Deals
Carlyle's Travails Show Hazards of Investing in Nigerian Banks
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If any investor wanted to get a sense of how tough the Nigerian banking sector can be, they could do worse than speak to the world’s third-biggest buyout firm.
Carlyle Group LP made its first investment in Africa’s main oil producer in August 2014, buying $147 million of shares in Lagos-based Diamond Bank Plc. At the time, it said the lender was well-positioned to benefit from Nigeria’s status as one of the fastest-growing economies on the continent and enthused how it could become one of the largest financial institutions in West Africa.