The Nigeria Deposit Insurance Corporation (NDIC), the Central Bank of Nigeria (CBN), the Bank of Industry (BoI), the United Bank for Africa, Access Holdings plc and a host of other banking and financial institutions have confirmed their participation at the 2024 conference of the Finance Correspondents Association of Nigeria (FICAN), which would feature discussions on the Federal Government’s ambitious $1 trillion economy target.

The conference, which has as its theme: “Nigeria’s Journey Towards $1 Trillion Economy: Impact of Banks’ Recapitalization, Opportunities for Fintechs and Real Sector,” is scheduled to hold between 28 and 29th September 2024 at the Orchid Hotels, Plot 3 Dreamworld-Africana Way, Lekki Lagos.

The 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 minimum capital requirements, banks have been considering the following options: 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 NDIC has expressed its support for the CBN’s move to recapitalise banks, saying the apex bank’s decision will achieve economic resilience in the country.

Similarly, the Bank of Industry (BoI) has said it is committed to backing local businesses, emphasising the its dedication to supporting critical sectors that are contributing to Gross Domestic Products (GDP) growth.

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