The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Oye, unveiled how the association plans to consult with stakeholders and await the release of the complete policy framework from the CBN and the government.
On Thursday, 28 March 2024, the apex bank disclosed its new minimum capital requirements for banks, stating the minimum capital base for commercial banks with international authorization at N500bn.
In response to this, the NACCIMA boss, Dele Oye, says NACCIMA is cautious, prudent and thorough in its approach as regards its stance in response to the specific query regarding the recent CBN policy to raise Tier 1 and 2 Banks capital base to N500bn and N200bn respectively,
He further stated their intention to consult with NACCIMA’s stakeholders and await the disclosure of the complete policy framework from the CBN and the government. He said, “This approach is essential to ensure a well-informed response that considers the intended macroeconomic objectives that the capitalization increase seeks to address.”
NACCIMA has acknowledged the importance of the policy shift within the banking sector and its aims and effect on the broader macroeconomic landscape.
However, NACCIMA cannot give a full, detailed, comprehensive commentary on the policy until full access to the details and context surrounding the CBN’s decision. Dele Oye mentioned that NACCIMA is dedicated to protecting the interests of private citizens and that its acts of promoting public good remain unwavering.
the Director General of the Nigeria Employers Consultative Association, Mr Wale Oyerinde, said, “We commend the CBN for its ongoing efforts at repositioning the banking sector to fulfil its critical and core role of economic facilitator
“Not only is recapitalization necessary, the timeline of 24 months is also commendable. This action will strengthen the banks to withstand financial shocks and hasten the growth of other sub-sectors that depend on the banks for growth.”
The NACCIMA boss responded to Mr Wale’s statement, saying the organization remains ready to engage constructively with all parties to facilitate a positive discourse regarding critical issues.
