The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) is taking a meticulous and strategic approach to the recent directives from the Central Bank of Nigeria (CBN) regarding the recapitalization of banks in the nation.
In a statement released on Monday, NACCIMA highlighted its intention to thoroughly engage with key stakeholders and await the complete policy framework’s release before formulating a comprehensive response.
NACCIMA’s National President, Dele Oye, underscored the importance of prudence and detailed analysis given the significance of the policy shift within the banking sector and its potential macroeconomic ramifications.
Oye emphasized, “It is imperative to highlight NACCIMA’s approach to this matter as one of caution, prudence, and thorough analysis.”
Acknowledging the directive to raise Tier 1 and Tier 2 banks’ capital bases to N500bn and N200bn respectively, Oye expressed the association’s recognition of the importance of maintaining a robust banking system while refraining from offering a definitive opinion without access to full details and context surrounding the CBN’s decision.
Stressing NACCIMA’s commitment to safeguarding private citizens’ interests and promoting the public good, Oye stated, “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.”
The association reiterated its commitment to constructive engagement with all relevant parties to facilitate an informed discourse on the critical issue.
“Our organization stands ready to engage constructively with all relevant parties to facilitate a nuanced and informed discourse on this critical issue,” Oye concluded.
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