Olalekan FakoyejoRoosevelt Ogbonna, the chief executive officer of Access Bank, says the Nigerian market is not as profitable as other African countries due to the naira devaluation.
The CEO said the money made in Nigeria if taken to South Africa, “we make three times the money we’re making here”.He said Access Bank is expanding to other African markets where the return on equity is strong. “I guess to put it in perspective, in 2008, one South African bank was bigger and more profitable than the entire Nigerian banking industry.
“Or do I go to Botswana, where the currency has been stable for at least 10 years, and any return I get is in real terms? Or do I go to Cameroon, where inflation rate is about 4 percent and has been for many years? Or do I go to markets like Cote d’Ivoire, where because of their heads to the euro, it’s made that there’s significant stability in the market.”“We’re going to markets where we know the return is strong. Just cost of regulation is cheaper.
“You did a good job of changing the narrative in terms of how the continent is viewed, from the risk perspective. Being in those global markets, having an operation and presence in those global markets, earning income in those global markets enables us to force the issue.Also, Ogbonna said there is no cause for concern if foreign banks exit Africa, as it produces an opportunity for African financial institutions to take over the vacant market.
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