Business
Banks are in good stead to meet CBN’s recapitalisation target – ACAMB
The Association of Corporate and Marketing Communication Professionals of Banks (ACAMB) has assured the banking public that banks in the country have the wherewithal to meet the Central Bank of Nigeria (CBN) recent directives on recapilitalisation of the sector.
The Association in a statement signed and released by its president, Rasheed Bolarinwa on Sunday said ACAMB had always affirmed its support for the CBN’s recapitalisation moves.
Recall that the Olayemi Cardoso-led apex bank had last week issued and released a circular on review of minimum capital requirement for commercial, merchant and non-interest banks over the next 24 months.
“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 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,” ACAMB’s statement read in part.
The ACAMB boss commended the CBN’s clear modality for the recapilitalisation that allows addition of share capital and premium as against the previous regime of shareholders’ fund. He reiterated the capacity of the various banks to meet the recapitalization directive within the stipulated timeframe.
“We commend the CBN for the thoughtfulness it has put into the announced modality for the recapitalisation. ACAMB particularly note 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.
“The Nigerian capital market, where banks are the most influential group, has the depth to meet the capital requirements of banks. The extended timeline till 2026, provides ample opportunity for each bank to follow through its recapitalisation plan, without undue crowding effect.
“With their background of good returns and liquidity, banking stocks are toasts of domestic and foreign investors. This pedigree, coupled with resilient performance of banks despite economic challenges, will come to the fore as investors know the recapitalisation means stronger banks and better returns.”
Bolarinwa further assured that the CBN’s recapitalization drive will strengthen the economy and further strategically position Nigerian banks as worthy continental and global competitors. He pledged support and cooperation of banks in the implementation of the recapitalization programme.
“The banking industry will continue to work with financial authorities to build up the economy. This recapitalisation will put Nigerian banks in better stead to support the strengthening of the economy; the expansion of the real sector, and the building of bigger banking brands that can compete continentally and globally.
“Banks will continue to cooperate with the CBN in the implementation of the recapitalisation programme.
“ACAMB shall also be engaging all stakeholders in order to ensure balanced and factual representation as the recapitalisation progresses.
“ACAMB reassures all depositors and shareholders to keep about their businesses with the Nigerian banks without fears.”
The National Progressives Hub (NPH), a support group for the ruling All Progressives Congress (APC), has trained over 50 women entrepreneurs running Micro, Small, and Medium-sized Enterprises (MSMEs) to enhance their financial inclusion and business growth.
The women, selected from NPH and other support groups, participated in the training held in the Asokoro area of Abuja on Tuesday.
The National Coordinator of NPH, Hon. Bukie Okangbe, stated that the event was part of activities to celebrate the 2025 International Women’s Day.
“It is a business clinic. We brought in experts and trainers to conduct the training, including facilitators from the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). This initiative is designed for APC women and every party member to celebrate Women’s Month. We also want women to be aware of government policies,” she emphasized.
Kingsley Ndimele, a Business Consultant and Financial Economist, noted that while businesses in Nigeria are performing fairly well, there is significant room for improvement, particularly in addressing policy gaps, access to information, and knowledge acquisition.
“I am here to train small business owners on how to grow and scale their enterprises. Although businesses in Nigeria are making progress, challenges persist due to policies, government intervention, and the business owners themselves.
“The average Nigerian entrepreneur has the potential to perform better if key issues such as policy framework, infrastructure, and knowledge gaps are addressed. Growing a business requires a certain level of knowledge capacity. If you lack that capacity, no matter how much funding you receive, you may not succeed,” he explained.
He also highlighted the issue of funding as a shared responsibility between the government and entrepreneurs.
“The Nigerian government has been supporting MSMEs through funding and capacity-building initiatives. However, the question remains: Are Nigerian entrepreneurs ready to maximize these opportunities? Do they meet the eligibility criteria?” he asked.
A representative of the Director-General of SMEDAN, Peter Adeshina, stated that the training aimed to educate small business owners on structuring their enterprises to access available opportunities.
“SMEs are critical to economic prosperity and growth, and our role is to support them. A business clinic is like a medical clinic—when you visit, you receive treatment, feel revitalized, and can then expand and succeed.
“Our objective here is to provide guidance on structuring businesses for growth. Currently, finance in Nigeria is costly due to high interest rates. However, there are measures SMEs can take to secure affordable loans and grants.
“For instance, formalizing a business—something as simple as registering it—can determine whether one can access opportunities or not. Business owners should also open dedicated business accounts to establish a credit history, making them more trustworthy to investors,” he advised.
He also expressed optimism that the training would enhance SMEs’ operations.
“At the end of this event, we expect SMEs to function more effectively. With the information provided, they will be able to restructure their businesses, abandon ineffective practices, and embrace growth.
“Accessing SMEDAN opportunities requires registration with the agency. Fortunately, SMEDAN has state offices nationwide where business owners can seek support. We anticipate that, after this exercise, more entrepreneurs will be better positioned for success,” he added.
Also, the Senior Special Adviser to the Minister of State for Industry, Trade, and Investment, Adeshile Deji, encouraged the trainees to engage in continuous capacity-building programs from relevant agencies to enhance their skills and business operations.
Over 1,500 residents have benefited from a Fidelity Food Bank outreach in Kabuga community, Dala Local Government Area of Kano state.
The Corporate Social Responsibility (CSR) initiative, executed in partnership with Misnoory Foundation, saw staff of the bank distribute essential food items to support people during the holy month of Ramadan.
Commenting on the distribution event, Divisional Head, Brands and Communications, Fidelity Bank Plc, Dr Meksley Nwagboh, emphasized the bank’s dedication to supporting its host communities through impactful projects.
“Social responsibility is at the heart of who we are as a bank. Our Fidelity Food Bank initiative is one of the way we drive social welfare in our host communities. The initiative was launched to support the vulnerable and alleviate the impact of hunger in the society as part of our contribution to Sustainable Development Goal 2, which aims to achieve zero hunger.
“Consequently, we have distributed more than 150,000 food packs at outreach events like this across the country since April 2023 when we launched the initiative. Our outreach in Kabuga is designed to support women, widows, children and the community with food items for the Ramadan season.”
On her part, the Founder, Misnoory Foundation, Maryam Isa Inuwa stated that, “The commitment of the foundation towards poverty alleviation and various humanitarian support to society’s most vulnerable members perfectly aligns with the Fidelity Bank initiative.
“Fidelity Bank is one of the major sponsors of our humanitarian outreaches to the needy in the society. The foundation is delighted to count on the bank as a long-standing partner.
“We seek to touch the lives of many people in need through our various humanitarian efforts across different communities and today, it is the turn of Kabuga community to benefit from the Fidelity Food Bank program”.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards.
It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
Tier-one lender, Fidelity Bank Plc, has once again highlighted the importance of promoting non-oil exports as it recently hosted the 18th edition of its dedicated capacity development training tagged Export Management Programme (EMP 18). The programme, which was held recently in Lagos provided a platform for entrepreneurs interested in exploring global trade opportunities to scale and acquire relevant expertise.
Hosted in partnership with the Lagos Business School (LBS), the 5-day intensive program focused on equipping entrepreneurs with the skills and knowledge needed to explore international market opportunities and strengthen their capacity to thrive in the export sector.
“At Fidelity Bank, our strategy to enhance non-oil exports is guided by the significant opportunities it offers to our customers and the national economy. This is why we offer a comprehensive suite of financial, advisory, and market-access solutions for businesses aiming to engage in international trade.
“Our market-access initiative, EMP, launched in 2016, has trained over 1,600 entrepreneurs. Today, we completed the 18th cohort with high-caliber participants and a 150% oversubscription. This indicates a promising future for Nigeria’s non-oil exports,” explained Isaiah Ndukwe, Divisional Head of Export and Agriculture at Fidelity Bank Plc.
Facilitated by key industry experts in the exports space, EMP 18 took participants through several sessions focused on critical areas in global trade such as Export Finance Instruments, Export Documentation, Accessibility of Export Markets, amongst others.
A key feature of the training was a facility tour of one of Nigeria’s busiest Export Processing Terminals (EPT) located in Ikorodu, Lagos state. The full-day visit, which was anchored by officials of the Nigerian Customs Service (NCS), gave participants a first-hand feel of the necessary procedure and requirements for securing regulatory approval for exporting from Nigeria.
One of the program participants, Patrick Ulayi Awu-Patricks, Managing Director/Chief Executive Officer, Alliance & Frontier Limited, commended Fidelity Bank for its leadership in deploying capacity-building initiatives in the non-oil exports sector. In a discussion with journalists, he stated that EMP 18 provided invaluable exposure to the opportunities in the export business noting that, “There are lots of non-oil exports opportunities and entrepreneurs must be able to identify and capitalize on these to be able to play effectively in the international trade space. This course has given me insights into the power of data which is essential for strategic decision-making.”
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
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