CBN, NDIC to Discuss Bank Recapitalization at Upcoming Summit

The Nigeria Deposit Insurance Corporation, alongside the Central Bank of Nigeria, the Bank of Industry, the United Bank for Africa, Access Holdings Plc, and various other financial entities, will convene to examine the effects of the ongoing recapitalization on the real sector during the 2024 Finance Correspondents Association of Nigeria conference.

A statement released to our correspondent on Monday highlighted that the conference will focus on Nigeria's ambitious target of reaching a $1 trillion economy.

Scheduled for September 28-29, the conference is themed “Nigeria’s Journey Towards a $1 Trillion Economy: The Impact of Banks’ Recapitalization, Opportunities for Fintechs, and the Real Sector.”

Hassan Bello, the Managing Director/CEO of NDIC, will present the keynote address, with contributions from UBA’s CEO, Oliver Alawuba, and BDAN Chairman, Mustafa Chike-Obi.

FICAN has indicated that panel discussions will include prominent stakeholders from the CBN, the Nigeria Sovereign Investment Authority, the Nigeria Inter-Bank Settlement System, and the Development Bank of Nigeria.

The recapitalization policy introduced by the CBN in March mandates that banks fulfill new capital requirements by April 2026.

In response, banks are exploring mergers, acquisitions, and new capital infusions to comply with these regulations.

Bello stressed the importance of recapitalization in establishing a robust financial system that can support sustained economic growth.

FICAN, which represents over 150 financial journalists, has been organizing this annual event to enhance the knowledge and reporting capabilities of its members, ensuring they remain well-informed about significant economic policies influencing Nigeria’s financial environment.

FICAN serves as the collective organization for journalists and business editors focused on the financial sector of the Nigerian economy.

“This conference presents a valuable opportunity to enrich our members’ comprehension of essential economic policies and trends, while promoting a dialogue that encourages high-quality reporting and critical analysis within the media,” it stated.