricity supply, the Minister said that this was not attainable even in four years, regardless of the administration in power.

However, he promised significant improvement with the efforts in progress.

Sub Sahara Africa Economist at the Bank of America, Oyin Anubi, also explained how power currently impacts on the nation’s economic outlook internationally.

British born but of Nigerian descent, she admitted that several visits to the country reveals the difficulties many citizens grapple with. She gave recommendations on how to deal with the challenge.

The general belief at the event was that while the big plan unfolds, smaller incentives and new alternatives are clearly needed.