Ecobank Plc Contribution to Capital Importation rises

Ecobank Nigeria and the local unit of Standard Chartered Bank have joined Stanbic IBTC Bank to become foreign investors’ favourites for investment deals.

In a statement by Ecobank, it quoted the National Bureau of Statistics’ economic report for third quarter of 2019 as confirming the development.

It stated, “Details of the bureau report showed that out of 26 banks foreign investors used to deploy foreign capital into the country, the most investment came through Stanbic IBTC Bank. The bank attracted $1.63bn worth of investment in the third quarter of this year, lower than $1.76bn it had in the previous quarter.

“Ecobank followed with $754.38m worth of foreign investment, while Standard Chartered Bank, a wholly-owned subsidiary of UK-based Standard Chartered Bank occupied the third position by attracting $502.47m inflows. Access Bank got $477.55m; Rand Merchant Bank, $430.15m; Citibank Nigeria Limited; $350.95m; while First Bank of Nigeria had $307.94m.

Commenting, the Country Treasurer, Ecobank Nigeria, Adetokunbo Uko, said the bank was leveraging on its pan-African strategy to attract capital to the nation’s economy, stressing that it remained committed to increasing capital flows to Nigerian financial market.

She stated, “As a gateway to the African market for foreign direct and portfolio investments, Ecobank Nigeria is leveraging on its Pan-African platform, people and products to contribute to the financial and economic development of Nigeria through provisions of foreign exchange solutions and fixed income products to local and foreign customers.

 “We remain committed to our African strategy, to increase capital flows to Nigerian financial market through enhanced product offerings, good customer experience and transparency in all transactions.”

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