In further demonstration of its commitment to support Nigeria’s economic recovery and development, Stanbic IBTC, in the second quarter of this year, facilitated a staggering $589.84 million capital inflow into the country, ranking it first among financial institutions that imported capital into Nigeria.
The Nigerian Bureau of Statistics (NBS), in its Capital Importation Q2 2017 Report, stated that Stanbic IBTC accounted for 32.91 percent ($589.84 million or N216.47 billion) of the total share during the period, representing an increase of 9.12 percent over the $536.78 million it posted in the first quarter of the year. That brings to $1.127 billion (N413.62 billion) capital importation by Stanbic IBTC in the first six months of the year.
The trio of Stanbic IBTC, Citibank Nigeria and Standard Chartered Bank accounted for 70.7 percent or $1,267.8 million of the total $1.792 billion capital importation during the quarter, while the other 22 banks generated the rest.
According to the report, Portfolio Investment was the key mover of capital during the quarter, growing by 145.7 percent, followed by Other Investments, which rose by 95.02 percent, and Foreign Direct Investment (FDI) by 29.8 percent over the first quarter. In figures, Portfolio Investment accounted for $770.5 million, or 43.0 percent of the total. In second place was Other Investments with $747.5 million, or 41.7 percent, and FDI with $274.4 or 15.3 percent.
Chief Executive, Stanbic IBTC Bank PLC, Dr. Demola Sogunle, described the feat as a clear expression of the institution’s goal of helping Nigeria achieve her developmental aspirations through strategic interventions in crucial sectors of the economy that would enable the country take its rightful place as a favourite investment destination in Africa.
Dr. Sogunle said the accomplishment reflects the financial institution’s strength, strong leadership and unyielding support of its parent company, the 154 year-old Standard Bank Group, Africa’s largest financial institution. “We are definitely proud of this achievement. It represents a validation of our commitment to supporting the attainment of Nigeria’s developmental aspirations through deft interventions that create a win-win situation for all stakeholders,” he said.
He reiterated Stanbic IBTC’s commitment to the Nigerian market and pledged that it would continue to provide support to all sectors of the economy in moving individuals and businesses forward. This is also in synergy with the drive to build a leading end-to-end financial solutions institution that offers bespoke products and services to its clientele.
The NBS report showed that the bulk of capital imported into Nigeria in Q2 came from the United Kingdom, which accounted for $696.7 million or 38.87 percent of the total. The second largest value of capital importation came from the United States with $287.82 million or 16.06 percent.
