Moved to London

Nigerian banks in London might be compared to the city’s famous red buses: you can wait an age for one to come along and then three or four appear at once. For 25 years there have been just two Nigerian banks in London, FBN and Union Bank of Nigeria. FBN was a branch of First Bank until it was turned into a full bank in 2002. It has a good steady business. “Not all bankers trust Nigerian risk,” says Peter Hinson, managing director of FBN Bank. “We act as a clearing house, for they take comfort from a UK payment.”