NACCIMA to Engage Organised Private Sector, Others on Bank Recapitalisation

•Awaits complete framework for planned exercise

Emmanuel Addeh in Abuja

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has said it will engage with relevant stakeholders over the new guidelines by the Central Bank of Nigeria (CBN) on its recapitalisation policy for banks in the country.

In a statement on 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, the National President of NACCIMA, Dele Oye, said the was approaching the matter with caution, prudence, and a thorough analysis.

Noting the significance of the policy shift within the banking sector and its potential implications on the broader macroeconomic landscape, Oye said NACCIMA will also await the release of the complete policy framework by the CBN and the government.

“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 capitalisation increase seeks to address,” he stated.

According to him, NACCIMA acknowledges the significance of the policy shift within the banking sector and its potential implications on the broader macroeconomic landscape.

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.

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

Oye pointed out that the organisation stands ready to engage constructively with all relevant parties to facilitate a ‘nuanced and informed’ discourse on the critical issue.