Implication of Falling of Crude Oil Prize: 6 Nigerian Banks Sets to Merge in 2016

Working Class Africa

Implication of Falling of Crude Oil Prize: 6 Nigerian Banks Sets to Merge in 2016

The horrible shocking falling of crude oil in international market from $110 per barrel a year ago to $37.11 per barrel today is really affecting Nigeria economy despite ranked as largest economy in Africa.

According to report by Citizen, reported that 6 banks are planing to merge and acquisitions in the New Year.

The fallen of crude oil in international market has really affect the banks ” oil assets. Besides, the level of non-performing loans in the sector has risen.” According to report, Managing Director, Sterling Bank Plc, Yemi Adeola, revealed the news yesterday, reportedly stating that he envisaged possible shrinking in the number of local banks in the New Year.

However, he didn’t name any banks that may be involved in the merger.

Photo Credit: Dreamstime/Kadettmann

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