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Access Bank Listed for FT Award... As Nigeria Reaps Post-consolidation Gains

The Financial Times of London has announced the shortlist of potential winners of the annual FT Sustainable Banking Awards with Nigeria's Access Bank Plc amongst the leading contenders. The award is reputed to be the "leading global awards recognising best practice in triple bottom line banking". The awards, otherwise referred to as the "Oscars of Banking", was created jointly by The International Finance Corporation (IFC), an arm of the World Bank group, and Financial Times of London, to recognise banks that have shown leadership and innovation in integrating social, environmental and corporate governance objectives into their operations.

Access Bank's nomination as a key contender for the revered 'Financial Times' Sustainable Banking Awards is viewed as an affirmation of this claim. Historically, South African banks have tended to dominate global awards of this nature. But the post-consolidation status of Nigeria's financial sector is witnessing a trend of stronger showing by the country's banks in the last few years. In the years prior to consolidation, the total assets of Nigerian banks did not aggregate to that of the four largest South African banks. However, with the unprecedented growth rate of Nigerian banks post-consolidation, it is projected that a Nigerian bank will displace a South African bank in the top four ranking of African banks in 2008.

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