Thank you for the feedback. I certainly agree that an investment in a Nigerian bank carries higher than normal risk. The concern over viability in 2016 was not related to Zenith per se but rather to the Nigerian banking sector as a whole. What drew my attention at Zenith in 2016 was its strong asset quality at a time when the Nigerian banking sector saw NPLs reach 11%. As noted, I am less optomistic about its share price performance for 2018.

If you are interested in the banks results for 2016: www.4-traders.com/.../Zenith-Bank-Impressive-Performance-24002439/

Hi James,

I will be writing a new article by the end of the week and will reply here with a link. Thank you for the positive feedback.

Hi Wendel,

I do not have anything material to add at present. I will, however, do an update in March after the release of the banks results for 2017.

Purely in terms of share price the stock is up by about 12% since this article was written but I believe there is still upside potential.

You are welcome.

Thank you Bill. I believe the key to investing in Nigeria, much the same as investing elsewhere, is to find high quality companies.

Yes I was a bit shocked when I first read of the low NPL ratio in a Moody's report and simply had to do more research. I believe this bank is the poster child for a prudent/conservative approach to lending in #Nigeria.

Thank you for the feedback Charles, I will do my best to present more such ideas.

I was a bit concerned that this article may not be a fit for the site. I am just hoping it was of some value.