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

By gistyinka

About GYONLINENG. COM To Entertain and Celebrate African Dreams Both Home and Diaspora. Catch all the Latest trending News, Entertainment News, Celebrity Lifestyle and Society News on www.gyonlineng.com. Get All the Important and Interesting Gist & News in the Entertainment & Music Industry Daily into Your Mailbox Everyday at 10am (GMT + 1). You can subscribe to our list through the subscription box on the top bar of the site.. Follow Me Here Follow @gyonlineng</a

Leave a Reply

Your email address will not be published. Required fields are marked *

* Copy This Password *

* Type Or Paste Password Here *

This site uses Akismet to reduce spam. Learn how your comment data is processed.