Nigerian banks’ market valuations have dropped significantly, and it appears few of the players have been spared in selloffs in the local bourse. Few gains were driven by small-cap banks in the tier-2 category.
Fidelity Bank Plc has seen buckets of buy ratings after its relatively healthy earnings performance in the first half of the financial year 2022. The bank is in the process of raising capital after management announced the acquisition of100% equity stake in Union Bank UK.
Despite general slowdown in global economic activities triggered by Russia-Ukraine war following a moderate covid-19 pandemic recovery, Africa startups are gaining tractions in business across various segment.