By Nkiruka Nnorom
Stanbic IBTC Plc facilitated $589.84 million, an equivalent of N216.47 billion, capital inflow into the country in the second quarter, Q2, 2017, ranking it first among financial institutions that imported capital into Nigeria.
The Nigerian Bureau of Statistics, NBS, in its Capital Importation Q2 2017 Report, stated that Stanbic IBTC accounted for 32.91 percent ($589.84 million or N216.47 billion) of the total share during the period, representing an increase of 9.12 percent over the $536.78 million it posted in the first quarter of the year. That brings to $1.127 billion (N413.62 billion) capital importation by Stanbic IBTC in the first six months of the year.
The trio of Stanbic IBTC, Citibank Nigeria Limited and Standard Chartered Bank Plc accounted for 70.7 percent or $1.267.8 million of the total $1.792 billion capital importation during the quarter, while the other 22 banks generated the rest.
According to the report, portfolio investments was the key mover of capital during the quarter, growing by 145.7 percent, followed by other investments, which rose by 95.02 percent, and Foreign Direct Investment (FDI) by 29.8 percent over the first quarter. In figures, portfolio investment accounted for $770.5 million, or 43.0 percent of the total. In second place was other investment with $747.5 million, or 41.7 percent, and FDI with $274.4 or 15.3 percent.
Stanbic IBTC said in a statement that the accomplishment reflects its strength, strong leadership and unyielding support of its parent company – Standard Bank Group.
The NBS report showed that the bulk of capital imported into Nigeria in Q2 came from the United Kingdom, which accounted for $696.7 million or 38.87 percent of the total. The second largest value of capital importation came from the United States with $287.82 million or 16.06 percent.