Stanbic IBTC Bank has reinforced its position as the leading Bank for capital importation in Nigeria, by capturing an impressive 28.30% of total foreign capital inflows in the first nine months of 2024.

 

 

The performance was revealed in the  capital importation data from the Central Bank of Nigeria (CBN), which shows that the Bank leads with approximately $2 billion in capital imported through banks.

 

 

The bank, in a statement, described the achievement as  echoing its performance during the pivotal year of 2020, which was marked by unprecedented global economic challenges.

 

 

“The parallel with 2020 is particularly significant, coinciding with the onset of the COVID-19 pandemic, which significantly impacted Foreign Direct Investments (FDI) and Foreign Portfolio Investments (FPI).

 

 

“Stanbic IBTC Bank weathered this storm and strategically positioned itself to capitalise on the post-pandemic economic recovery. The Bank rapidly digitised its banking operations, maintained robust risk management protocols, and supported clients through unprecedented economic uncertainty while leveraging technology to maintain seamless international financial connections,” the statement read.

 

 

With approximately $2 billion in capital importation, the Bank has demonstrated its ability to attract international investments during a critical economic reconstruction period. This performance surpasses its 2023 figures of $919 million, highlighting the Bank’s growing global credibility.

 

 

Speaking on the accomplishment, its Chief Executive, Wole Adeniyi, described the  performance in capital importation as going beyond  mere financial metrics.

 

 

“It reflects our strong commitment to making Nigeria an attractive destination for global investors. By utilising our international networks and deep local expertise, we facilitate capital flows and actively reshape Nigeria’s economic narrative in the post-pandemic global landscape,” he added.