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Financial services in Nigeria
Financial services in Nigeria
Financial services in Nigeria
Financial services in Nigeria
Financial services in Nigeria
Financial services in Nigeria
Financial services in Nigeria
Financial services in Nigeria
Financial services in Nigeria
Financial services in Nigeria
Financial services in Nigeria
Financial services in Nigeria
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Financial services in Nigeria

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  • 1. Nigerian  Financial  Services   A  snapshot  
  • 2. What  this  isn’t  ᵠ  A  comprehensive  industry  overview  an  analysis  of   the  entire  financial  services  industry  in  Nigeria  ᵠ  An  in-­‐depth  competitive  review  of  all  the  sectors  in   which  you  play  ᵠ  A  primer  on  ARM  and  the  Nigerian  marketplace  
  • 3. What  this  is  ᵠ  An  overview  of  the  big  stories  with  system     wide  implications  ᵠ  A  snapshot  of  current  events  that  are  likely  to   impact  your  business  in  the  short  to  medium  term  
  • 4. In  Nigeria,  it’s  still  [mostly]  about  Banks  
  • 5. After  the  crisis   ᵠ  Tightening  of  risk  management   procedures  led  to  a  lot  less  liquidity   in  the  marketplace   ᵠ  Companies  increasingly  turning  to   private  equity  as  a  source  of   funding   ᵠ  Shook  confidence  in  the  stock   market  (revealed  the  extent  to   which  the  ‘success’  was  driven  by   bad  loans)   ᵠ  Nigerian  brokers  began  to  take   positions  during  the  bubble;  when   the  crash  came,  a  lot  of  them  ran   into  trouble   ᵠ  Risk  management  now  an   important  niche,  currently  being   filled  by  international  expertise  
  • 6. The  shakeout  continues?  ᵠ  Conventional  wisdom  is  that  further   consolidation  is  likely  in  the  Banking  sector  ᵠ  The  cream  should  rise  to  the  top   ᵠ  Fewer,  stronger,  better  run  institutions   ᵠ  Greater  transparency,  efficiency,  better   service   ᵠ  Deeper  talent  pools  
  • 7. The  end  of    universal  banking  
  • 8. The  Americans  are  coming   (well,  actually,  they’re  already  here)  ᵠ  The  big  American  investment  banks   are  setting  up  permanent  shop   ᵠ  Citigroup,  JP  Morgan,  Morgan   Stanley  all  already  have  offices  or   have  plans   ᵠ  Goldman  Sachs  doesn’t  have  an   office  but  is  committing  significant   resources  ᵠ  Means  there  are  enough  large,   private  sector  deals  to  justify  a   permanent  presence  ᵠ  Adding  to  competition,  but  also   mean  more  sophisticated  skill  set   and  deeper  experience  in  the   market  
  • 9. Legislative  influence:  the  good  &  the  bad   ᵠ  Liberalization  of  restrictions  on   Pension  Funds  would  significantly   deepen  the  pool  money  available   for  investment   ᵠ  Legislation  pending  in  the  House   that  threatens  the  autonomy  of  the   CBN  and  potentially  politicize  fiscal   policy  
  • 10. Outrageous  behaviour  and  skeletons   coming  out  of  the  closet  ᵠ  The  pension  scandal  ᵠ  The  fuel  subsidy  scandal  ᵠ  The  Otedola/Lawan  scandal  ᵠ  The  financial  services  industry  (especially   the  banks)  are  assumed  complicit  in   some  way  ᵠ  Feeds  a  general  sense  of  distrust  and   uncertainty  ᵠ  Reinforces  the  international  perception   of  uncontrolled  corruption  
  • 11. …and?  ᵠ  Influx  of  skills,  potential  deepening  of  the  well  should  lead  to  a  more   sophisticated  market   ᵠ  Opportunity  to  lead  the  way  in  complex  transactions,  niche   competencies  ᵠ  Continued  caution  by  banks  remains  an  opportunity  for  private   equity  ᵠ  Continued  softness  in  stock  market  represents  an  opportunity  to   broaden  portfolios  of  wealth  management  clients  ᵠ  A  crowded  marketplace  (in  the  short  term)  means  more   competition,  but  also  an  opportunity  to  leverage  experience,  skill   and  delivery  to  ‘widen  the  gap’  ᵠ  As  always,  in  Nigeria,  there’s  a  hint  of  uncertainty:  CBN’s  autonomy   in  question,  more  surprises  from  the  banking  sector  (and  of  course,   Boko  Haram,  Power  and  all  the  other  macro  issues)  
  • 12. DALU   Ẹ  SE   NA  GODE  [THANK  YOU]  

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