Nigeria: Consolidation Has Raised Banks' Profile CBN

As a result of the Central Bank of Nigeria's(CBN's) consolidation of the banking sector, 10 Nigerian banks are now rated amongst the top 1,000 banks in the world and three of them are in the top 2,000 companies in the world, Alhaji Mohammed Ibrahim Gusau, the Kaduna branch controller of the apex bank has said.

The branch controller who made this known at an anniversary dinner to mark CBN's 50 years of operation, praised the apex bank's consolidation exercise which commenced in 2004. According to him, the exercise brought about 25 banks " with over 5,400 branches, capable of serving the financial sector and supporting the real sector of the economy."

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