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This paper investigates the effect of bank consolidation in Nigeria on the structural characteristics of the banking market using the three-bank, five-bank and eight-bank concentration ratios as well as the Herfindahl-Hirschman Index (HHI) seven years after the conclusion of the first phase of the program. The result establishes a substantial increase in concentration for the post consolidation period with very high tendency to gravitate towards becoming a moderately concentrated market according to the USA merger guideline. Also, there is the emergence in 2012, of eight top dominant banks controlling more than 75% of the Nigerian banking business especially in the total assets market. The implication of this finding is that there is the need to forestall collusive and anti-competitive practices by stepping up the oversight functions of the regulatory and supervisory agencies while reviewing periodically the hurdles for new entrants to the industry.

Bank Consolidation and Market Structure in Nigeria: Application of the Herfindahl-Hirschman Index