The Association of Corporate and Marketing Communication Professionals of Banks (ACAMB) has assured Nigerians that banks are safe with the recapitalisation introduced by the Central Bank of Nigeria.
In a statement issued by its President, Rasheed Bolarinwa, on Monday, ACAMB said Nigerian banks will continue to work with the stakeholders’ financial authorities to revitalise the economy.
According to the statement, “The Association of Corporate and Marketing Communication Professionals of Banks (ACAMB) welcomes the release of the much-anticipated circular of the Central Bank of Nigeria (CBN) on the banking sector recapitalisation.
“It should be recalled that at the first announcement of the planned recapitalisation by the CBN Governor, Dr. Olayemi Cardoso, ACAMB, as a key player in Nigeria’s banking sector, had, alongside other critical stakeholders, affirmed support for the recapitalisation.
“This support underlines ACAMB’s 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.
“The CBN circular on review of minimum capital requirement for commercial, merchant and non-interest banks over the next 24 months has laid to rest any anxiety about the intention, process and possible outcome of the new recapitalisation exercise.
“The 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.
“This 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.
“We commend the CBN for the thoughtfulness it has put into the announced modality for the recapitalisation. ACAMB particularly notes 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’ 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.
“All facts point to a win-win for the Nigerian banks, the financial market and the economy under this recapitalisation.
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