Four commercial banks, Standard Chartered Bank, Stanbic IBTC, Citibank and Rand Merchant Bank collectively received 73 percent of capital inflow in the fourth quarter of 2020.
The Capital importation report for Q4 2020 released by the National Bureau of Statistics (NBS), shows that the foreign-owned banks in Nigeria received the sum of $7.04 billion out of the $9.68 billion in 2020, representing 73 percent.
Standard Chartered Bank (SCB) tops the list with $2.54 billion, followed by Stanbic IBTC $2.17 billion, Citibank $1.51 billion and Rand Merchant Bank $822 million.
It is worthy to note that in 2019, the same foreign-owned banks also dominated and received as much as $16.66 billion out of the $23.98 billion capital inflows for the year, representing 69 percent.
Inflows reduced by 60 percent from $23.98 billion recorded in 2019 to $9.68 billion in 2020.
In 2019, Stanbic IBTC topped the list with inflows of $8.63 billion, followed by Rand Merchant Bank $2.93 billion, SCB $2.82 billion, Citibank $2.28 billion.
The top five banks in 2020, majorly four foreign-owned banks and First Bank, received the sum of $7.98 billion, representing 82 percent, with the other 22 operating local banks receiving only $1.70 billion (18 percent).
Also in 2019, top five banks, made up of the four foreign-owned banks and Access Bank, received the sum of $18.46 billion, representing 77 percent, with the other 22 operating local banks receiving only $5.52 billion (23 percent).