The Nigerian Banking Sector Reforms: Power and Politics

Hardcover | January 15, 2012

bySeth Apati

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With over $400 billion looted from the porous banking sector of Africa's oil-rich giant, Nigeria, banking sector
reform is a key priority for the Central Bank and the newly-elected civilian regime, to attract foreign investors.
However, several vested institutional and political interests make the reforms a herculean and near impossible task.

After a hastily-designed economic policy and a banking industry consolidation which reduced the number of banks from 89 to 25 in 2 years, the regulators discover that the quest for size has created more problems for the banks. Was the consolidation successful? Did it positively impact on Nigeria's economic reform program? And how did the US, the IMF and the World Bank contribute to the outcome?

This book presents an almost minute-by-minute chronicle of the politics and intrigues, from a key boardroom participant who was actively involved in the restructuring of the Nigerian banking industry. It examines the corruption, regulatory challenge, and financial sector reforms in the world's largest black economy. Giving a vivid account of how the banking sector in Nigeria prospered at the expense of the overall economy, the book traces the origins of the Nigerian banking reform, the dynamics of its banking sector, and future outlook of this emerging market - a country that aims to be one of the 20th largest economies in the world by 2020.

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From the Publisher

With over $400 billion looted from the porous banking sector of Africa's oil-rich giant, Nigeria, banking sector reform is a key priority for the Central Bank and the newly-elected civilian regime, to attract foreign investors. However, several vested institutional and political interests make the reforms a herculean and near impossibl...

SETH APATI, a former journalist,has been an adviser to diplomats, CEOs and boards of directors of some of Africa's largest banks and multinational corporations, interfacing with power-brokers and statesmen in the corridors of power of Africa's largest oil-rich nation.
Format:HardcoverDimensions:224 pages, 9.69 × 5.67 × 0.8 inPublished:January 15, 2012Publisher:Palgrave MacmillanLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0230278418

ISBN - 13:9780230278417

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Table of Contents

Preface
Banking Reforms in Emerging Markets: An Introduction
The Nigerian Banking System: The Case for Reforms
Restructuring the Regulator
Does Size Matter? The Quest for Trans-National Banks
Policy on the Run: Inflation, Currency Redenomination and Bank Manipulation
Revaluation
Politics of Banking Reforms
Corporate Governance and Restructuring
The Road Ahead: Sustainability of Bank Reforms
Bibliography
Index