The Central Bank of Nigeria (CBN) has identified strong and effective communication as a catalyst for achieving the ongoing banking sector recapitalisation and advancing the country’s ambition of becoming a $1 trillion economy.
Mr. Philip Ikeazor, the CBN Deputy Governor in charge of Financial System Stability, stated this at the opening of the National Retreat of the Association of Corporate Affairs Managers of Banks (ACAMB) held on Friday in Abeokuta, Ogun State.
The retreat, themed “Banks Recapitalisation and Beyond: Amplifying Brand Resilience and Stakeholders’ Financial Inclusivity”, brought together corporate communication professionals from across the banking industry.
Ikeazor, represented by Mr. Ibrahim Hassan, Director of Development and Financial Institution Supervision at the CBN, said effective communication was critical to ensuring public understanding, trust, and confidence in the recapitalisation exercise.
He noted that Nigeria’s financial system was at a pivotal stage in its history, requiring professional management to position the country’s banks for future challenges and global competitiveness.
“This policy pronouncement is beyond just a compliance directive; it is aimed at repositioning and equipping our banks to be more resilient to shocks, expand credit to the real sector, and play a catalytic role in supporting Nigeria’s aspiration of becoming a trillion-dollar economy by 2030,” he said.
The Deputy Governor revealed that 14 banks had already met the new recapitalisation requirements, emphasising that the process was a confidence-building measure that demanded deliberate and transparent stakeholder engagement.
He charged corporate communication professionals to use their platforms to communicate the objectives of the exercise with clarity and optimism.
“You are more than image managers; you are the custodians of public confidence. Every campaign, every press release, and every online post shapes how Nigerians perceive the safety and stability of their banks. The Central Bank counts on your professionalism and partnership to tell the story of this recapitalisation exercise with coherence and optimism,” Ikeazor added.
In his presentation, Prof. Tayo Otubanjo of the Lagos Business School, who spoke on “Enhancing Corporate Brand Resilience,” urged banks to strengthen their brand identities and connect more deeply with customers.
He noted that most Nigerian banks lacked distinct value propositions and called for more culturally resonant corporate branding.
“When you put most Nigerian bank logos on Oxford Street or Manhattan, they blend very well — but not in Africa. Banks must create more iconic and authentically African brands,” he said.
Otubanjo also advised banks to channel available liquidity towards supporting small businesses, traders, and artisans to stimulate economic activity.
Earlier, ACAMB President, Mr. Rasheed Bolarinwa, described the recapitalisation policy as a catalyst for building stronger and more inclusive banks capable of driving Nigeria’s $1 trillion economy ambition.
He urged members to leverage the retreat as a platform for collaboration, shared learning, and developing unified narratives that enhance public confidence in the banking sector.
“This is not just a knowledge-sharing forum but the beginning of a community of practice that will pilot joint brand narratives and share data-driven insights.”
