BDAN grows income to 138.9%, admits new directors

The Bank Directors Association of Nigeria (BDAN) reported a 138.9 per cent increase in total income for 2023. This was announced at its virtually held 27th yearly general meeting (AGM).

The AGM, led by Chairman Mustafa Chike-Obi, also saw the retirement of three directors by rotation and the introduction of two new directors to the board, reflecting the Association’s continued growth and strategic evolution in the Banking sector.

Chike-Obi noted that the impressive financial performance of the Association, which saw a 138.9 per cent increase in total income year-on-year compared to 2022, underscored BDAN’s expanding influence and the effectiveness of its initiatives over the past year.

The retired directors from the board were Alhaji Umaru Kwairanga, representing Jaiz Bank Plc; Mrs. Funke Feyisitan-Ladimeji, Executive Director of Coronation Merchant Bank Limited; and Dayo Omolokun, Executive Director of Standard Chartered Bank Nigeria Limited.

Meanwhile, two new directors were appointed by rotation to the board. They include Jonathan Kogis Luka, Non-Executive Director of TAJ Bank Limited, and Mrs. Yetunde Ogunremi, Executive Director of Rand Merchant Bank Limited.

Further, Chike-Obi highlighted the Association’s continued success in advocating for member banks, noting that BDAN has achieved significant recognition as a key player in the industry. He said this recognition has afforded the Association a voice in critical decision-making processes, further strengthening its role in the banking sector.

Chike-Obi also called on Managing Directors, Chief Executive Officers, and both Executive and Non-Executive Directors of banks to support BDAN’s strategic initiatives.

He said: “The Association’s total income performance saw an impressive increase of 138.9 per cent year-on-year compared to 2022 and Net Assets grew by 13.4 per cent. These significant achievements are a direct result of your unwavering support for BDAN’s strategy and vision.”

On her part, the Chief Executive Officer, Adebukola Orenuga, provided a detailed account of the Association’s advocacy efforts over the past year. She emphasised BDAN’s continuous engagement with banks, industry stakeholders, regulators, and the different arms of government and highlighted the Association’s three key strategy areas which are advocacy, capacity building and research & development.

She said: “Over the past year, BDAN has been at the forefront of critical advocacy efforts and discussions aimed at collaborating with industry stakeholders, regulators, the Legislature and Executive branches of government.”

“Our mission has been to drive necessary regulatory reforms and foster meaningful partnerships and collaboration across key areas in the sector, which aligns perfectly with the theme of the Bank Directors’ upcoming summit – Propelling Economic Growth: Leveraging Partnerships to Unlock Economic Prosperity and I encourage all key economic stakeholders to participate in this summit, which promises to be both enlightening and productive. Your engagement will be instrumental as we explore opportunities for growth and prosperity together.”