Sunday, October 11, 2020 / 11:50 AM / by Proshare Research / Header Image Credit: EcoGraphics
"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
- Henry Ford
Nigeria's Banking sector in H1 2020 pulled in its neck and sauntered into the COVID-19-induced headwinds of Q1 and Q2. The brave challenge of a health and economic pandemic saw the sector with lower growth in topline income and decapitation of growth in bottom lines. The banking sector regardless of its weighty operational problems during the year has done a creditable job of remaining at the forefront of longer-term growth.
Indeed, markets are no strangers to shocks but with the advent of a global health pandemic both the nature and extent of the 2020 market shocks have been unprecedented and complex. A fall in the global demand for crude oil as a result of lockdowns in China and Europe started a trade war between members of the Organization of Petroleum Exporting Countries (OPEC) and the so-called OPEC plus nations which includes Russia.
The disagreement over the size of production cutbacks between both groups led to Saudi Arabia in February breaking rank to provide deep discounts on its oil and to also drop prices, the consequence was a sharp tumbling of international oil prices. The fall in oil price has prompted the Nigerian fiscal authorities to revise the benchmark oil price for the 2020 federal budget twice. From an initial assumption of US$57 per barrel in October 2019, the Q1 2020 fall in oil prices compelled the fiscal authorities to revise average oil price expectations down to US$30 per barrel in April 2020 and this toppled further to US$20 per barrel in May 2020.
Falling oil prices have meant a drop in revenues for most oil-producing African countries and this has had major effects on African economies across different economic sectors with the domestic financial service sector feeling a large part of the emerging pain.
Nigeria's Banking Sector; Taking The Pain with The Gain
Nigerian banks recorded mixed results in profit before tax in H1 2020. Eight (8) Nigerian banks among the thirteen (13) banks listed on the Nigeria Stock Exchange recorded an increase in profit before tax while five banks (5) banks recorded a decline in profit before tax. The top five banks with the highest profit before tax were Zenith Bank N114.12bn, GT Bank N109.71, Access Bank N74.31bn, ETI N64.13bn, and UBA N57.13bn while the three banks with the least profit before tax were Unity Bank N1.12bn, Wema Bank N1.73bn, and Sterling Bank N5.68bn. Wema Bank recorded the most significant year-on-year (Y-o-Y) decline of -33.72% in profit before tax (PBT) while FCMB recorded the most significant growth of PBT at +25.51%
The mixed performance of banks in Q2 2020 reflected the diversity of their balance sheet structure and how close loans and advances were to the Central bank of Nigeria-imposed 65%. The banks that were already close to this ratio in Q4 2019 would not have seen much growth in Q2 2020 on a Y-o-Y basis as the additional earnings growth had already been almost completely factored into their performance. But banks that had to rapidly ramp up loans and advances and therefore profit numbers would have witnessed a more significant rise in PAT in Q2 2020 Y-o-Y.
The gross earnings of the majority of banks listed on NSE was unaffected by the coronavirus pandemic. Only three banks recorded a decline in their gross earnings in H1 2020. The three banks that recorded a decline in GE were Sterling Bank -2.8%, Wema Bank -6.6%, and ETI -3.3%.
Before the Storm
Months before the COVID-19 outbreak, some banks had realized that to stay profitable and sustainable they needed to restructure their businesses to be fit-for-purpose in a fast-paced new digital reality. Operating costs needed to decline as industry consolidation was beginning to look more inevitable to improve economies of scale and scope. Small-sized banks would exist for a season but as asset quality became more of an industry concern, larger-sized institutions would be at a competitive advantage as they serviced high net worth corporations and individuals with higher credit ratings while smaller banks are left with dregs of the loan bucket having to service riskier customers. In other words, smaller banks would have to face larger credit risks, higher impairment provisions, and lower profitability. The weaker balance sheet positions of smaller-sized banks had nothing to do with a virus and were the outcome of natural market logic. In finance small is not exactly beautiful.
Some banks had realized this quite early and built buffers into their operations to withstand sudden shocks to the lending system. Early in 2019, for example, Access Bank as part of its five-year strategic growth plan, merged with the erstwhile Diamond Bank, thereby creating Nigeria's largest lending institution by asset size. But what was more critical was that the bank leveraged the merger to strengthen its digital foundry and sandboxes and redesigned its institutional skill sets and workforce requirements.
The reconfiguration of the bank's business model meant that workers needed to be streamlined into the new competitive banking landscape. For a bank like Access Bank, this inevitably required a redesign of its workforce architecture, meaning some jobs had to shrink in number while others grew. The paradigm shift was similar for UBA which had to let go of over a thousand employees in January 2020 and ETI that laid off a large part of its older workforce and disengaged staff on contract in the middle of 2019.
Understanding the New Normal
Banks will have to cope with a new customer environment defined by less physical interaction, more demanding digital user experience and interaction (UX/UI) and greater fluidity in consumer loyalty as millennials begin to become a larger segment of bank's customer base, even though they may not constitute the largest demography by nominal deposit value.
The growth of generation Z and Y and their digital competence would gradually change the state of engagement between banks and customers. However, the change would be far from a sea change alteration, as Nigeria's large informal sector is still fairly digitally unsophisticated. While it is true that the unstructured supplementary service data (USSD) codes have been very successful in meeting the mobile payment solution needs of retail customers, the small enterprise solutions are yet to be as popularly adopted (see Table 1).
Table 1: New Enterprise; Understanding The Fintech Buzz
Nevertheless, the banking sector is creatively improvising to pull the informal sector into a banking payment and settlement loop by the promotion of agency banking in communities that do not have formal branches or cash centres or automated teller machines (ATMs). It is still early to tell how successful agency banking will be, but from reports of the larger tier 1 banks, the rural penetration rates have been impressive.
Digital banking will increasingly thrive in local cities but informal businesses on the fringes of urban economies will adopt new technology more slowly. The mortal error banks could commit in the new post-COVID-19 era is to believe their hype. Digital banking services will increase as more people go online to initiate and complete financial transactions, but the less fanciful services of banks must equally be addressed. Digital natives may be pleased with financial geekdom but digital nomads would likely feel more comfortable with a set of less exotic services, and since nomads typically have more spending power than natives, banks can only ignore them to their peril (see Table 2).
Table 2: Coming To Terms with Macroeconomics and the New Digital Normal
Increased social distancing in 2020 and 2021 would require banks to observe higher standards of environmental and health governance, by way of increased expenditure on hand and hard surface sanitizers, queue management technology, 'menu' costs of reminding customers of appropriate physical distancing rules and the cost of retraining of staff on handling physical customer interaction such as the use of non-medical face masks.
Dodging A Bullet
Can banks avoid the impact of global contagion on the Nigerian financial system? That would be desirable but near impossible. As long as bank customers have foreign product supply linkages and export-oriented operations both the banks and their customers would be affected by foreign exchange translation costs. The local businesses would also be affected by movements in global interest rates as investors move money across territories in search of superior returns. Sterilization of the impact of changes in international trade conditions on modern domestic open economies is improbable. Dodging external economic bullets is desirable, but like a man tied to the stake, the probability of survival is slim. Nigeria's economy with a heavy dependence on crude oil export is a ship on stormy global waters, the ship's stability depends on the dexterity of the captain and the courage of the crew, so far Nigeria's economic managers have found themselves tossed around like a tennis ball.
Banks would, therefore, need to gradually wind down their exposure to the oil and gas sector and take a second look at the power sector too. But can local banks afford to ignore two of the largest sectors of the local economy? Perhaps not. Banks may need to build stronger operational buffers to survive the uncertainty of the near future. A crucial area banks may need to address is the size of their shareholder's funds, the larger the funds the more resilient the bank would appear to be. The implications would be that going into 2021 some mergers and acquisitions (M&As) may occur to consolidate the industry and strengthen corporate balance sheets. Tier 1 institutions such as FBN may consider growing inorganically by searching for smaller tier two competitors with weaker balance sheets but strong potential value addition if relieved of constraining liabilities such as Asset Management Company of Nigeria (AMCON) obligations and negative or marginally positive shareholder's funds.
Back of The Book
The new business era is a game of innovation, creativity and efficiency. Banks will need to ramp up digital capacity very fast while also building creative less exotic service solutions for the large informal sector and the over 40.5m micro, small and medium-sized businesses (MSMEs) in the country.
Conventional banking will have its place, but that space could shrink at a disconcerting pace depending on how the international business outlook shapes up for the country in 2020 and 2021. An optimistic outlook would see banks reposition quickly to prepare themselves against future economic shocks, but if the outlook appears pessimistic the banks would likely be more focused on immediate tactical survival than on the finer points of strategic corporate longevity. As banks realize in the words of US Army General GB Sullivan, "Hope is Not a Method". They will have to survive by being trimmer, sharper, and more customer-centric.
Holding an umbrella against a cyclone is brave but ineffectual, likewise, banks would have realized by now that to survive the swiftly changing dynamics of domestic financial service delivery being small is a thick leg chain tied to a massive tree trunk. As safer loans float towards bigger lending institutions smaller banks will find themselves holding less qualitative risk assets making their books more vulnerable to the next business downturn, if anything is likely to happen to protect systemic stability, it is likely to be a dash towards industry consolidation. Being bigger may not be elegant but in the business of lending, it is far from ugliness.
Section 1 of the report takes a broad aerial view of Nigeria's banking landscape in H1 2020, capturing the nuanced landscape of a COVID-19-endangered financial system. It captures the efforts the local banks have made to break through the storm and hold up earnings as best as possible.
Section 2 of the report digs deeper into how Nigerian banks have evolved short-term strategies to fend off the more severe consequences of COVID-19 and oil price declines on their operations. The section dwelt heavily on the various types of risks that banks had to face and how they were required to navigate the challenges. The section pointed out that the second wave of restrictions on economic activities in 2020 could lead to a very exotic double-dip or wavy W-shaped recovery. According to the report "The spread of the virus will hurt businesses and individuals affecting their customer's ability to repay loans. Also, further restrictions if the virus persists might lead to an increase in withdrawals by depositors. To further compound issues, banks might record increased defaults and higher delinquent credit exposure as a result of the slowdown in economic activities".
The report further noted that "Banks with a mismatch in their foreign currency (FCY) denominated assets and liabilities may experience significant exposure to currency risk occurring from expected defaults on their foreign currency assets compounded by recent adjustments in exchange rates by the CBN".
Section 3 of the H1 2020 Banking analysis Breaks into the industry numbers for H1 2020, highlighting where each sector showed strengths and weaknesses while analyzing its opportunities and threats. The section does a drive-by observing the valleys, hills, and sharp economic bends that have made 2020 a rough year for financial market operators. The impact of the economic and health shocks of the double whammy of COVID-19 and fiscal decline is captured in a series of tables and charts that show the vulnerability of the domestic financial system to external uncertainties. The report noted that "Nigeria has a peculiar and distinct domestic economy. Unlike other economies were banks recorded a significant decline in profit in H1 2020, a sum of the profits of thirteen banks listed on the Nigerian Stock Exchange revealed that there was an increase in gross earnings by +5.18% and a mild decline in profit before tax by -1.47%".
Section 4 breaks into a deconstruction of the banking sector bank-by-bank exposing the underbelly of each bank based on its H1 financial records. According to the report "The majority of the banks listed on the Nigeria Stock Exchange (NSE) recorded an increase in their gross earnings in H1 2020. Ten (10) banks among the listed banks on the NSE recorded an increase in their gross earnings while three (3) banks recorded a decline in gross earnings. The top five banks with the highest gross earnings in H1 2020 were Access Bank N396.76bn, ETI N392bn, Zenith Bank N346.09bn, UBA N300.6bn, and FBNH N296.4bn while three banks with the lowest gross earnings were Unity Bank N22.87bn, Wema Bank N38.15bn, and Sterling bank N70.23bn"
The report provides readers with an opportunity for assessing how well each local bank has coped with the challenges to domestic credit and tumbling consumer expenditure and savings. A peculiarity is that two banks (Unity Bank and Heritage Bank) have maintained negative shareholders funds for over three years and still walk the Banking bistro without consequences. This is a curiosity both domestic and foreign investors and academics have tried to understand and explain without success they have been stumped by theory and practical global regulatory best practices. In the case of Unity Bank, the bank has been able to drum up marginal profit before tax thereby incrementally reducing the capital deficit but Heritage Bank remains a stellar example of a puzzle wrapped in an enigma.
Section 5 enters into a pre-wrap up phase of the report by encapsulating issues around the forward-view of the industry and key takeaways from analyzing the H1 2020 financial statements of the banks. It detours into the monkey games that some agriculture-related Fintechs have played over the last half-year. The report points out that "Increasingly Fintech companies, especially those targeted at the agricultural sector have been offering returns on investments far above returns in alternative money market assets with investors piling into these digital investment wonders in search of superior returns. The problem with such schemes is that there is no underlying 'real' asset trading in a growth market that justifies the returns on offer. The schemes speak to the parable of the monkey market".
Section 6 ends the report by
capping with issues raised in earlier segments and introduces the VUCA matrix
as a tool for assessing the challenges of the unfolding Holdco structures that
virtually all tier 1 banks in the country have chosen to adopt.
Illustration 1: Bank Holding Structure and the Mistiness of Progress
The report says, "With the future shrouded in uncertainty, the outlook for banking is a gamble on the institutional resilience, far-sighted corporate leadership and the creative application of technology in the course of day-to-day business. The ability of local Nigerian banks to unhinge their hooks from the general economy provides hope that at least tier 1 banking institutions would provide backstops to an economic downturn in 2020 and 2021."
Downloadable Versions of Banks in H1 2020: Imagining Beyond COVID-19 Report (PDF)
1. Executive Summary: Banks in H1 2020: Imagining Beyond COVID-19 - Oct 11, 2020
2. Full Report: Banks in H1 2020: Imagining Beyond COVID-19 - Oct 11, 2020
Related News On Banking Sector
Related News - Rating Agencies on Banks
Related News - Most Recent CBN Circulars
2. Amended Health Sector Research and Development Intervention Scheme (HSRDIS) Guideline - CBN - Sep 29, 2020
21. CBN Publishes Approved Service Charter - Mar 26, 2020
28. CBN Issues Circular on Pre-Authorisation of Cards in Nigeria - Dec 30, 2019
29. CBN Issues Consumer Protection Regulations - Dec 23, 2019
30. CBN Reviews Charges On ATM, Card Maintenance and Others - Dec 22, 2019
33. CBN Notifies of The Automation Of Form NXP On The Trade Monitoring System - Oct 30, 2019
39. CBN Issues Approvals-In-Principle To Three Payment Service Banks - Sep 18, 2019
54. CBN To Disburse Lower Currencies To Microfinance Banks -Aug 16, 2019
56. CBN Releases Consumer Protection Guidelines On Responsible Business Conduct - Aug 05, 2019
63. CBN Announces Creative Industry Financing Initiative - May 08, 2019
64. CBN Releases Banknote Fitness Guidelines - Apr 26, 2019
65. CBN Issues Clean Notes Policy - Apr 26, 2019
66. CBN Releases Guidelines On Pillar 2 Risks And Stress Testing For Banks - Apr 18, 2019
75. CBN Publishes Banknote Fitness Guidelines - Jan 24, 2019
76. CBN Deploys Consumer Complaints Management System Effective Jan 02, 2019 - Dec 28, 2018
78. CBN Releases Code of Corporate Governance for Finance Companies in Nigeria - Oct 30, 2018
81. CBN Releases Code of Corporate Governance For Bureaux De Change In Nigeria - Oct 30, 2018
82. CBN Introduces Additional Template to The Redesigned CRMS - Oct 23, 2018
83. CBN Reviews Minimum Capital Requirement For Microfinance Banks In Nigeria - Oct 23, 2018
84. Exposure Draft Of New CBN Licensing Regime For Payment System Providers - Oct 18, 2019
85. CBN Proposes N5bn Capital Requirement For Payment Service Banks - Oct 08, 2018
87. CBN Releases Exposure Draft-Guidance Notes on Disclosure Requirements - Oct 03, 2018
91. CBN Releases The Revised Nigeria Bankers' Clearing System Rules - Aug 02, 2018
93. CBN Issues Circular to All Banks on the Redesigned CRMS - Jun 07, 2018
94. CBN Issues Regulations for Transaction with Authorized Dealers in Renminbi - Jun 07, 2018
97. Regulatory Framework for the Use of USSD in the Nigerian Financial System - Apr 27, 2018
99. CBN Exposure Draft - Licensing of Private Asset Management Company - Mar 27, 2018
100. CBN Introduces Non-Oil Export Stimulation Facility (NESF) - Mar 20, 2018
101. CBN Announces Regulation For Bill Payments In Nigeria - Mar 16, 2018
102. CBN Revised Regulation for Direct Debit Scheme in Nigeria - Mar 15, 2018
103. CBN Directs DMBs to Establish Consumer Complaint Help Desk - Mar 09, 2018
104. CBN Includes Additional Provision For Dividend Pay-Outs For Nigerian Banks - Feb 20, 2018
108. CBN to Draft Framework on Credit to SMEs - Dec 05, 2017
111. CBN Unveils Framework For BVN, Watch-List Operations - Oct 23, 2017
112. Implementation of Electronic Certificate of Capital Importation - Sep 08, 2017
115. CBN Revised the Guidelines for Commercial Agricultural Credit Scheme (CACS) - Aug 21, 2017
116. CBN Extends Timeline of BVN Enrolment for OFIs to December 31, 2017 - Aug 07, 2017
118. CBN Issues Statements of Payment Finality for the Nigerian Payments Schemes - Jul 25, 2017
119. CBN Directs OFIs to Enroll Customers for BVN - Apr 25, 2017
120. CBN Suspends the Implementation of Interchange Regime Indefinitely - Apr 21, 2017
121. CBN Issues Circular on the Amendments of S4 Business Rules and Guidelines - Feb 02, 2017
122. CBN Enhances Minimum Qualifications for Banks CCOs to Ensure Compliance - Sep 30, 2016
123. CBN Issues Directives on the Removal of Fixed Interest Rate on Credit cards - Aug 05, 2016
124. CBN Reviews Operational Guidelines for Blacklisting - Jul 13, 2016
126. CBN Publishes Approved Guidelines on Transactions Switching in Nigeria -May 09, 2016
127. CBN pledges more interventions to create jobs, wealth - Apr 19, 2016
128. CBN Publishes Exposure Draft on Guide to Charges for Banks & OFIs in Nigeria - Mar 14, 2016
130. CBN Publishes Revised Guidelines on Real Sector Support Facility - Mar 10, 2016
131. CBN Releases National Financial Literacy Framework Report - Mar 07, 2016
136. CBN Releases Revised Guidelines for Bureaux De Change in Nigeria -Dec 11, 2015
138. CBN Directs PMBs and DFIs to Comply with FG's Directives on TSA - Nov 19, 2015
141. CBN Publishes Guidelines for Approved Persons' Regime for Financial Institutions - Oct 22, 2015
143. CBN Releases Exposure Draft on Consumer Protection Framework - Sep 18, 2015
144. CBN Mandates DMBs to Equip All Branches to Treat E-dividend Mandate Form - Sep 15, 2015
146. CBN Releases Exposure Draft on the Guidelines on Transaction Switch in Nigeria - Sep 15, 2015
147. CBN Directs Development Finance Institutions to Obtain Licence - Sep 08, 2015
148. CBN Directs Banks to Remit FG's Funds into the Treasury Single Account - Sep 08, 2015
152. CBN Extends BVN Enrollment Deadline to 31st October, 2015 - Jun 30, 2015
153. CBN Directs DMBs to Establish Industry Fraud Desks - Jun 12, 2015
154. CBN to Review the Nigerian Cheque Standards - May 04, 2015
155. CBN Moves to Check Rising Non-performing Loans in Banks - Apr 24, 2015
156. CBN Clarifies Circular on Usage of Naira Denominated Cards Overseas - Apr 24, 2015
157. CBN Stops Rendition of Returns on Defunct Micro Credit Fund - Apr 17, 2015
158. CBN Limits Naira Card Usage on Overseas Transactions to $50,000 - Apr 14, 2015
159. CBN Rolls Out Stiff sanctions to Dissuade Issuance of Dud Cheques - Apr 09, 2015
160. CBN Warns Against the Use of Foreign Currency as Medium Of Exchange in Nigeria - Apr 07, 2015
161. CBN lays Guidelines on Mobile Money Services in Nigeria - Apr 02, 2015
162. CBN Sets Regulatory Framework for Licensing Super Agents - Apr 02, 2015
163. CBN Releases Regulatory Framework for Mobile Money Services - Apr 02, 2015
164. CBN Publishes Regulatory and Supervisory Guidelines for DFIs in Nigeria - Mar 19, 2015
165. CBN Sets Guidelines for N300 Billion Real Sector Support Facility - Mar 04, 2015
166. CBN Directs Banks to Commence FG's Treasury Single Account Scheme - Feb 26, 2015
167. CBN Restricts Use of Unfettered Access in Exchange Manual - Feb 23, 2015
168. CBN Sets Guidelines for Advisory Council on Non-Interest Financial Institutions - Feb 20, 2015
169. CBN Closes RDAS/WDAS Foreign Exchange Window - Feb 18, 2015
170. CBN Releases Exposure Draft for Dormant Accounts Management by Banks - Feb 18, 2015
171. CBN Sets Time Bar for Resolution of Customers Complaints - Feb 18, 2015
172. CBN Issues Framework for the Implementation of Electronic Payments Incentive - Feb 13, 2015
173. CBN Sets Guidelines for Banking Operations in Free Trade Zones in Nigeria - Feb 11, 2015
174. CBN Offers Special Intervention to BDC Operators - Feb 03, 2015
175. CBN Inaugurates Financial Inclusion Steering Committee - Feb 03, 2015
176. CBN Notifies Banks on Onward Reporting of Fraud in Non-EMV Environments- Jan 30, 2015
177. CBN Directs Banks to Compute Net Open Position on Daily Basis - Jan 30, 2015
178. CBN Reviews Weekly Cash Sales to BDCs to $30,000 - Jan 23, 2015
179. CBN Reviews Foreign Currency Trading Position of Banks to 0.1% of SHF - Jan 13, 2015
180. CBN Signs MoU with Deposit Money Banks to Boost Power Supply - Dec 23, 2014
181. CBN Directs Banks to Commence Issuance of Centenary N100 Banknote - Dec 22, 2014
183. CBN Issues 48hours Deadline for Utilization of Funds Purchased from Forex Market - Dec 18, 2014
187. CBN Sets BVN Compliance Deadline for DMBs and Bank Customers - Oct 22, 2014
188. CBN Increases Outbound International Money Transfer Limit - Oct 14, 2014
189. CBN Releases Collateral Registry Regulation - Sep 30, 2014
190. CBN Rolls Out Electronic Payments Incentive and Awareness Campaign - Sep 19, 2014
191. CBN Releases Circular on the Acceleration of Bank Verification Number - Sep 19, 2014
192. CBN Releases Guidelines for Financial Holding Company (HoldCo) - Aug 29, 2014
193. CBN Develops Authorized Signatories Verification Portal for the Banking Industry - Aug 21, 2014
194. CBN Earmarks 60% of MSME Development Fund for Women - Aug 18, 2014
195. CBN to launch Outbound Money Transfer Service with Western Union Money Transfer - Aug 14, 2014
196. CBN Reviews Electronic Payment Operations via NIBSS Instant Payment System - Aug 14, 2014
204. CBN Orders Banks to Refund Monies to Customers Shortchanged By ATMs - Jun 16, 2014
205. CBN Orders Banks to Refund Excess Commission on Turnover - Jun 13, 2014
207. CBN Extends Cashless Policy to 30 Remaining States; Kicks Off July 1st - Jun 05, 2014
Proshare's Memo to The Market and Market Updates
2. NSE Ten Years After a Takeover: The Good, The Bad and Undecided - Sep 16, 2020
4. Otudeko: A Boardroom Revolutionary at 77 - Aug 18, 2020
5. Roads: Concrete Vision, Asphalt Competition, Looking Ahead - Aug 01, 2020
8. Coronanomics (1) - Understanding the Realities of an Impending Recession - Jun 06, 2020
11. UBA's Staff Layoff; Understanding The Shifting Dynamics Of Banking's Future - Jan 20, 2020
12. Ogun State: Working Past Economic Headwinds - Nov 04, 2019
13. Banks' H1 2019 Numbers: Top Line Growth, Bottom Line Uncertainty - Sep 22, 2019
14. Ecobank Nigeria: The Case For Restructuring, Repositioning and Retooling - Jul 31, 2019
18. Ogun State: The Debt Trap- Leaning Against the Wind - April 2019
19. The National Association of Securities Dealers (NASD) OTC Market Report 2018 - Feb 06, 2019
20. Surviving Uncertain Times in the Nigerian Financial Market - Jan 19, 2019
23. Nigerian Banks' Performance - H1 2018 - Sep 26, 2018
26. AMCON and Financial Services Debt Burden in Nigeria - Aug 17, 2018
27. Memo to The Market: The Oando Corporate Journey - At The Regulators Gate - Dec 10, 2017
30. FBNHoldings Plc Q1' 2017 Performance Assessment Report Updated - Sep 25, 2017
31. Years After - 5 years of Dr. Yemi Kale's Stewardship at the NBS - Aug 24, 2016
32. Memo to the Market: Reappointing Arunma Oteh as DG, SEC - Jan 03, 2015
33. Where Nigeria got it Wrong - Proshare Dec 01, 2014
34. Fundamental Considerations for Capital Market Reforms in Nigeria ... - Proshare - Sept 06, 2010
36. Making Money in The Nigerian Capital Market Report - Apr 25, 2009