The Bank Directors Association of Nigeria (BDAN) has reiterated its commitment to safeguarding the stability of Nigeria’s banking sector. This was emphasized during its 28th Annual General Meeting (AGM), which was held virtually on Tuesday.
During the AGM, BDAN announced a 2.6% increase in total income for the year 2024, indicating a modest but positive growth for the association.
Chairman of BDAN, Mr. Mustafa Chike-Obi, who presided over the meeting, stressed the critical role the association plays in supporting member banks and serving as a unified voice on industry issues. He noted that BDAN is particularly active in regulatory engagement and in efforts to protect the reputation of financial institutions.
“The association exists to serve member banks and act as a collective voice, especially in areas where individual banks cannot advocate for themselves,” Chike-Obi stated.
He also raised concerns over the spread of unsubstantiated statements that could undermine confidence in the banking system. He proposed the development of legislation to penalise individuals who make irresponsible public statements capable of inciting panic or destabilising the financial system.
“We are also considering supporting legislation that will impose penalties on individuals who make careless or irresponsible statements capable of inciting panic or destabilising the financial system,” he added.
BDAN’s stance underscores its growing role in policy advocacy and its resolve to maintain trust in Nigeria’s financial ecosystem.
