The Nigeria Deposit Insurance Corporation, the Central Bank of Nigeria, the Bank of Industry, the United Bank for Africa, Access Holdings Plc, and other financial institutions will be discussing the impact of the current recapitalization on the real sector at the 2024 Finance Correspondents Association of Nigeria conference.
A statement made available to our correspondent on Monday noted that the event would address Nigeria’s ambitious goal of achieving a $1tn economy.
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.
The Managing Director/CEO of NDIC, Hassan Bello, will deliver the keynote address, while UBA’s CEO, Oliver Alawuba and BDAN Chairman, Mustafa Chike-Obi, will also speak at the event.
According to FICAN, panel discussions will feature key stakeholders from CBN, the Nigeria Sovereign Investment Authority, the Nigeria Inter-Bank Settlement System, and the Development Bank of Nigeria.
The CBN’s recapitalization policy, announced in March, requires banks to meet new capital requirements by April 2026.
Banks are considering mergers, acquisitions, and fresh capital injections to meet these standards.
Bello emphasised that the recapitalisation was crucial to building a resilient financial system capable of sustaining economic growth.
FICAN, representing more than 150 financial journalists, stated that it had been organising the annual event to improve the knowledge and reporting skills of its members, ensuring they stay informed about critical economic policies shaping Nigeria’s financial landscape.
FICAN is the umbrella body of journalists and business editors reporting on the financial sector of the Nigerian economy.
“This conference is an opportunity to deepen our members’ understanding of key economic policies and trends while fostering a dialogue that supports quality reportage and critical analysis in the media,” it stated.
The PUNCH reports that the CBN, NDIC and Securities and Exchange Commission have joined forces to streamline the bank recapitalisation process, aiming to enhance efficiency and transparency within the financial sector.