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 discuss the impact of ongoing recapitalization efforts on the real sector at the 2024 Finance Correspondents Association of Nigeria (FICAN) conference.
In a statement released on Monday, it was noted that the conference would address Nigeria’s goal of becoming a $1 trillion economy.
Themed “Nigeria’s Journey Towards $1tn Economy: Impact of Banks’ Recapitalisation, Opportunities for Fintechs and Real Sector,” the event is scheduled for September 28-29.
NDIC Managing Director/CEO, Hassan Bello, will deliver the keynote address, while UBA CEO Oliver Alawuba and BDAN Chairman Mustafa Chike-Obi are also slated to speak.
FICAN announced that panel discussions will include key stakeholders from the CBN, Nigeria Sovereign Investment Authority, Nigeria Inter-Bank Settlement System, and Development Bank of Nigeria.
The CBN’s recapitalization policy, introduced in March, mandates that banks meet new capital requirements by April 2026. Banks are exploring mergers, acquisitions, and new capital infusions to comply with these standards.
Bello highlighted that the recapitalization is essential for building a resilient financial system capable of driving sustained economic growth.
FICAN, representing over 150 financial journalists, emphasized that the annual event aims to enhance members’ knowledge and reporting expertise on critical economic policies shaping Nigeria’s financial sector.
“This conference provides an opportunity to deepen our members’ understanding of key economic policies and trends while fostering dialogue that supports quality reportage and critical media analysis,” FICAN stated.
The CBN, NDIC, and Securities and Exchange Commission are collaborating to streamline the recapitalization process, with the goal of boosting transparency and efficiency within the financial sector.