CIBN: Bank Recapitalisation will Expand Nigeria’s GDP

 Nume Ekeghe

The Chartered Institute of Bankers of Nigeria (CIBN) yesterday restated that the planned bank recapitalisation would boost the nation’s Gross Domestic Product (GDP).
The President of CIBN, Prof. Pius Olarenwaju, who stated this during the 2024 second induction for 741 new members and award ceremony in Lagos, also called for excellence in banking operations towards efficiency and customers’ satisfaction.

Olarenwaju said the banking industry was rapidly evolving with new technologies reshaping the foundations of financial services, hence the need for continuous learning for professional growth, networking, and career advancement.
The president, who is also CIBN’s Chairman of the Council, said that the theme, “Unlocking Your Potentials: Positioning for Next Levels” captured the spirit of the occasion.

He listed factors needed for unlocking potential, including adoption of a growth mindset, understanding the evolving landscape, embracing technology and building a strong personal brand.
Olarenwaju also explained provisions of his six-point agenda as the 23rd President/Chairman of the Council of the Institute, code-named the “LEGACY Agenda”.
He said entrenching ethics, professionalism, and integrity within the banking sector was needed for building trust and confidence among clients, stakeholders, and the society at large.

He said the banks recapitalisation initiative was unveiled during CIBN’s 2023 Annual Bankers Dinner, to ensure the stability and sustainability of the financial system.
He said the recapitalisation of banks, which had begun, would strengthen Nigeria’s banking sector, increase banks’ lending capacity, boost foreign direct investment, and improve the overall resilience of the financial system.

“We believe that the initiative is going to contribute to GDP growth and enhance governance in the banking sector.
“A stronger capital base will enable banks to underwrite larger transactions and support various sectors of the economy more effectively,” he said.
He congratulated the inductees from across Nigeria and candidates from Sierra Leone, Mozambique, Kenya, Ghana, and The Gambia, who joined both physically and virtually.

Founder/Former CEO Neimeth International Pharmaceuticals Plc, Mazi Sam Ohuabunwa, who joined virtually, said that the contribution of bankers to the nation’s GDP was immeasurable.
He urged chartered bankers to embrace professionalism, integrity, honesty and the fear of God in discharge of their important services for safety of investments while congratulating inductees.

Managing Director/Chief Executive Officer, Aso Savings and Loans Plc, Hajia Risikatu Ahmed, shared insights on how female bankers could aspire through adoption of growth mindset.
Ahmed, who was a special guest, explained how female experts could take risks for career progression while balancing ambition with family life and physical well-being.

The guest speaker, Mr. Wole Adeniyi, explained how inductees could unlock their potentials through mindset shift leveraging on Artificial Intelligence (AI).
Adeniyi, who is the Managing Director/CEO, Stanbic IBTC Bank Plc, explained the need for quality leadership, which could serve as a strong guide to growth for teams and organisations.