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Home Business News

EFG Hermes eyeing further expansion In Nigeria

Onome Ohwovoriole by Onome Ohwovoriole
September 21, 2018
in Business News, Company News
EFG Hermes, Investment banking license
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Egyptian financial services giant, EFG Hermes is considering applying for an investment banking licence in Nigeria. This would enable the firm to serve clients in West Africa.  Ali Kapley disclosed this in an interview with Bloomberg.

“We’re very excited about where Nigeria will go. There will be speed bumps along the way but it is a very exciting capital market for us.” – Kapley

Kapley also disclosed that the firm would be concluding its acquisition of Primera Africa, a Nigerian brokerage house in a few weeks. EFG had in June last year disclosed it was interested in operating in Nigeria.

Nigeria’s capital markets were one of the best performing in the world last year based on a rebound in crude oil prices and the ensuing enhanced foreign exchange liquidity. The NSE has tanked sharply in recent times due to approaching elections and broader emerging market concerns.

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Communication giant MTN’s ongoing tussles with the Central Bank of Nigeria (CBN) and the office of the Attorney General of the Federation (AGF) have also left investors wary. The apex bank has since issued a statement dispelling rumours of a retroactive application of foreign exchange laws.

Year to date, the NSE All-Share Index is down 15.86% and is one of the worst performing in Africa, only behind the BRVM.

EFG Hermes was founded in 1984, and currently operates in the United Arab Emirates, Saudi Arabia, Jordan, Kuwait, Omar, and Pakistan. The company has 880 staff and manages $2.4 billion worth of assets.

Results for the half year ended June 2018 show revenue incresed from 2.2 billion EGP to 2.5 billion EGP. Profit before tax dropped from 892 million EGP to 600 million EGP. Profit after tax also fell from 765 million EGP to 479 million EGP.


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Tags: Africa ExpansionEFG HermesexpansionPrimera Africa
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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