Business
Stock Exchange, Four Banks Close Shop In Cote d’Ivoire
The West African
Stock Exchange and four banks have suspended their operations in Cote d’Ivoire, following disagreements and security fears raised with the government of President Laurent Gbagbo.
Three international banks, Nigeria’s Access bank plc, the French subsidiary of BNP Paribas- BICICI and America’s Citi bank, announced their suspension of operations on Monday.
On Wednesday, the Standard Chattered Bank, established for corporate banking, was closed to customers and other business activities.
The West African central bank, BCEAO, which provides the financial backbone to eight francophone West African countries including Cote d’Ivoire, had earlier suspended its operations in Cote d’Ivoire in January.
The closure of the four international banks, the stock market and the central bank signals the gradual pulling of the curtain over economic activities in Cote d’Ivoire.
The Ivorian economy is already crawling from the battery of international sanctions targeted at the cocoa industry, which is the mainstay of the economy.
The international community had piled sanctions on the Ivorian economy, following President Laurent Gbagbo’s refusal to hand over power to Alassane Ouattara.
Ouattara was the declared winner of the presidential elections held in November 2010 by the Ivorian electoral commission and the UN operations in Cote d’Ivoire, but Gbagbo rejected the results.
The Tide West African correspondent, who went round the branches of the banks in the central business and administrative zone of Cote d’Ivoire reports that all the banks were closed for business.
The premises of the West African Stock market was also sealed, with a strong presence of Ivorian security guards.
A communiqué issued by the West African Stock exchange on Wednesday said it had to suspend operations because Gbagbo had “requisitioned” the office.
The communiqué said the Board of Trustees of the Stock Market met in Ouagadougou and decided to suspend the operation of the market in Abidjan, after reviewing the political situation.
The communiqué, signed by the Stock Exchange president, Yade Coulibaly, said “all market operators are to stop trading in the Abidjan market until further notice’’.
The statement on the susupension of operations by BICICI, posted on its website on Monday, said the bank had to close temporarily for security reasons.
“We regret to announce to you that BICICI temporarily suspended its activities from this day February 14, 2011.
“We are no longer able to ensure that our work is done in satisfactory legal and accounting conditions for our customers or ensure the physical security of our staff,’’ a statement signed by the bank’s Managing Director, Yao Kouassi, said.
According to a statement, the French bank said its operations had been hampered by many “legal and regulatory confusions’’ in Cote d’Ivoire.
A Staff of the Nigerian Access bank in Abidjan told newsmen that there was a “directive from Lagos that the bank in Cote d’Ivoire should be closed on Monday.
“We had to go home, but we are not sure when the bank will be re-opened,’’ the staff said.
The Ivorian Minister of Budget, Katinan Kone, said the closure of the banks contravened the legal agreements entered on the security of depositors’ funds.
“The BICICI and Citi bank violate the rights of investors by confiscating their deposits. The Laurent Gbagbo-led government cannot tolerate these acts of defiance,’’ he said.
Meanwhile, customers had a run on the West Africa regional bank, Ecobank and the subsidiary of the Societe Generale bank in Cote d’ Ivoire, SGBCI, on Wednesday.
“We had many customers, who came in to draw down their money and we met all their requirements,” a senior manager at the headquarters of Ecobank told newmen.
Okwuashi said that it was unfortunate that Nigerian port system lacked the requisite number of professionals to manage the system effectively.
The port technocrat stressed that the Inland Container Depots (ICDs) were initiated to alleviate port congestion and that port managers should understand the importance of the ICDs.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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