The Underwriter

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 are set to discuss the impact of recapitalization on Nigeria’s real sector at the 2024 Finance Correspondents Association of Nigeria (FICAN) conference. 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.

According to a statement released on Monday, the event will focus on Nigeria’s goal of achieving a $1 trillion economy and explore the implications of the CBN’s recent recapitalization policy. Hassan Bello, Managing Director/CEO of NDIC, will deliver the keynote address, while UBA’s CEO, Oliver Alawuba, and BDAN Chairman, Mustafa Chike-Obi, are also expected to speak.

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Panel discussions will feature key stakeholders from the CBN, Nigeria Sovereign Investment Authority, Nigeria Inter-Bank Settlement System, and Development Bank of Nigeria, addressing the challenges and opportunities presented by the recapitalization process, announced by the CBN in March, which mandates new capital requirements by April 2026.

The recapitalization aims to create a more resilient financial system to support Nigeria’s economic growth. Banks are considering mergers, acquisitions, and new capital injections to meet the requirements.

FICAN, representing over 150 financial journalists, has organized this annual event to enhance the knowledge and reporting skills of its members on critical economic policies. FICAN stated that the conference would help journalists gain deeper insights into key financial trends while promoting quality reporting and critical analysis.

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The CBN, NDIC, and the Securities and Exchange Commission have also collaborated to streamline the bank recapitalization process, aiming to boost efficiency and transparency in Nigeria’s financial sector.