First Bank Among Nigeria Lenders Needing Capital Boost, S&P Says

First Bank of Nigeria Ltd., the country’s biggest lender by assets, will be among banks that need to raise capital or restructure their balance sheets in the next 18 months to combat low oil prices, according to Standard & Poor’s.

S&P increased its view of Nigeria’s Banking Industry Country Risk Assessment to nine from eight on April 15, in line with Kenya and one notch above the lowest level. The more than 40 percent plunge in Brent crude prices since June is weakening the economy of Africa’s biggest oil producer and may lead to an increase in bad loans, the ratings company said.