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Barclays Africa Seeks Nigerian Investment Banking License

Barclays Africa Group Ltd.’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.

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.