Only four Nigerian banks may be considered to be strong and worth their claims after the stock market crash, oil sector woes and huge public sector debt defaults combined to create “stress points” in the sector in recent months.
According to the latest edition of The Africa Report, an influential weekly published by Paris-based Groupe Jeune Afrique, gross over, leveraging of balance sheets during the short-lived boom period before March 2008, followed by crash of the stock market had left banks stuck with trillions of naira in bad debts.
The impact of the crash and inclement business environment on the banks vary according to the report, which rated the 24 banks in the country on four main categories: strong, satisfactory, shaken and stressed.
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