Recapitalisation: NDIC, BoI, BDAN, Others To Discuss $1trn Economy

As banks in the country continue to strive towards meeting the new capital requirements set by the Central Bank of Nigeria (CBN), regulators as well as stakeholders are set to discuss the impact of the recapitalisation on the $1 trillion economy postulated by the Bola Tinubu led government.

Consequently, alongside the CBN, the Nigeria Deposit Insurance Corporation (NDIC), the Bank of Industry (BoI), the  United Bank for Africa, Access Holdings plc and a host of other banking and financial institutions will be speaking at the 2024 conference of the Finance Correspondents Association of Nigeria (FICAN).

Themed “Nigeria’s Journey Towards $1 Trillion Economy: Impact of Banks’ Recapitalisation, Opportunities for Fintechs and Real Sector”, the conference holding  between 28 and 29th September 2024 will have the managing director and chief executive of the NDIC Hassan Bello deliver the keynote address while the guest speakers are: the managing director and chief executive UBA Oliver Alawuba and the chairman, Bank Directors Association of Nigeria (BDAN) Mustafa Chike-Obi.

The NDIC has been a supporter of the CBN over its move to recapitalise banks, saying the apex bank’s decision will achieve economic resilience in the country. The CBN on March 28, 2024  issued a circular announcing a new recapitalisation policy for commercial, merchant, and non-interest banks in Nigeria, effective from April 1, 2026.

To meet the latest minimum capital requirements, banks have been considering the following options: inject fresh equity capital through private placements, rights issues, and/or offer for subscription; mergers and acquisitions (M&As) and  upgrade or downgrade of licence authorisation in the event lenders cannot meet up with the new rules of engagement.

The Bank of Industry (BoI) has been committed to backing steadfast local businesses, emphasising the bank’s dedication to supporting critical sectors that are contributing to Gross Domestic Products (GDP) growth.

According by the executive of FICAN, there will be a Panel Discussion in which representatives of the following organisations will participate: Central Bank of Nigeria, Nigeria Sovereign Investment Authority (NSIA), the Nigeria Inter-Bank Settlement System, Bank of Industry, Parthan Partners and Development Bank of Nigeria

FICAN is the umbrella body of journalists and business editors reporting the financial sector of the Nigerian economy. The Association has a membership of over 150 journalists working in print, broadcast and online media platforms.

The annual conference is a capacity building and agenda-setting forum, designed to deepen financial journalists’ understanding of developments in the economy and enhance quality of reportage.

The conference    is   a critical   capacity   building   project   of   the   Association, aimed   at elevating the practice of financial journalism in the country