“ACAMB Assures Banks Well-Equipped to Meet CBN’s Recapitalization Directive”

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The Association of Corporate & Marketing Communication Professionals of Banks (ACAMB) has affirmed that Nigerian banks are well-prepared to fulfill the recent directives issued by the Central Bank of Nigeria (CBN) regarding the recapitalization of the banking sector.

 

In a statement released by ACAMB’s president, Rasheed Bolarinwa, the association expressed unwavering support for the CBN’s initiative, emphasizing the importance of continual growth and resilience within the banking industry. The recent circular issued by the Olayemi Cardoso-led apex bank outlines a review of minimum capital requirements for commercial, merchant, and non-interest banks over the next two years.

 

ACAMB highlighted the significance of the recapitalization plan in enhancing the stability and competitiveness of Nigerian banks both domestically and globally. The association commended the CBN’s clear guidelines, particularly the inclusion of share capital and premium in determining the new minimum capital base, as opposed to the previous reliance solely on shareholders’ funds.

 

Bolarinwa reiterated the confidence in banks’ ability to meet the recapitalization requirements within the specified timeframe, assuring the public that there is no cause for concern. ACAMB stressed that the recapitalization drive presents mutually beneficial opportunities for banks, the financial market, and the overall economy.

 

Furthermore, ACAMB emphasized the role of Nigerian banks in supporting economic growth and their potential to emerge as strong contenders on both continental and global scales. The association pledged ongoing cooperation with financial authorities to ensure the successful implementation of the recapitalization program.

 

ACAMB reassured depositors and shareholders of Nigerian banks to continue their engagements with confidence, as the recapitalization process unfolds with careful consideration and collaboration among all stakeholders.


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