The Association of Corporate & Marketing Communication Professionals of Banks (ACAMB) has assured the banking public that banks in the country have the wherewithal to meet the Central Bank of Nigeria (CBN) recent directives on recapilitalisation of the sector.<\/p>\n
The Association in a statement signed and released by its president, Rasheed Bolarinwa on Sunday said ACAMB had always affirmed its support for the CBN\u2019s recapitalisation moves.<\/span><\/p>\n Recall that the Olayemi Cardoso-led apex bank had last week issued and released a circular on review of minimum capital requirement for commercial, merchant and non-interest banks over the next 24 months. <\/span><\/p>\n \u201cThis support underlines ACAMB\u2019s belief that while Nigerian banks are globally regarded as safe, resilient and thriving; there is always room for growth. As Nigeria seeks to aggressively unlock its innate potential to become a global emerging economy, banks must also stand ready to play their crucial roles of financial intermediation.<\/span><\/p>\n \u201cThe import of the recapitalisation announced is that Nigerian banks are safe and reliable but the apex bank in its developmental mandate, is leading the banks to strengthen their capacities to meet competitive domestic and global financial needs. <\/span><\/p>\n \u201cThis overarching theme that runs through the circular and its explanatory notes further affirms the soundness of the banking sector, in line with several rating reports on Nigerian banks by leading local and international rating Agencies,\u201d ACAMB\u2019s statement read in part. <\/span><\/p>\n The ACAMB boss commended the CBN\u2019s clear modality for the recapilitalisation that allows addition of share capital and premium as against the previous regime of shareholders\u2019 fund. He reiterated the capacity of the various banks to meet the recapitalization directive within the stipulated timeframe. <\/span><\/p>\n \u201cWe commend the CBN for the thoughtfulness it has put into the announced modality for the recapitalisation. ACAMB particularly note the distinctive definition of the new minimum capital base for each category of banks as the addition of share capital and share premium, as against the previous use of shareholders\u2019 funds. We urge the public to take note of this change. As it stands, banks are on the same page and as such, there is no need whatsoever for any fear, as the banks have the capacity to meet the recapitalisation in line with allowable options stipulated by the apex bank.<\/span><\/p>\n \u201cAll facts point to a win-win for the Nigerian banks, the financial market and the economy under this recapitalisation. <\/span><\/p>\n \u201cThe Nigerian capital market, where banks are the most influential group, has the depth to meet the capital requirements of banks. The extended timeline till 2026, provides ample opportunity for each bank to follow through its recapitalisation plan, without undue crowding effect.<\/span><\/p>\n \u201cWith their background of good returns and liquidity, banking stocks are toasts of domestic and foreign investors. This pedigree, coupled with resilient performance of banks despite economic challenges, will come to the fore as investors know the recapitalisation means stronger banks and better returns.\u201d<\/span><\/p>\n Bolarinwa further assured that the CBN\u2019s recapitalization drive will strengthen the economy and further strategically position Nigerian banks as worthy continental and global competitors. He pledged support and cooperation of banks in the implementation of the recapitalization programme. <\/span><\/p>\n \u201cThe banking industry will continue to work with financial authorities to build up the economy. This recapitalisation will put Nigerian banks in better stead to support the strengthening of the economy; the expansion of the real sector, and the building of bigger banking brands that can compete continentally and globally. <\/span><\/p>\n \u201cBanks will continue to cooperate with the CBN in the implementation of the recapitalisation programme.<\/span><\/p>\n \u201cACAMB shall also be engaging all stakeholders in order to ensure balanced and factual representation as the recapitalisation progresses.<\/span><\/p>\n \u201cACAMB reassures all depositors and shareholders to keep about their businesses with the Nigerian banks without fears.\u201d<\/span><\/p>\n \n","protected":false},"excerpt":{"rendered":" The Association of Corporate & Marketing Communication Professionals of Banks (ACAMB) has assured the banking public that banks in the country have the wherewithal to meet the Central Bank of Nigeria (CBN) recent directives on recapilitalisation of the sector.<\/p>\n","protected":false},"author":1,"featured_media":18226,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2456],"tags":[5438,2464,131,8681],"class_list":["post-18225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-acamb","tag-banks","tag-cbn","tag-recapitalization-target"],"_links":{"self":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/18225"}],"collection":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18225"}],"version-history":[{"count":1,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/18225\/revisions"}],"predecessor-version":[{"id":18227,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/18225\/revisions\/18227"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/media\/18226"}],"wp:attachment":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}