Nigerian Banking Industry Seen in 'Full-Blown' Credit Crisis

Nigeria's banking industry is experiencing a "full-blown financial crisis" as failed fiscal and monetary policies lead to a credit crunch, according to Arqaam Capital. Unity Bank Plc and Skye Bank Plc are close to being insolvent, while lenders FBN Holdings Plc and Sterling Bank Plc "will need a dilutive capital hike," Jaap Meijer and Tarek Sleiman, analysts at the Dubai-based investment bank and brokerage, said in an e-mailed note on Monday.