Key financial institutions in Nigeria, including the Nigeria Deposit Insurance Corporation (NDIC), the Central Bank of Nigeria (CBN), the Bank of Industry (BoI), the United Bank for Africa (UBA), Access Holdings Plc, and others, will gather at the 2024 Finance Correspondents Association of Nigeria (FICAN) conference to discuss the implications of the ongoing bank recapitalization on the real sector.
The conference, themed “Nigeria’s Journey Towards $1tn Economy: Impact of Banks’ Recapitalisation, Opportunities for Fintechs and Real Sector,” will take place on September 28-29, 2024. The event aims to shed light on the potential effects of the recapitalization on the country’s ambitious goal of achieving a $1 trillion economy.
The keynote address will be delivered by Hassan Bello, the Managing Director/CEO of NDIC. Other notable speakers include Oliver Alawuba, the CEO of UBA, and Mustafa Chike-Obi, the Chairman of the Bank Directors Association of Nigeria (BDAN).
Panel discussions will feature key stakeholders from various financial institutions, including the CBN, the Nigeria Sovereign Investment Authority (NSIA), the Nigeria Inter-Bank Settlement System (NIBSS), and the Development Bank of Nigeria (DBN).
The CBN’s recapitalization policy, announced in March 2024, requires banks to meet new capital requirements by April 2026. In response, banks are exploring options such as mergers, acquisitions, and fresh capital injections to comply with the new standards.
Hassan Bello emphasized the importance of recapitalization in building a resilient financial system that can support sustainable economic growth. FICAN, representing over 150 financial journalists, stated that the conference aims to enhance the knowledge and reporting skills of its members, ensuring they are well-informed about critical economic policies shaping Nigeria’s financial landscape.
The CBN, NDIC, and Securities and Exchange Commission (SEC) have joined forces to streamline the bank recapitalization process, aiming to improve efficiency and transparency within the financial sector. The collaborative effort is expected to facilitate a smooth transition for banks as they adapt to the new capital requirements.
