http://www.vanguardngr.com/2011/07/9-nigerian-banks-make-top-1000-world-banks-ranking/
On July 27, 2011 · In News ,
By Babajide Komolafe with Agency reports
Lagos — Nine Nigerian banks have made the list of the Top 1000 World Banks Ranking by Tier One Capital in the 2011 edition by The Banker magazine as published in its current edition.

According to a statement signed by the Country Representative of The Banker, Mr. Kunle Ogedengbe, Zenith Bank and First Bank are the two top ranked banks in Nigeria. While Zenith is ranked 296, First Bank of Nigeria Plc is ranked 310.

Other Nigerian banks that made the Top 1000 World Banks list are Guaranty Trust Bank ranked 444, Access Bank (495), United Bank for Africa (513), Fidelity Bank (567), First City Monument Bank (586), Diamond Bank (650) and Skye Bank (657).

Apart from featuring in the top 1000 World Banks, the banks also made the Top 25 banks in Africa with Nigeria being the only country in the continent that has nine banks in the African Top 25 ranking schedule.

CBN raises policy rate
Meanwhile, the Central Bank of Nigeria, CBN, yesterday raised the Monetary Policy Rate (MPR) to 8.75 per cent, to further tighten money supply in anticipation of future rise in inflation. The MPR is the benchmark for interest rate in the economy.

The CBN also reported that the nation’s real gross domestic product (GDP) growth slowed down in the first quarter to 6.64 per cent from 7.36 per cent in the preceding quarter, warning that security challenges, infrastructural bottleneck and government spending could undermine investors’ confidence and output growth in the near term.

In a communiqué issued at the end of its Monetary Policy Committee (MPC) meeting, the CBN explained the rational for raising the MPR for the third time this year.

It said, “The Committee observed that the inflation outlook appears uncertain owing to the expected implementation of the new national minimum wage policy and the imminent deregulation of petroleum prices. Significant injection of liquidity from FAAC in the third quarter coupled with the impact of AMCON recapitalizing intervened banks to the tune of N1.6 trillion will both add to inflationary pressures.

South Africa and Egypt have five banks each, Morocco has three while Togo, Angola and Mauritius have one each.
With the first listing published in 1970, The Banker Top 1000 ranking has for over 41 years served as a credible source for the measurement of the stability of global banks along with in depth analysis of the global financial industry.

In the 2011 ranking, the United States of America maintains number one position through Bank of America, followed by JP Morgan Chase & Co., while HSBC of the United Kingdom moved to third from fifth ranked position last year
New comers to the top 10 compared to last year are Mitsubishi UFJ Financial Group Japan, China Construction Bank Corporation and Bank of China while those who did not make the top 10 this year compared to last year are BNP Paribas, France; Barclays Bank, UK and Banco Santander, Spain.

The rankings are based on the definition of Tier One Capital as set out by Basel’s Bank for International Settlements (BIS) and the object of the survey is to show the banks’ soundness in relation to the Basel requirement of a minimum ratio of Tier One Capital to risk-weighted assets of 4 per cent (increasing to 7 per cent by 2019) and a minimum ratio of total capital to risk-weighted assets of 8 per cent.

9jaganja:

The private sector of our country seems to be moving forward at high speed

The public sector is bleeping up, The public sector is suppose to be like people's bargaining power i.e If conoil wants to sell gas @ $4/ltr and nnpc sells for just $2/ltr, conoil will be forced to drop the price if they wanna sell in Nigeria!!

Nigerians have no bargaining power as it is!!!

ekt_bear:

Nigeria is like 2 friends with their legs tied together running a 3 legged race. Yet despite this disadvantage, we are growing at 7%+/year. One wonders how quickly the country could grow if it were properly managed.

ekt_bear:

Nigeria is like 2 friends with their legs tied together running a 3 legged race. Yet despite this disadvantage, we are growing at 7%+/year. One wonders how quickly the country could grow if it were properly managed.

190:

TOP 1000 

why not TOP 6

Nigerian is growing and we still see goats, mosquito and lions roaming freely around lagos

basadenet:

Would dat translate to more money in my pocket? how about country in no.1 and 2 , so Nigerians should start celebrating abi. remember our economy is nothing to write home about.

paddy_lo:

How many Islamic banks are there in the top 1000 list. . ? . .

nasoeb:

MKPOLOGWU please respect yourself for ONES IN YOUR LIFE, why bringing up South South / North North. it will do you no good only to derail this lovely thread
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I really do not have anyone in my life, let alone ONES