Victor Ezeja
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has reacted to the recent announcement by the Central Bank of Nigeria (CBN) of its recapitalisation policy for banks in the country.
The organisation said it will engage in consultations with relevant stakeholders and await the release of the complete policy framework by the CBN and the government.
Join our WhatsApp ChannelPrime Business Africa had reported that the CBN last week released a circular directing Tier 1 and 2 Banks to raise their capital base to N500 and N200 billion respectively, within 24 months starting from April 1, 2024 to March 31, 2026.
In a statement released on Monday, NACCIMA National President, Dele Kelvin Oye, who noted the significance of the policy shift within the banking sector and its potential implications on the broader macroeconomic landscape, said the association is approaching the matter with caution, prudence, and a thorough analysis.
Oye said: “It is imperative to highlight NACCIMA’s approach to this matter as one of caution, prudence and thorough analysis.
READ ALSO: Why CBN Increases Capital Base For Commercial Banks To N500bn, Merchant Banks N50bn
“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.”
According to him, “NACCIMA acknowledges the significance of this policy shift within the banking sector and its potential implications on the broader macroeconomic landscape.
“While recognizing 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.”
READ ALSO: Another Round Of Bank Recapitalization
Oye made it clear that for now NACCIMA will not present a definitive opinion on the policy until they have a thorough understanding of the objectives and implications that will be outlined by the regulatory authorities.
“Our organisation stands ready to engage constructively with all relevant parties to facilitate a nuanced and informed discourse on this critical issue,” NACCIMA national president added.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
