Stanbic IBTC Leads In Capital Inflows Into Nigeria, Attracts $590m In Six Months – NBS

In further demonstration of its commitment to support Nigeria’s economic recovery and development, Stanbic IBTC, in the second quarter of this year, facilitated a staggering $589.84 million capital inflow into the country, ranking it first among financial institutions that imported capital into Nigeria.

The Nigerian Bureau of Statistics, in its Capital Importation Q2 2017 Report, stated that Stanbic IBTC accounted for 32.91 per cent ($589.84 million or N216.47 billion) of the total share during the period, representing an increase of 9.12 per cent over the $536.78 million it posted in the first quarter of the year.

That brings to $1.127 billion (N413.62 billion) capital importation by Stanbic IBTC in the first six months of the year.

The trio of Stanbic IBTC, Citibank Nigeria and Standard Chartered Bank accounted for 70.7 per cent or $1,267.8 million of the total $1.792 billion capital importation during the quarter, while the other 22 banks generated the rest.

According to the report, Portfolio Investment was the key mover of capital during the quarter, growing by 145.7 per cent, followed by Other Investments, which rose by 95.02 per cent, and Foreign Direct Investment by 29.8 per cent over the first quarter.

In figures, Portfolio Investment accounted for $770.5 million, or 43.0 per cent of the total.

In second place was Other Investments with $747.5 million, or 41.7 per cent, and FDI with $274.4 or 15.3 per cent.

The Chief Executive, Stanbic IBTC Bank Plc, Dr. Demola Sogunle, described the feat as a clear expression of the institution’s goal of helping Nigeria achieve her developmental aspirations through strategic interventions in crucial sectors of the economy that would enable the country take its rightful place as a favourite investment destination in Africa.

Sogunle said the accomplishment reflects the financial institution’s strength, strong leadership and unyielding support of its parent company, the 154 year-old Standard Bank Group, Africa’s largest financial institution.

“We are definitely proud of this achievement. It represents a validation of our commitment to supporting the attainment of Nigeria’s developmental aspirations through deft interventions that create a win-win situation for all stakeholders,” he said.

He reiterated Stanbic IBTC’s commitment to the Nigerian market and pledged that it would continue to provide support to all sectors of the economy in moving individuals and businesses forward.

This is also in synergy with the drive to build a leading end-to-end financial solutions institution that offers bespoke products and services to its clientele.

The NBS report showed that the bulk of capital imported into Nigeria in Q2 came from the United Kingdom, which accounted for $696.7 million or 38.87 per cent of the total.

The second largest value of capital importation came from the United States with $287.82 million or 16.06 per cent.

Stanbic IBTC Bank Plc is a member of Standard Bank Group, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management.

Stanbic IBTC belongs to the Standard Bank Group, the largest African financial institution by assets and earnings.

It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for 154 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.