Nume Ekeghe – Financial News Correspondent
The Bank Directors Association of Nigeria has announced a significant increase of 138.9 percent in its total income for the year ending 2023. The Chairman of BDAN, Mustafa Chike-Obi, disclosed this encouraging news during the association’s 27th Annual General Meeting (AGM) conducted via a Zoom Teleconference recently.
Chike-Obi further revealed that during the AGM, three directors retired by rotation, while two new directors were appointed to join the board. This move not only showcases the continuous growth of the association but also demonstrates its strategic evolution within the banking sector.
Highlighting the commendable financial performance, Chike-Obi emphasized the remarkable 138.9 percent increase in total income compared to the previous year, which clearly underscores the expanding influence and effectiveness of BDAN’s initiatives over the past year.
The BDAN Chairman also acknowledged the association’s success in advocating for its member banks, stating that BDAN has gained significant recognition as a pivotal player in the industry. This recognition has provided the association with a voice in critical decision-making processes, further strengthening its role in the banking sector.
Chike-Obi called upon Managing Directors, Chief Executive Officers, and both Executive and Non-Executive Directors of Banks to support BDAN’s strategic initiatives, as he stated, “The association’s total income performance witnessed an impressive increase of 138.9 percent compared to 2022, and Net Assets grew by 13.4 percent. These remarkable achievements are a direct result of your unwavering support for BDAN’s strategy and vision.”
Meanwhile, Adebukola Orenuga, the Chief Executive Officer of BDAN, provided a comprehensive account of the association’s advocacy efforts over the past year. She emphasized that BDAN has actively engaged with banks, industry stakeholders, regulators, and various governmental entities, focusing on three key strategy areas: Advocacy, Capacity Building, and Research & Development.
Orenuga stated, “In the past year, BDAN has consistently led critical advocacy efforts and discussions in collaboration 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. This aligns perfectly with the theme of this year’s Bank Directors upcoming summit, ‘Propelling Economic Growth: Leveraging Partnerships to Unlock Economic Prosperity.’ I encourage all key economic stakeholders to participate in this enlightening and productive summit.”