The ongoing review in the banking industry and ways of stabilising the financial sector in Nigeria will take the front burner at a stakeholders’ meeting organised by the Financial Services Group of the Lagos Chamber of Commerce and Industry (LCCI) on Thursday, 8th of September.

The Seminar, which is aimed at highlighting the role of the Asset Management Corporation of Nigeria (AMCON) in restoring stability to the country’s Financial System, will be addressed by Mr. Mustafa Chike-Obi, Managing Director of AMCON.

According to Mr. Olusola Soetan, Chairman, Financial Services Group of the Chamber, the seminar will provide a platform for AMCON, the banks and other stakeholders to meet with the business community to share briefs on what AMCON and the banks have achieved since the crisis in the industry began.

“It is also to highlight what these key stakeholders are doing regarding managing debts and risks in Nigeria’s financial industry in the quest for a stable financial system that will drive economic development,” Soetan disclosed. He said that several banks had already indicated their interest in participating at the seminar and urged the business community, especially members of the Chamber, to avail themselves of the opportunity to seek ways of enhancing funding for their businesses in a stable environment.

It will be recalled that three banks recently had their licenses withdrawn while being immediately replaced by three new ones by the regulatory authorities. This followed the perception that the banks would not be able to meet the recapitalisation deadline in September fixed by the Central Bank of Nigeria. Some of the other affected banks are in various stages of recapitalisation.

The Financial Services Group of the Lagos Chamber of Commerce and Industry is one of the most important and vibrant groups in the vanguard of the advocacy role of the chamber.