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FirstRand to Spend $9.1 Billion on Acquisitions in Africa, Plans to open Investment bank in Nigeria

By on February 29, 2012

FirstRand, one of South Africa’s two biggest banks has revealed plans to open up an investment banking unit in Nigeria, as well as a commercial and retail banking presence.

This is not the first time the South African bank is disclosing its intent to make a foray into the Nigerian economy. FirstRand had attempted to purchase Sterling bank last year but could not come to terms on key metrics such as the purchase price.

Nigeria’s economy is scheduled to overtake South Africa’s by 2025, according to Morgan Stanley. However analysts have said this could occur much sooner, even in this decade.

CEO of FirstRand, Sizwe Nxasana stated, “If we do acquisitions, they will typically be small to medium size. We wouldn’t want to spend more than, I would say, 10 per cent of our capital on new acquisitions or new opportunities.”

This means FirstRand has about US$9.1 billion to spend on acquisitions in Nigeria and other countries it has set its sights on such as Ghana.

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    • Abisoye

      I don’t really care. Nigeria should not be after this. It would come naturally because of the population size, if we get electricity right (now !) and put an end to all these bad politics and corruption.

      • Anonymous

        When one says belt up .
        its Means seriousness,
        positive seriousness results to good  policies that will stop corruption and bad politics .

        We are in the same boat my dear..

        Population size was one of our problems .
        it has good advantages in a civillised environment where the peoples right is upheld and rule of law with good judiciary .

        So discover your strenght and utilise it .

        The money these leaders are enjoying is not there money .

        They are elected to lead and can be removed when people say NO together .

        Its Tax payers money .

        So ,if someone holds your money for investment  ,
        You need to ask him, how are you utilising my money ,
        if its bad ,you say NO ,if its okay ,you thank him.

        it depends on Nigerians now to look inwards and ask themselves .

        Are the leaders spending our money well……..  ? !!!!