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Economy

Bank Recapitalisation: NACCIMA to Engage Stakeholders

By Adedapo Adesanya

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has said it would consult with stakeholders and await the disclosure of the complete policy framework from the Central Bank of Nigeria (CBN) and the government.

The apex bank last Thursday unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at N500 billion. Others are to raise between N200 billion and N10 billion.

In a statement, the National President of NACCIMA, Mr Dele Oye, said it was imperative to highlight the organisation’s approach to this matter as one of caution, prudence, and thorough analysis.

However, the NACCIMA boss, said, “In response to the specific query regarding NACCIMA’s stance on the recent CBN policy directive to raise Tier 1 and 2 Banks capital base to N500 billion and N200 billion respectively. 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. This approach is essential to ensure a well-informed response that considers the intended macroeconomic objectives that the capitalization increase seeks to address,” he added.

Mr Oye added that NACCIMA acknowledged the significance of the policy shift within the banking sector and its potential implications on the broader macroeconomic landscape.

“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.

“NACCIMA’s dedication to safeguarding the interests of private citizens and promoting the public good remains unwavering,” Mr Oye stated.

According to him, NACCIMA refrains from offering a definitive opinion on the policy at this moment until “the regulatory authorities outline a thorough understanding of the objectives and implications.

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

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