Two Nigerian Banks are close to being insolvent, while two others “will need a dilutive capital hike,” Jaap Meijer and Tarek Sleiman, analysts at Arqaam Capital, Dubai-based investment bank and brokerage told Bloomberg yesterday.
According to the analysts in an e-mailed note, Capital ratios are set to worsen in the country’s banking system because of currency depreciation and souring loans. Calls to one of the banks were not immediately returned and the other did not reply to questions.
The Central Bank of […]
Natural gas reserves capable of generating 40,000 megawatts of electricity for Nigeria have remained idle as several factors continue to hamper investments by oil companies in the business, it has been gathered.
Despite being home to Africa’s largest natural gas reserves, the country has one of the lowest power generation levels per person in the world.
Latest figures from the Department of Petroleum Resources showed that the nation’s natural gas reserves had increased from about 189 trillion cubic feet to 192Tcf as […]