First Bank of Nigeria Plc, Nigeria’s largest bank by market value, said it will buy banks bailed out by the Central Bank of Nigeria (CBN) as long as they fit the company’s strategy.
“Whilst we’re implementing the organic growth initiatives in house, we also have our eyes open for opportunities,” Chief Executive Officer Stephen Olabisi Onasanya said in an interview published today by Lagos-based Punch newspaper. “We will, however, only touch candidates that have value to add to our system and that fit into our strategy.”
He declined to identify possible targets and said any acquisitions won’t affect talks with Ecobank Transnational Inc. of Togo over a merger. The companies have been in talks since 2005 on combining their businesses.
First Bank was one of 14 lenders that passed an audit by the Central Bank of Nigeria (CBN) last year and joins South African banks, Standard Bank Group Ltd. and FirstRand Ltd., which said on Jan. 14 that they’ll bid for Nigerian banks. The audit resulted in N620 billion ($4.1 billion) being injected into 10 banks to cover bad debts, while the chief executive officers of eight banks were fired and replaced. Read the rest of this entry »
Oando Plc, Nigeria’s biggest independent energy company, Saipem SpA and Modec-Itochu of Japan will develop gas facilities in Ghana in a project estimated at $1 billion. 
Widespread and typically exaggerated perceptions of corruption and violence do not deter some Western firms from putting money into African nations – often with impressive results.
