Firm predicts difficult year for Nigerian banks
NIYI Jacobs
The FSDH Merchant Bank Limited (FMBL) has warned that 2016 will be a very challenging year for banking business in Nigeria, following massive impairments which have prompted several banks to issue profit warnings and the general downturn in the Nigerian economy.
The bank also noted that the federal government’s pronouncement that it intended to run a fiscal deficit in excess of N2.2 trillion in 2016 to revive the struggling economy to ensure a sustainable growth path remained one of the factors that would pose challenge to banks.
Speaking at the bank’s annual general meeting (AGM) in Lagos, recently, Chairman of FMBL, Osaro Isokpan noted that the government’s expectation to raise funds in addition to the N900 billion it planned to borrow from the domestic market, has the implication of further toughening the banking environment.
Speaking in the same vein, a representative of an institutional investor in FSDH, Oyinkan Adewale, admitted that the economic situation in the country and the persisted bear market have affected shareholders investments, especially in equities. He, however, expressed optimism that with the measures put in place so far by the regulator especially the Corporate Governance Index, the investments were protected.
He said: “For the equities market, if we can just hold on, it will grow. Presently, we are not seeing inflows from outside the market. What has been growing every economy even the equities market in the western world has been new capital injected into the system; but I am not seeing much of capital from foreigners. It’s barely one year, the new administration came on board, and investors are still waiting, they want to know which direction the economy is going before we will start seeing inflows.”
In spite of the challenges in the economy and in the financial markets in 2016, the FMBL Chairman, Osaro said: “We will continue to explore and expand relationships with our esteemed customers in carefully selected industries and to offer our tailor-made solutions. We see increased need in the economy for financial advisory services and are poised to exploit this opportunity. We have reviewed our lending to the sectors that are considered to be most vulnerable to the current economic challenges. It’s pertinent to note, however, that no sector is entirely immune to the current challenges.”
He however expressed optimism that the oil prices will go up again, adding government will take advantage of a likely rise in oil price to save and diversify the economy.
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