Are the ratings of Nigerian banks reliable?
Different agencies have rated Nigerian banks year after year, especially since the consolidation of the banks in 2004. Three Nigeria banks made this year’s Forbes list of the world’s 2,000 biggest companies. They had emerged as industry leaders consistently since the banking industry reforms introduced by the Central Bank of Nigeria (CBN) in 2004. However, industry watchers are sceptical about these ratings. Contradictory ratings African Business Research Limited, a research-oriented consultancy specialising in Africa, ranked First Bank Nigeria Plc 34th among Africa’s top 200 companies in 2009. Zenith Bank followed in the 61st position, then Ecobank Nigeria plc in the 62nd position. Bank PHB Nigeria Plc came in at number 73 and Wema Bank came in at number 78 from its 126th position in 2008. Oceanic Bank ranked 83, Guarantee Trust Bank at 85, Union Bank of Nigeria 88, Intercontinental Bank 110, Afri Bank 139, Fidelity bank 143, Stanbic IBTC 150, FCMB 156, Spring bank 167, Access Bank at
Different agencies have rated Nigerian banks year after year, especially since the consolidation of the banks in 2004. Three Nigeria banks made this year’s Forbes list of the world’s 2,000 biggest companies. They had emerged as industry leaders consistently since the banking industry reforms introduced by the Central Bank of Nigeria (CBN) in 2004. However, industry watchers are sceptical about these ratings. Contradictory ratings African Business Research Limited, a research-oriented consultancy specialising in Africa, ranked First Bank Nigeria Plc 34th among Africa’s top 200 companies in 2009. Zenith Bank followed in the 61st position, then Ecobank Nigeria plc in the 62nd position. Bank PHB Nigeria Plc came in at number 73 and Wema Bank came in at number 78 from its 126th position in 2008. Oceanic Bank ranked 83, Guarantee Trust Bank at 85, Union Bank of Nigeria 88, Intercontinental Bank 110, Afri Bank 139, Fidelity bank 143, Stanbic IBTC 150, FCMB 156, Spring bank 167, Access Bank at
