Nigeria’s banking sector is barely recognisable from what it was three years ago. Then, the country’s 24 lenders were in the midst of a crash that led to 10 of them being rescued by the government and the rest having to offload billions of dollars of non-performing loans to a state-owned bad bank.
The crisis has now largely been resolved. Banks are once again well-capitalised and most are making healthy underlying profits. But the full effects of that period, which forced many of the rescued lenders to put themselves up for sale, are still to be felt.
