Barclays Africa’s corporate and investment banking unit has approached Nigerian authorities for approval to convert its representative office to a fully fledged business in the continent’s biggest economy.
Bloomberg News reports that the bank has been increasing its staff in Lagos in preparation for receiving the license, Temi Ofong, head of corporate and investment banking outside of South Africa for Barclays Africa, said in a Feb. 13 interview in Gaborone, Botswana.
The Nigerian licensing process could take at least 12 months, Ofong said.
'We have an ongoing strategy to expand our footprint and we have formally engaged with the authorities in Nigeria to apply for licenses,' he said. The Barclays Africa unit’s representative office has been expanded to have a staff of 20, Ofong said. 'These include investment brokers and a trade finance team of four people out of Lagos.'
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