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Investment Deals: Ecobank Turns Darling Of Foreign Investors

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Foreign Investors

Ecobank Nigeria is now one of the favourites financial institutions for investment deals by foreign investors.

This much was revealed by the National Bureau of Statistics (NBS).

A report of the bureau showed the financial institution as the second most favourable bank used by foreign investors to deploy foreign capital into the country.

Stanbic IBTC Bank led the list with an investment worth $1.63 billion in the third quarter of this year, lower than $1.76 billion it had in the previous quarter.

On its part, Ecobank attracted $754.38 million worth of foreign investment, while Standard Chartered Bank, a wholly-owned subsidiary of UK-based Standard Chartered Bank occupied the third position by attracting $502.47 million inflows. Access Bank got $477.55 million; Rand Merchant Bank, $430.15 million; Citibank Nigeria Limited; $350.95 million; while First Bank of Nigeria had $307.94 million.

According to NBS, while the total value of capital importation into the Nigerian economy fell by 7.78 percent to $5.36 billion in the third quarter of 2019 from the previous quarter, Ecobank Nigeria attracted $754.38 million worth of foreign investment, representing 55.41 percent more capital thus making the bank foreign investors’ favourites for investment deals.

Commenting, Adetokunbo Uko, Country Treasurer, Ecobank Nigeria, said the Bank was leveraging on its pan-African strategy to attract capital to the nation’s economy, stressing that the Bank remains committed to increasing capital flows to Nigerian financial market.

“As a gateway to the African market for foreign direct and portfolio investments, Ecobank Nigeria is leveraging on its Pan-African platform, people and products to contribute to the financial and economic development of Nigeria through provisions of foreign exchange solutions and fixed income products to local and foreign customers.

“We remain committed to our African strategy, to increase capital flows to the Nigerian financial market through enhanced product offerings, good customer experience and transparency in all transactions,” Uko said.

She restated the Bank’s commitment to redouble its efforts on all fronts to remain foreign investors’ favourite for investment deals and also claim its rightful position in the industry.

 

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