Zenith Bank Plc, Nigeria’s biggest lender by market value, said it set aside 123.4 billion naira ($267 million) in part to account for its holdings of bonds in Ghana, as the nation restructures its debt.
The bank’s impairments last year doubled from 59.9 billion naira in 2021, Zenith said in emailed statement. Ghana’s debt restructuring “resulted in a very significant impairment expense,” according to the statement. It increased the cost of risk to 3.2%, the lender said.
