The Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), the Bank of Industry (BoI), as well as financial powerhouses like the United Bank for Africa, and Access Holdings Plc, among others have thrown their weight behind the 2024 conference of the Finance Correspondents Association of Nigeria (FICAN).
Keynote address at the Conference with the theme “Nigeria’s Journey Towards $1 Trillion Economy: Impact of Banks’ Re-capitalization, Opportunities for Fintechs and Real Sector,” scheduled to hold between September 28 and 29 in Lagos, will be delivered by the NDIC Managing Director/Chief Executive, Hassan Bello.
Guest speakers who have confirmed attendance includce the Managing Director/CEO UBA Oliver Alawuba, and the Chairman, Bank Directors Association of Nigeria (BDAN), Mustafa Chike-Obi, he was the pioneer chief executive of the Asset Management Corporation of Nigeria (AMCON).
According to a statement by organisers of the event, FICAN, the conference will be a Panel Discussion around the theme by representatives of CBN, Nigeria Sovereign Investment Authority (NSIA), the Nigeria Inter-Bank Settlement System, Bank of Industry, Parthan Partners and Development Bank of Nigeria.
The panelists will offer their thoughts on the ambitious $1 trillion economy target set by the Bola Ahmed Tinubu-led Federal Government soon after being sworn into office in May last year. They are also expected to proffer alternative solutions to the current challenges.
The NDIC, FICAN noted, has remained a supporter of the CBN as it moves to ensure a stronger and more efficient banking sector in the country, believes the latest recapitalisation plan will achieve economic resilience in the country.
Recall that he CBN on March 28, 2024 issued a circular announcing a new recapitalisation policy for commercial, merchant, and non-interest banks in Nigeria, effective from April 1, 2026.
To meet the latest minimum capital requirements, banks considered such options as: inject fresh equity capital through private placements, rights issues, and/or offer for subscription; mergers and acquisitions (M&As) and upgrade or downgrade of licence authorization in the event lenders cannot meet up with the new rules of engagement.
The Bank of Industry (BoI), on his part, stays committed to strengthening local businesses, while emphasizing its dedication to supporting critical sectors that are contributing to Gross Domestic Products (GDP) growth.
FICAN is the umbrella body of journalists and business editors reporting the financial sector of the Nigerian economy. The Association has a membership of over 150 journalists working in print, broadcast and online media platforms.
The annual conference, the statement noted, “is a capacity building and agenda-setting forum, designed to deepen financial journalists’ understanding of developments in the economy and enhance quality of reportage.”
It “is aimed at elevating the practice of financial journalism in the country.”
