Bank Recapitalisation: NACCIMA calls for prudence and thorough ananlysis

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture is taking an analytical approach to the Central Bank of Nigeria’s new guidelines on the recapitalisation of banks in the country.

In a statement made available on Monday, the association said it will engage with relevant stakeholders and await the complete policy framework’s release before formulating a comprehensive response.

In the statement addressing the CBN’s directive to raise Tier 1 and Tier 2 banks’ capital bases to N500bn and N200bn respectively, NACCIMA National President, Dele Oye, emphasised the need for prudence and thorough analysis given the policy shift’s significance within the banking sector and its potential macroeconomic implications.

“It is imperative to highlight NACCIMA’s approach to this matter as one of caution, prudence, and thorough analysis.

“As such, we intend to engage in consultations with our stakeholders and await the disclosure of the complete policy framework from the CBN and the government,” Oye said.

He acknowledged the importance of maintaining a robust banking system while expressing the association’s inability to provide a comprehensive commentary without access to the full details and context surrounding the CBN’s decision.

“NACCIMA acknowledges the significance of this policy shift within the banking sector and its potential implications on the broader macroeconomic landscape,” he said.

He added, “While recognising the importance of maintaining a robust banking system, we are currently unable to provide a comprehensive commentary on the policy without access to the full details and context surrounding the CBN’s decision.”

Stressing NACCIMA’s commitment to safeguarding the interests of private citizens and promoting the public good, Oye stated, “NACCIMA refrains from offering a definitive opinion on the policy at this moment until a thorough understanding of the objectives and implications are outlined by the regulatory authorities.”

The association added that it remains committed to engaging constructively with all relevant parties to facilitate a nuanced and informed discourse on the critical issue.

“Our organisation stands ready to engage constructively with all relevant parties to facilitate a nuanced and informed discourse on this critical issue,” Oye concluded.