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Viewing cable 08LAGOS104, CENTRAL BANK RESPONSE TO DEMARCHE ON FOREIGN

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Reference ID Created Released Classification Origin
08LAGOS104 2008-03-14 10:48 2011-08-26 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Consulate Lagos
VZCZCXRO4940
PP RUEHMA RUEHPA
DE RUEHOS #0104/01 0741048
ZNR UUUUU ZZH
P 141048Z MAR 08
FM AMCONSUL LAGOS
TO RUEHC/SECSTATE WASHDC PRIORITY 9821
INFO RUEHZK/ECOWAS COLLECTIVE
RUEHUJA/AMEMBASSY ABUJA 9546
RUEHLO/AMEMBASSY LONDON 0806
RUEHFR/AMEMBASSY PARIS 0461
RUEATRS/DEPT OF TREASURY WASHDC
RUCPDOC/DEPT OF COMMERCE WASHDC
UNCLAS SECTION 01 OF 02 LAGOS 000104 
 
SIPDIS 
 
SENSITIVE 
SIPDIS 
 
STATE FOR AF/W, INR/AA 
STATE PASS USTR FOR AGMA 
STATE PASS OPIC FOR ZHAN AND MSTUCKART 
STATE PASS TDA FOR NCABOT 
STATE PASS EXIM FOR JRICHTER 
TREASURY FOR REUTERS AND HALL 
COMMERCE FOR KBURRESS 
LONDON FOR SUSMAN 
PARIS FOR KANEDA 
 
E.O. 12958: N/A 
TAGS: EFIN EINV PREL PGOV NI
SUBJECT: CENTRAL BANK RESPONSE TO DEMARCHE ON FOREIGN 
INVESTMENT RESTRICTIONS 
 
REF: A. STATE 13856 
 
     B. ABUJA 127 
 
1. (SBU) Summary.  The Ambassador met with the Nigerian 
Central Bank (CBN) Governor Chukwuma Soludo on March 6 to 
express U.S. concerns about planned restrictions on foreign 
investment in Nigerian banks.  Soludo remained firm in his 
intention to press forward with the new rules.  While 
foreigners will be free to apply for banking licenses to 
compete in Nigeria provided they have 25 billion naira (USD 
215 million), they will not be permitted to acquire stakes in 
existing Nigerian banks above 10 percent.  The Governor 
reasoned that foreigners, particularly Americans, were too 
risk adverse and the threat of capital flight was too great 
to allow them to purchase outright existing Nigerian banks. 
He sees Nigerian banks as part of the development framework 
with branches throughout the country, something foreign banks 
have shied away from.  The Ambassador stressed our concern on 
this issue, noting that there should not be any restrictions. 
 Despite our emphasis on this point, the CBN Governor was not 
convinced and the policy is considered firm.  End Summary. 
 
2. (SBU) The Ambassador met with CBN Governor Soludo on March 
6 to express U.S. concerns over the CBN's plans to restrict 
foreign acquisition of Nigerian banks.  When asked by the 
Ambassador about the plans, Soludo acknowledged that Nigeria 
will restrict foreign ownership of Nigerian banks to 10 
percent of a bank's total capital.  He gave the Ambassador a 
copy of a Central Bank circular that will officially announce 
the new restrictions.  The paper elaborates on what the 
governor told the Ambassador.  According to the circular, for 
any Nigerian owned bank, non-Nigerian individual or 
institutional investors may not own more than the share of 
the largest Nigerian investor nor may the total foreign 
shareholding exceed 10 percent.  Foreigners currently owning 
more than 10 percent of a bank are grandfathered in, but they 
may not exceed their current ownership level.  Local Nigerian 
banks may acquire or merge with a foreign bank only if the 
foreign bank has operated in Nigeria for five years and has 
branches in two thirds of the 36 states, excluding branches 
in state capitals.  In that case, foreign ownership of the 
merged bank is restricted to 40 percent. 
 
3. (SBU) Soludo said the risk adverse nature of foreign banks 
was behind the decision.  He pointedly and repeatedly held up 
Citibank as an example of an risk adverse institution, 
claiming the bank had operated in Nigeria for decades while 
establishing few branches and restricting its commercial 
lending to a few corporate clients.  According to Soludo, 
foreign banks like Citibank take commercial lending decisions 
out of the hands of local Nigerians, delaying and preventing 
needed investment in the country.  Soludo also countered that 
politicians in the United States have recently displayed a 
hostile attitude towards foreign acquisition of U.S. 
companies and financial institutions and he asked 
rhetorically what the U.S. Government's reaction would be to 
an hypothetical acquisition of J.P. Morgan by Chinese 
investors.  He did acknowledge that Nigeria may eventually 
revisit the restrictions, but said that would be after his 
own service as Governor was over.  The CBN Governor noted 
that bank licensing requirements for foreigners are the same 
as for Nigerians and foreigners are free to apply for a 
license to operate a bank in Nigeria if they meet the 25 
billion naira (USD 215 million) capital requirement. 
 
4. (SBU) The governor also raised the risk of capital flight 
as a reason for restricting foreign ownership.  He claimed 
that foreigners were too quick to take their funds out of the 
country at the slightest hint of bad news.  Oddly, and 
without irony, Soludo cited last year's call for the 
redenomination of the Nigerian currency as an example. 
(Note: In August 2007 the CBN announced plans to redenominate 
the naira.  The plan was overruled by President Yar'Auda days 
later.  End note).  The CBN estimates that 3 to 5 billion 
dollars in foreign investment left the country on the day the 
 
LAGOS 00000104  002 OF 002 
 
 
Federal Government reversed the plan. 
 
5. (SBU) The Ambassador thanked Soludo for his openness on 
the subject.  She explained the benefits of open investment 
in financial institutions and presented the Governor with a 
non-paper drawn from the talking points in ref A.  The 
Governor thanked the Ambassador for her interest and received 
the non-paper, but was firm in his position.  When asked by 
the Ambassador if the policy was in already place Soludo said 
it was and that he was finalizing the formal announcement. 
 
6. (SBU) In a subsequent lunch of the American Business 
Council attended by the Ambassador and Assistant Secretary of 
Commerce Israel Hernandez, Soludo went on to chide U.S. 
investors for being too risk adverse.  He said that while 
Chinese, Indians, and Europeans were investing in Nigeria, 
Americans were still doing their risk analysis.  In his 
words, American investors are "waiting until the food is 
fully cooked" before coming to the table.  The Ambassador 
countered that Americans are investing in Nigeria, noting the 
numerous U.S. companies operating in the country and the 
interest of those actively exploring the Nigerian market. 
(Note: His comments about AGOA will be reported septel.  End 
Note.) 
 
7. (SBU) Comment:  It is clear that Soludo is set in his 
decision to restrict foreign bank ownership.  It is less 
clear whether that decision is being driven by a genuine 
concern over investment and development in Nigeria or a 
desire to protect established banks and their Nigerian 
owners.  Apparently Soludo does not see the contradiction in 
decrying the lack of American investors while building 
another barrier that could hinder their investment interest. 
End Comment. 
 
8. (U) This cable was cleared by Embassy Abuja. 
BLAIR