8 THE JAPAN TIMES MONDAY, APRIL 26, 2010 Special Economic Reports (3) 第３種郵便物認可

GLOBAL INSIGHT www.global-insight.net Nigeria eyes Japanese FDI Long reliant on its oil and gas reserves, Nigeria has fully embraced economic diversifi cation bank also has an unlisted only in Nigeria but beyond. that include a corporate banking systems and recapitalization, as G lo b a l D e p o s it o r y R e c e ip t (G DR) “FirstBank appeals to a large group, treasury and fi nancial a basis for resuming its growth.” and is offering foreign investors a vast array of opportunities as it looks to fulfi ll its ambi- program. cross-section of the Nigerian institutions group, retail banking Aboh says the new manage- tious Vision 2020 goals. Japanese companies are heading the international race to explore Headquartered in , population, with over 4.2 million group and public sector group. ment team has stabilized the FirstBank has an international customers. We have one of the Through this dynamic bank and restored customer these golden business openings and capitalize on the pro-business environment. presence through its subsidiary, largest branch distribution net- approach, Oceanic Bank has confi dence in its operations fol- FBN Bank (U.K.) Ltd. in London works in Nigeria and certainly established itself as a leading lowing a diffi cult period. They and Paris, and representative the largest in total assets. By one-stop fi nancial services con- now have set their sights set on Rich in precious natural offi ces in and virtue of our heritage, we are glomerate that is committed to transforming the bank into one John Aboh Oba Otudeko Beijing. The bank is eagerly the bank of reference because providing world-class fi nancial of the top three fi nancial institu- resources like oil and gas, Nigeria Group Managing Chairman is one of Africa’s economic Director and CEO First Bank of Nigeria eyeing up the Japanese fi nancial even though it is an old bank, solutions and products that tions in the country. heavyweights and, by diversify- Oceanic Bank PLC. landscape. FirstBank has remained relevant create and preser ve wealth for all “Oceanic Bank is a well- ing its economy and introducing “As a national icon, we are over the decades through a con- its customers and stakeholders. accepted brand in the Nigerian a series of sweeping reforms, has aligned with the various strate- tinuous process of re-invention.” Since 2009, Oceanic Bank has marketplace and has supported established itself as the region’s gic imperatives of our country. In terms of diversifying the been led by Group Managing local entrepreneurs and contrib- fi nancial services hub. and political arena.” An industry giant that enjoys Therefore it goes without saying Nigerian economy, Otudeko Director and CEO John Aboh, uted to the economic develop- The continent’s most popu- Japan and Nigeria have an outstanding domestic and that we would partner with gov- says: “FirstBank is leading the an industry veteran with nearly ment of the country,” Aboh says. lous country with 150 million enjoyed positive trade and politi- inter nationa l reput ation a nd m i l- ernments and the private sector organized private sector part- three decades of valuable experi- “Oceanic Bank is a niche player citizens, Nigeria is sub-Saharan cal bilateral relations for several lions of customers, FirstBank is accordingly, and explore oppor- nership with the government Africa’s second-largest economy decades, with these bonds o n e o f t h e c o u nt r y ’s m o s t s u c c e s s - tunities in the Southeast Asian to improve the development of “We have sent a clear message to the and the world’s eighth-largest strengthened by frequent visits ful and important enterprises. m a r k e t s ,” s a y s O b a O t u d e k o , w h o different sectors so we can have public of our commitment to good oil exporter, with a daily output between high-level government FirstBank was established in “FirstBank after many years as company a more balanced economy and develop the capital markets and corporate governance.” of more than 2.2 million barrels offi cials from the trade, business, 1894 even before Nigeria was an has one of the director was appointed chair- that generates huge foreign and investment commissions of independent country. For many man of FirstBank in 2009. rely less on the fi nancial services exchange earnings. both countries. generations since, the bank has largest branch A chartered banker, former sector as the major driver.” John Aboh, Group Managing Director and CEO, Oceanic Bank Federal and state govern- The pair also benefi t from been meeting Nigeria’s growing distribution president of the Nigerian Stock Meanwhile, one of the best- ments are investing these cordial relations and close coop- demands for fi nancial services Exchange, and founder and known names in Nigeria’s ence under his belt at leading in the middle market and has massive w indfalls in major infra- eration at the international level through continuous reinvention. networks in the executive chairman of large banking sector is Oceanic Bank. African banks. developed capacities by creating structure projects and Japanese such as the World Bank, the A customer-centered ethos has country. We are conglomerate Honeywell Group, With more than 400 branches He was appointed amid the the right infrastructure (branch companies are among the many International Monetary Fund, earned the bank an unrivalled Otudeko believes Nigeria is a across Nigeria, a secure Web global fi nancial crisis that network) and well-trained staff foreign investors doing business World Trade Organization, and reputation for dependable a national icon great platform for serious busi- site, and deep understanding of impacted the bank’s perform- to deliver effi cient services.” in Nigeria in various sectors and the United Nations. service that is strong on choice and have more nesspeople. “We have a large customer segments and needs, ance. Under his guidance, Oceanic Bank is one of the industries. Substantial revenues from and convenience as the bank than 4.2 million market and a population of 150 the Lagos-based bank has come Oceanic Bank has embraced leading banks in transaction Key investment areas include the oil and gas exports have not modernizes and grows. million. The measure of integra- a long way in 20 years. best practices, tightened its banking in Nigeria and benefi ts agriculture, mining, manu- only funded major infrastruc- Having played a strategic customers.” tion into West and Central Africa N o w o n e o f t h e l a r g e s t a n d m o s t credit administration processes, from substantial investment facturing and tourism, as the ture works across Nigeria, but role in the country’s economic means our production capacity is profi table banking groups in the and improved transparency and in ICT systems. “Our range of government looks to diversify also enabled the government development over the years, as high as our cross-border pos- country, Oceanic Bank has an corporate governance levels. innovative transaction banking economy and reduce the coun- to introduce business-friendly FirstBank has become the Oba Otudeko sibilities,” he says. enviable customer portfolio that “ W e h a v e s u c c e e d e d i n s e n d i n g solutions targeted at the public Chairman He is equally positive about includes major businesses and a clear message to the banking sector has positioned us as a try’s reliance on the oil and gas reforms and legal frameworks leading banking franchise in First Bank of Nigeria PLC. sector and meet the goals set out that encourage free market Nigeria, with numerous awards FirstBank’s strengths and federal and state governments. public of our commitment to leader in revenue collections in its ambitious development practices. and accreditations . potentials. “We are working The company has been listed good corporate governance at the government level,” he plan. The undisputed leader in its FirstBank was listed on the e x c e p t io n a l ly h a r d t o o ut p e r fo r m on the Nigerian Stock Exchange and high ethical standards,” comments. Called Vision 2020, the plan fi eld with millions of clients and Nigerian Stock Exchange in even our own vision,” he states, since 2004 and has branches states Aboh. “Management has “Banking reforms are geared aims to transform Nigeria into an extensive branch network, March 1971 and is now its most pointing out that he believes the in Cameroon, and evolved a recovery plan for the toward providing a safe and “one of the world’s 20 largest First Bank of Nigeria PLC. capitalized company, with 1.5 opportunities are tremendous The Gambia. In order to provide bank, which hinges on the recov- sound banking system and are economies by 2020, consolidate has been revolutionizing the million shareholders and 4.2 for FirstBank. “We passed the the best service to its clients, the ery of classifi ed loans, expense anchored on good corporate its leadership role in Africa and banking and fi nancial services million customers serviced Central Bank’s ‘stress’ test with company has structured itself reduction, liquidity generation, governance, transparency, full establish itself as a signifi cant sector in Africa’s most populous through a real-time online fl ying colors, and are looking to into effi cient and fast-response deposit growth, overhaul and disclosure and risk-based super- player in the global economic country for 116 years. network of 576 branches. The become the bank of choice not relationship management units upgrading of risk management vision of the banking system.”

PAGE: 8 第３種郵便物認可 (3) Special Economic Reports THE JAPAN TIMES MONDAY, APRIL 26, 2010 9

www.global-insight.net GLOBAL INSIGHT NIGERIA Banking sector offers investors golden opportunities Firmly established as West Africa’s banking and fi nancial services hub, Nigeria is benefi ting agriculture, and infrastructure “The challenge in a large tion on government activities, from major investment in state-of-the-art information and communications technologies. areas, especially in the transport, country like Nigeria is to physi- programs and initiatives, the railway, waterways, and airports cally create the network. This Ministry of Information and Foreign direct investment (FDI) wealth of experience in dealing sectors.” is one of our biggest projects in Communications aims to create Sanusi Lamido Olusegun Obasanjo opportunities exist throughout Aminu Sanusi Former President with Asian organizations is sure Nigeria’s Information and terms of network construction, a technological environment for Nigeria’s vast range of indus- Governor of the of Nigeria to stand it in good stead as it looks Communication Technologies which includes transmission socioeconomic development. tries and sectors. They include Central Bank to gain an important foothold in (ICT) industry is the largest and links between cell sites, data The ministry, which super- potentially lucrative business of Nigeria the Japanese market. most technologically advanced centers and value-added serv- vises all telecommunications openings in agriculture, mining, “At Group, in Africa, with an estimated 65 ices,” says Etisalat CEO Steven policies in the country, also seeks oil and gas, transport, shipping, t h e r e a r e s i g n i fi c a n t r e l a t i o n s h i p s million people using mobile and Evans. to create a pro-active technology- banking and fi nancial services, the government has brought in evolution and ensure the sector w i t h a n u m b e r o f J a p a n e s e b a n k s , “We want to fi xed-line phone networks and With Japan a world leader in driven public information hub and tourism. tougher measures to promote contributes to the real economy. most of which have been operat- help businesses Internet services. pioneering technology and inno- in line with global best practices To h e lp e nt ic e fo r e i g n i nv e s t o r s transparency and encourage “Financial sector and overall ing for many years,” Newson This incredible growth was vative gadgets, the conditions that helps the telecommunica- from countries like Japan, the good governance and risk economic success will require says. “The Japanese have always in Nigeria and sparked by the changes to the appear ideal for investment, but tions sector to grow and succeed. government and its related agen- management. the and been important players in Africa be the leader country’s communications act in Evans, who has worked in ICT for The ministry is also behind cies offer a selection of fi nancial Regulators in the state capital, the country to do a lot of heavy and they have many investments 2003 that allowed the Nigerian nearly 20 years, feels the Asian a national and international re- incentives such as tax breaks, Abuja, and banking offi cials in lifting in many policy areas,” on the continent.” in franchise Communications Commission country is missing out. branding campaign that aims to grants, loans, and lifting of trade the country’s fi nancial center, Gov. Sanusi adds. Nigeria and Japan have ben- banking and asset (NCC) to introduce reforms that “Japan is not among the big restore trust and confi dence in a b a r r i e r s s u c h a s q u o t a s a n d t a r i f f s Lagos, have been given new “Rapid fi nancialization is not efi ted from cordial relations for management.” triggered a wave of investment suppliers of telecommunications country that often suffers from on goods and equipment. powers to tackle issues such as just a risky growth strategy; it more than half a century and in networks, services, shops, and infrastructure and equipment, an unfair negative image. This excellent package of money laundering as they work is also a lazy way of growing the 2011 will be the 10th anniversary related infrastructure. Chris Newson, CEO Stanbic measures was highlighted to to boost levels of confi dence and economy. A sustainable growth of the Japan-Nigeria Special IBTC Bank PLC. As the industry’s regulatory “We are establishing a huge operation potential investors from Japan trust in the system. path can be achieved only Partnership Forum (JNSPF)— authority, the NCC is responsible and other countries at a February During his time as president through substantial and funda- the fi rst agreement of its type for ensuring a level playing fi eld in Nigeria and are looking at the 2010 event that focused on the of Nigeria between 1999 and mental economic reform that between Japan and an African and promoting fair competition country becoming Africa’s ICT hub.” many advantages of fi rms locat- 2007, Olusegun Obasanjo was includes ensuring physical and nation. in an extremely competitive ing their business in a Free Trade the driving force behind most institutional infrastructure is of At the last JNSPF meeting environment. Steven Evans, CEO, Etisalat Z one. Sit uat e d nea r i nt er n at ion a l of the legislation, procedures the required scale and quality.” in May 2009, senior offi cials In 2007, Nigeria overtook a i r p or t s a nd m ajor sea p or t s, F r e e and reforms that have paved the Spearheading innovation from the Japanese and Nigerian as Africa’s largest with the exception of handsets,” Launched in 2009 and featur- Trade Zones offer enterprises a way for much of Nigeria’s recent in Nigeria’s fi nancial services Foreign Ministries discussed a mobile phone market, and that he says. “They have pursued ing a logo and new national range of fi nancial benefi ts and economic success. In particular, sector is banking giant Stanbic variety of mutually benefi cial “The Nigerian success is set to last as industry their own supply rather than pro- slogan — Nigeria, Good People, a reduction in red tape, together his government overhauled the IBTC Bank PLC. The group was issues and the following month, analysts predict subscriber ducing for the world market.” Great Nation — the campaign with fast and easy access to banking and fi nancial services created through the September the Nigerian foreign affairs economy has numbers will reach 80 million in As for Etisalat, the company is highlights the many positive regional and global markets. sector and Obasanjo is pleased 2007 merger of Stanbic Bank minister visited Japan at the huge potential for the near future. pursuing its aggressive expan- aspects of Nigeria like its people, This pro-business environ- with the way the sector has con- Nigeria and IBTC Chartered inv itation of the Japanese foreign growth ... we must A leading player in the mobile sion plan with vigor as it looks strategic location, ease of doing ment has been especially benefi - tinued to develop. “Banks must Bank PLC. Offering a range of minister to discuss these issues phone sector is Emerging to enjoy the same success it has business and commitment to cial to the banking and fi nancial be seen as one of the foundations corporate, investment, business in greater detail. learn from the Markets Telecommunication enjoyed in other countries across improving transparency levels. services sector that has devel- to make an economy grow,” he and personal banking products, crisis and fi x the Services (EMTS), trading as the continent and beyond. “ Wit h t he R e -bra nd i ng Niger ia oped well over the past decade states. “Whatever can be done to Stanbic IBTC Bank runs more Collaborative links Etisalat, a Nigerian company “We are establishing a huge campaign we began a new journey and attracted investors from strengthen our banking sector than 60 branches across the In a further sign of their close problems.” that works with Mubadala operation and Nigeria will prob- and opened up a new chapter around the world. should be done. Reform is not country and employs more than cooperation, Nigeria has also Development Co. and Etisalat of ably end up as one of Etisalat’s in our attempt to re-defi ne our Robust and resilient, Nigeria’s static, it’s dynamic, you have to 1,500 people. enjoyed solid educational and Sanusi Lamido Aminu Sanusi, the . biggest, next to Egypt,” Evans country and re-examine our fi nancial services industry fea- keep working at it.” The fast-growing group plays technical links with Japan Governor of the Shortly after its formation in adds. “We are investing heavily values and character,” states Central Bank of Nigeria tures a mix of local and interna- Like many other countries a signifi cant role in some of the through the Japan International 2007, the company paid $400 i n adve r t i si n g i n or de r t o pr omot e Minister of Information and tional banks, asset management around the world, Nigeria was largest capital markets deals, not Cooperation Agency (JICA). million for a government license our brand and are looking at Communications Dora Nkem companies, brokerage houses, adversely affected by the global only in Nigeria but also through- The agency, which acts as an t h at i nc ludes a mobi le l ic e nse a nd Nigeria becoming an ICT hub for Akunyili. “Nigeria is a country insurance fi rms, investment economic crisis that hit growth, out the continent. Together with important bridge between the spectrum in the GSM 1800 and Africa. The return on investment with countless opportunities banks and private equity funds. exports and the fi nancial its parent company, Standard two nations, has constructed 900 MHz bands. Etisalat, which here is expected to be large.” and many brilliant minds and Due to changes in capital markets. The Central Bank of Bank, the group recently put schools and awards grants to acquired a 40 percent stake in Providing citizens with experts who can hold their own requirement regulations, the Nigeria injected several billion together Africa’s largest-ever Nigerian scholars for specifi c EMTS and launched operations credible and timely informa- in every fi eld of endeavor.” banking sector has witnessed a dollars into the nation’s fi nancial telecommunications deal — a $2 studies in Japan. It has also sup- in Nigeria in 2008, has modern number of mergers and acquisi- system in a daring move that billion syndicated loan for MTN ported a wide range of important networks in 17 countries in the This report was produced by Global Insight and can also be read tions in the past few years, with stabilized the economy, reversed Nigeria. agricultural and rural electri- Middle East, Asia and Africa. online at: www.japantimes.co.jp/international-reports the number of banks in operation stock markets’ falls and restored “The merger of two banks into fi cation projects, and sponsors being reduced to 24 from 90. investor confi dence. a single Stanbic IBTC brand educational exchange programs An increase in money supply “The Nigerian economy has should ensure that we and our that offer youngsters the chance and bank reserves has given huge potential for growth but customers are well placed to take to learn valuable new skills and small- and medium-size compa- to realize that potential it is advantage of the favorable eco- experience new cultures. nies access to cheaper loans and imperative we learn lessons nomic environment in Nigeria “Japan is now better under- helped boost consumer spend- from the crisis and take steps to and the rest of the continent,” stood in Africa and the interest ing. This progress was clearly fi x the problems,” states Sanusi says Stanbic IBTC Bank CEO and awareness of Japan has cer- underlined in 2008 when — for Lamido Aminu Sanusi, governor Chris Newson, who worked for tainly come a long way in the past the fi rst time ever — loans to the of the Central Bank of Nigeria. Standard Bank Group for 17 20 years,” says former Nigerian private sector exceeded govern- The pro-active and independent years before joining Stanbic. President Obasanjo. “We want ment spending in the nation as central bank has put together a “We want to help businesses to see Japanese companies and Nigerians reaped the rewards of blueprint focused on four core across Nigeria and Africa and investment here and there is a bank consolidation program. pillars that will act as a “roadmap want to be the leader in terms still more to be done to encour- Several major domestic banks to the future.” of franchise, business banking age them to come to Nigeria are now funding large infra- The aim of the blueprint is and asset management for where the rate of return is still structure projects and in order to enhance the quality of the many years.” With close links to good. I would certainly advise to ensure the fi nancial services banks; establish fi nancial stabil- a leading fi nancial institution potential investors to explore sector continues to fl ourish, ity; enable the sector’s healthy in China, Stanbic IBTC Bank’s the opportunities in the energy,

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