The Chartered Institute of Bankers of Nigeria (CIBN) has said that the Nigerian banking sector remains resilient in the face of macroeconomic headwinds, including inflation, currency fluctuations, national and global shocks.
Pius Deji Olanrewaju, President and Chairman of Council of the CIBN, made this assertion during the Institute’s Annual General Meeting held in Lagos.
He said following the CBN recapitalisation announcement in November 2023, many banks raised substantial capital in 2024, through rights issues and public offerings ahead of the 2026 deadline.
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Speaking with journalists immediately after the programme, he said, “The one thing I know is that even where they cannot raise that money on their own, it gives room for merger. When you work alone, you won’t be able to work very far.
“But when you work with others, you will be able to achieve further results. I believe that some of them have demonstrated the fact that they can raise the money. About three banks have already done that, through the right issue. And I believe others too can do the same thing.
“And where they cannot do the same thing, there are options. And one of the options is that they merge with other ones, and continue to be in business. All that the government is trying to do, which we are in support of, is the fact that when those banks are financially stable, they will be able to finance large transactions. When you look at our ecosystem and our economy, we have a lot of things that need money. Our roads need money.”
He said the Institute had made remarkable strides in its legacy agenda. “The legacy agenda, unveiled during my investiture as the 23rd president/chairman of the CIBN, was conceived to transform the banking and finance sector by driving innovation, ethical conduct, inclusivity, and competence in the industry. As I deliver my midterm to this distinguished gathering, I am proud to affirm that we have made remarkable strides in this regard,” he said.
He recalled the Institute’s commitment towards contribution to macroeconomic issues. “During the period under review, I am proud to announce to you that we have commenced the publication of the CIBN macroeconomic update. The aim of the report is to equip stakeholders with the data required to make informed economic decisions.
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“During my acceptance speech as the 23rd President and Chairman of Council, I emphasised that all stakeholders of the Institute would have equal access to opportunities without barriers or discrimination based on age, gender, or geographical boundaries. The goal is to create an environment where everyone feels welcome and valued, regardless of location or cultural background. I am pleased to report that we have made notable progress in this regard,” he noted.
The Institute recorded significant achievements in key areas such as the composition of the Council and its Committees, staffing of the Institute, implementation of women-focused programmes, and the execution of zonal and regional initiatives.
