Mr. Moruf Oseni, Managing Director, Wema Bank Plc, believes CBN’s decision to recapitalise banks will strengthen Nigeria’s Banking Industry and boost financial stability.
Speaking during a panel interview with Deputy Group Business Editor, Taofik Salako, Oseni revealed that recapitalization goes a long way in improving Nigeria’s ability to aid economic growth, thereby supporting our dear nation to robustly resist all kinds of inflationary pressures.
According to him, the move is definitely a step in the right direction as it guarantees Nigerian banks all the fortification required to foster financial stability across the nation. “My view on this has not changed. I believe that CBN‘s decision to recapitalise banks will strengthen the banking sector, enhance financial stability, improve the industry’s ability to support economic growth and fortify our nation against inflationary pressures.
The outcome will be a banking sector fortified for financial stability, equipped to safeguard shareholders’ investments and provide for Nigerians’ needs. The Recapitalization program is a step in the right direction, and the sector can only emerge stronger. On our end, we remain committed to meeting the requirements while delivering optimum value to our stakeholders,” he said.
Moruf disclosed that he is expecting a more competitive banking sector henceforth, and that should trigger a better Nigeria, since the banking industry has played a vital role in sustaining Nigeria’s economy over the years. He added that while there are positive signs for the future of Nigeria’s banking industry, more can be done to improve foreign investment, digital banking innovation, and risk management to fully tap into Nigeria’s economic potential.
“Yes. Nigerian banks are well-positioned to support the country’s emerging economy. With strong regulatory oversight, ongoing recapitalization, and continuous investment in technology, the banking sector is evolving to meet global standards.
The banking industry has played a significant role in sustaining Nigeria’s economy over the years. As economic situations remain dynamic, banks are expanding their capacity to finance infrastructure, support SMEs, and drive financial inclusion. However, there is still room for growth in foreign investment, digital banking innovation, and risk management to harness Nigeria’s economic potential fully. As an Industry, we will continue to work towards growing our capacity to provide the much-needed intermediation to catalyze economic growth and transformation,” he added.
