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THE 2nd Vanguard Annual Banking Awards comes up on April 18, 2008. The awards are open to the 24 commercial banks in Nigeria and are aimed at giving recognition to Nigerian banks in areas they have excelled in service delivery to the banking public.

When on July 6, 2004 the Central Bank (CBN) Governor, Professor Chukwuma Soludo announced a 13-point reform agenda for the banking industry in Nigeria, bankers realised they were in for a tough time. Of the 13-point agenda announced by the governor, only one was topmost in their reckoning ¡ª that was the new capital base of N25 billion by December 31, 2005.

What the CBN did not disclose was that the bigger picture was to launch Nigerian banks into the global financial market. Nigerian banks, before then, were satisfied with local transactions on foreign exchange where they reaped in the form of commissions.

Many banks, at that time saw the reforms as an impossibility imposed on them and almost took to the streets to campaign against it. Some however saw some sense in it and immediately set to work.

Two years after, the 24 surviving banks are shaping up to the competition. Post-consolidation, the banking sector has turned out to be the most vibrant in the Nigerian economy. The banks are not satisfied with their current shareholder fund status and nearly all have returned to the capital market to raise more funds.

Giving his report on bank consolidation in Nigeria to stakeholders in Abuja, Prof. Soludo said the assets base of banks grew by approximately 277 per cent between 2003 and 2007.

According to the CBN Governor, about 11 Nigerian banks would hit the $1 billion mark by the end of February 2008. Nigerian banks now have branches outside Nigeria, with 16 branches in Africa of which nine are new branches and five of such branches are outside Africa.

The bold move by Nigeria banks to venture out of the shores of the country is a direct result of the confidence they now enjoy in the international market.

In the last one year, close to 10 Nigerian banks have rank among the 1,000 top global banks.

The banking sector, today, is the fastest growing in Africa. With monetary authorities¡¯ vision to make Nigeria the financial hub of Africa, and with its Financial Strategy 2020 in the works, the banks will continue to play leadership role in the economy.

It is the dominant sector in the Stock Exchange and the dominant driver of the progress at the Nigerian Capital Market.

Not surprisingly, the banking sub-sector accounted for 17 of the top 20 companies by turnover volume. As in 2005, the sub-sector recorded many block trades as shareholders realigned their portfolios after the consolidation programme and speculators took profit on some banking stocks.

The total market value of 288 securities listed on the Exchange increased by 76.55 per cent to stand at N5.12 trillion by year-end.

The listing of new securities (equities and bonds) explains in large part the growth of the market capitalisation during the year.

The banking sub-sector recorded many supplementary issues and the listing of scheme shares arising from the mergers and acquisitions elicited by the industry consolidation.

Improved activity in the primary market in the last three year arose principally from the increased recourse to the stock market by banks.

In 2006, The Exchange considered and approved 62 applications for new issues and mergers and acquisitions valued at N1 .41 trillion, as against 52 applications for new issues valued at N730.54 billion in 2005.

The non-bank corporate issues accounted for 48 per cent of the new issues approved in 2006, with 40 applications valued at N678.54 billion, while the banking sector accounted for 41 per cent with 21 applications valued at N577 billion. It is in realisation of this leading role of the banks in the economy that the awards were instituted last year.

return list: VanGuard