Politics
Vice President Koung Reveals 50% Of Liberia’s Commercial Banks Are Nigerian-Owned
Vice President Koung Reveals 50% Of Liberia’s Commercial Banks Are Nigerian-Owned....KINDLY READ THE FULL STORY HERE▶
The Vice President of Liberia, Jeremiah Koung, has disclosed that out of the eight licensed commercial banks in Liberia, four are Nigerian-owned. This announcement was made during his speech at the 17th Annual Banking and Finance Conference in Abuja, organized by the Chartered Institute of Bankers of Nigeria (CIBN).
Vice President Koung praised the significant contributions of Nigerian banks to the growth of Liberia’s banking sector and overall economy. He highlighted that the presence of Nigerian-owned banks has fostered increased market competition and efficiency, and has been instrumental in creating jobs and providing credit to support the development of Liberia’s private sector.
“There are currently four Nigerian-owned banks operating in Liberia out of a total of eight commercial banks. This reflects a strong interest from Nigerian investors, and our government remains open to further investment,” Koung stated.
In his address, Professor Pius Olarenwaju, President of CIBN, emphasized that the conference serves not only as a discussion platform but also as a forum for actionable outcomes aimed at enhancing Nigeria’s banking sector and economy. He noted that the banking sector plays a crucial role in funding business growth.
Olarenwaju also mentioned that recent data from the Central Bank of Nigeria (CBN) showed an increase in net credit to the private sector, rising from N46.3 trillion in July 2023 to N74.9 trillion in July 2024. He pointed out that the ongoing bank recapitalization process aligns with CBN’s goals and will support Nigeria’s economic target of reaching $1 trillion.
Additionally, Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), urged financial sector operators to align with the current government’s economic recovery policies.
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