The Nigeria Deposit Insurance Corporation (NDIC), Central Bank of Nigeria (CBN), Bank of Industry, United Bank for Africa (UBA), Access Holdings Plc, and other financial institutions will convene to discuss the impact of bank recapitalization on Nigeria’s real sector during the 2024 Finance Correspondents Association of Nigeria (FICAN) conference. The conference, set for September 28-29, will focus on Nigeria’s efforts to achieve a $1 trillion economy.
The event, themed “Nigeria’s Journey Towards $1tn Economy: Impact of Banks’ Recapitalisation, Opportunities for Fintechs and Real Sector,” will feature a keynote address by Hassan Bello, Managing Director/CEO of NDIC. Key figures such as UBA’s CEO, Oliver Alawuba, and BDAN Chairman, Mustafa Chike-Obi, will also participate.
Panel discussions will include representatives from major financial bodies, including the Nigeria Sovereign Investment Authority (NSIA), Nigeria Inter-Bank Settlement System (NIBSS), Development Bank of Nigeria, and the CBN. The discussions will address how the CBN’s bank recapitalization policy, announced in March and set to take effect by April 2026, will reshape the financial sector. The policy requires banks to meet new capital requirements, prompting mergers, acquisitions, and fresh capital injections across the industry.
Bello emphasized the importance of recapitalization for building a resilient financial system to support sustainable economic growth. This conference will also present opportunities for fintech companies and the real sector as Nigeria strives to diversify its economy.
FICAN, which represents over 150 financial journalists and business editors, organizes this annual event to enhance members’ knowledge and reporting skills on economic policies that shape Nigeria’s financial landscape. FICAN highlighted that the conference serves as a platform to foster in-depth understanding of key policies and trends, enhancing the quality of financial reportage.
In addition to the recapitalization discussions, FICAN noted that the CBN, NDIC, and the Securities and Exchange Commission (SEC) are collaborating to streamline the bank recapitalization process, aiming to promote transparency and efficiency across the sector.
