LAGOS, Nigeria (VOICE OF NAIJA)-At the 2024 Finance Correspondents Association of Nigeria conference (FICAN), the Nigeria Deposit Insurance Corporation (NDIC), Central Bank of Nigeria (CBN), Bank of Industry (BOI), United Bank for Africa (UBA), Access Holdings Plc, and other financial institutions will explore how the current recapitalization affects the real sector.
In a statement on Monday, FICAN noted that the conference will also focus on Nigeria’s ambitious target of becoming a $1 trillion 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.
Managing Director/CEO of NDIC, Hassan Bello, will deliver the keynote address at the event. Oliver Alawuba, CEO of UBA, and Mustafa Chike-Obi, Chairman of BDAN, will also be speakers.
FICAN has stated that the panel discussions will include key stakeholders from the CBN, the Nigeria Sovereign Investment Authority, the Nigeria Inter-Bank Settlement System, and the Development Bank of Nigeria.
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The CBN’s recapitalization policy, announced in March, mandates that banks meet new capital requirements by April 2026. In response, banks are exploring mergers, acquisitions, and additional capital infusions to comply with these requirements.
Bello underscored that the recapitalization is essential for creating a robust financial system that can support ongoing economic growth.
FICAN, which represents over 150 financial journalists, noted that its annual event is designed to enhance the expertise and reporting abilities of its members, keeping them updated on key economic policies affecting Nigeria’s financial sector.
FICAN serves as the umbrella organization for journalists and business editors covering the Nigerian financial sector.
“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.
VONa, reported that the CBN, NDIC, and Securities and Exchange Commission have collaborated to streamline the bank recapitalization process, with the goal of improving efficiency and transparency in the financial sector.