The Association of Corporate & Marketing Communication Professionals of Banks (ACAMB) has affirmed that commercial banks across Nigeria possess the capabilities necessary to fulfill the recent recapitalization directives issued by the Central Bank of Nigeria (CBN). This declaration came through a statement released by Rasheed Bolarinwa, President of ACAMB.
The recent circular issued by the Olayemi Cardoso-led apex bank mandated a review of minimum capital requirements for commercial, merchant, and non-interest banks over the next 24 months. ACAMB’s statement underscores its support for the CBN’s initiative, highlighting the importance of Nigerian banks aligning with global standards to bolster the nation’s economy.
Bolarinwa emphasized ACAMB’s belief in the resilience and growth potential of Nigerian banks, emphasizing the sector’s critical role in facilitating financial intermediation amid Nigeria’s aspirations to emerge as a global economic player.
“The import of the recapitalization announced is that Nigerian banks are safe and reliable,” stated Bolarinwa. “The apex bank, in its developmental mandate, is leading the banks to strengthen their capacities to meet competitive domestic and global financial needs.”
ACAMB praised the clarity of the CBN’s modality for recapitalization, particularly noting the shift from the previous regime of shareholders’ funds to the addition of share capital and premium. Bolarinwa assured that banks possess the capacity to meet the recapitalization directive within the stipulated timeframe.
“We commend the CBN for the thoughtfulness it has put into the announced modality for the recapitalization,” Bolarinwa remarked. “All facts point to a win-win for the Nigerian banks, the financial market, and the economy under this recapitalization.”
Highlighting the robustness of the Nigerian capital market and the resilience of banking stocks, Bolarinwa expressed confidence that the recapitalization drive would fortify the economy and position Nigerian banks as formidable contenders in the global arena.
In conclusion, Bolarinwa pledged the unwavering support and cooperation of banks in the implementation of the recapitalization program, underscoring its potential to usher in a new era of strength and competitiveness for Nigeria’s banking sector.
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