Buhari lauds regulators for stabilising financial system

President Muhammadu Buhari has stated that if not for the creativity of the sector’s regulators, the global economic headwinds brought on by the COVID-19 pandemic and Russia’s invasion of Ukraine could have destabilized the Nigerian banking system.

Speaking yesterday in Abuja at the 15th annual banking and finance conference of the Chartered Institute of Bankers of Nigeria (CIBN), Buhari, in particular, commended the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, the Nigeria Deposit Insurance Corporation (NDIC), the Security and Exchange Commission (SEC), the National Insurance Commission, and other important stakeholders for their diligent work, which has ensured financial system stability in the nation.Information Guide Nigeria

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The Chairman of Union Bank, Farouk Gumel said: “In the last few decades, the talks have centred around food, agriculture, farmers, and the fintech sub-sector. I think there has been a lot of awareness and that has led to a lot of interest and investment. People always talk about revolution, but I think it is more of evolution. It is difficult to change the attitudes of people overnight. Changing behaviours takes time and a lot of effort. So, expectations have to be managed while we work gradually to where we want to be.”

President/Chairman of the Council of the Institute, Ken Opara, submitted that innovation is bringing about new ways of doing things that are changing the landscape of the financial services industry more than ever before.

He added: “As a result of the dynamics, the financial services sector will need to adapt to this change much faster. Services, products, and technological developments that were new and useful yesterday will no longer be necessary today. It is a statement of fact that the financial services sector has continued to change in the last few years than in any other time in history.”JAMB Result

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