The Bank Directors Association of Nigeria (BDAN) during its 28th yearly general meeting (AGM) held virtually yesterday, reported a marginal increase of 2.6 per cent in total income for 2024.

The AGM, chaired by Mustafa Chike-Obi, underscored the association’s commitment to growth and enhanced advocacy in the Nigerian banking sector.

As part of the meeting’s resolutions, two new directors, Subulade Giwa-Amu (a non-executive director at Polaris Bank Limited) and Remilekun Odunlami (a non-executive director at First Bank of Nigeria), were appointed to BDAN’s Board.

Also, in line with the association’s articles, two directors – Mustafa Chike-Obi (Chairman of Fidelity Bank) and Dr Oluwayemisi Olorunshola (Chairman of Wema Bank Plc), retired by rotation but were unanimously re-elected for another term, reflecting BDAN’s dedication to sound corporate governance practices.

Speaking at the meeting, the Chairman of BDAN, Chike-Obi, emphasised the significance of the association, stating that it exists to serve member banks and acts as a collective voice, especially in areas where individual banks cannot advocate for themselves. He stated that the association’s advocacy responsibility is serious business.

Chike-Obi reinforced the association’s proactive stance on industry matters, particularly its increasing focus on regulatory engagement and safeguarding the reputation of banks.

He called for legislation protecting banks from circulation of unsubstantiated and careless statements that undermine confidence in the banking sector which affects the legitimate interests of financial institutions and threatens the economy.

“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. Protecting our member Banks and preserving the stability of the sector are at the heart of BDAN’s mission,” he added.

The chairman further encouraged member banks to actively channel their issues or concerns to the association’s secretariat.

“We are here to swiftly address issues that impact our members. Our doors are open, we encourage the Banks to bring matters to us early so that our Governance and Advocacy Committee can intervene effectively,” he said.

The Chief Executive Officer, Adebukola Orenuga, shared her thoughts on the association’s achievement during the period, stating: “The 2.6 per cent growth may appear modest, but it is a testament to the resilience and steady progress of the Association. BDAN is poised for deeper impact and by next year, we expect the Association to be much more visible and influential in its advocacy role for the Banking sector”.

The 28th AGM served as a reaffirmation of BDAN’s strategic direction and its resolve to deepen its advocacy efforts, strengthen industry collaboration, and protect the interests of its member Banks.