Nigerian Banks

Mark Mobius was quoted in Bloomberg last month saying that he liked Nigerian banks.

The money manager had earlier said at the same event that Africa has an “incredible” investment potential and that he has stakes in Nigerian banks.

“These banks are doing very well and are much better regulated than they were in the past,” Mobius said, without disclosing which lenders he holds.

Banks account for five of the eight stocks in the MSCI Nigeria (MXNI) Index.

The Nigerian banks had to be bailed outlast year to the tune of 2% of the country's GDP. What does he mean by "doing well"?

Taylor Conant writes in:

Its telling that most of these foreign etfs/indexes are composed of banks/finance companies. Banks and finance companies are supposed to follow savings and capital accumulation, not precede. These countries are broke, among many reasons, because they have no savings/capital accumulation.
How is this done? My guess is imf/world bank. Would love to know where all the loans from the local banks go, by the way. Want to bet to people connected to foreign companies/elites?

Yes.