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The Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC), and key financial institutions, including the Bank of Industry, United Bank for Africa (UBA), and Access Holdings Plc, will convene to discuss the impact of bank recapitalisation on the real sector at the 2024 Finance Correspondents Association of Nigeria (FICAN) conference.
A statement released on Monday highlighted that the conference, scheduled for September 28-29, will focus on Nigeria’s efforts to achieve its goal of a $1 trillion economy. The event, themed “Nigeria’s Journey Towards a $1tn Economy: Impact of Banks’ Recapitalisation, Opportunities for Fintechs, and the Real Sector”, will explore how the recent recapitalisation policy will shape the country’s financial landscape.
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, are also slated to speak.
Panel discussions will feature representatives from the CBN, the Nigeria Sovereign Investment Authority (NSIA), the Nigeria Inter-Bank Settlement System (NIBSS), and the Development Bank of Nigeria (DBN). These discussions will cover critical areas such as the role of recapitalisation in economic growth, the evolving opportunities for fintechs, and the broader impact on the real sector.
The CBN’s recapitalisation policy, announced earlier this year, requires banks to meet new capital standards by April 2026. To comply, banks are exploring mergers, acquisitions, and fresh capital injections. Hassan Bello underscored the importance of the policy, stating that it is essential for building a resilient financial system capable of sustaining long-term economic development.
FICAN, the umbrella body representing more than 150 financial journalists, has been organising the annual conference to enhance the knowledge and reporting skills of its members. The association aims to ensure that its members are well-versed in critical economic policies and trends shaping Nigeria’s financial sector.
“This conference is an opportunity to deepen our members’ understanding of key economic policies while fostering a dialogue that supports quality reportage and critical analysis in the media,” FICAN noted.
CBN, NDIC, and the Securities and Exchange Commission (SEC) have been working together to streamline the bank recapitalisation process, aiming to enhance transparency and efficiency in the sector, thereby strengthening the foundation for Nigeria’s ambitious economic goals.
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