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The week has been spent in Lagos revisiting our Nigerian bank holdings. As ever when travelling in Lagos one is frustrated by the slow pace of change; however it is ongoing and continuous. I have been travelling to Lagos for the better part of a decade, and if one looks back then the change is less frustrating and more impressive.

The banks are in a much better position than they were a year ago, with systemic risks having subsided, as a result of the intervention by the Central Bank of Nigeria. Some banks are likely to experience an earnings drag, as the central bank absorbs significant liquidity during the next 12 months…Read more

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