The Bank Directors Association of Nigeria has restated its commitment to advocating for the banking sector to ensure its stability.

This commitment was expressed at its 28th Annual General Meeting held virtually on Tuesday.

During the AGM, it was revealed that the association recorded a marginal increase of 2.6 per cent in total income for the year 2024.

The BDAN chairman, Mr Mustafa Chike-Obi, who presided over the AGM emphasised the importance of the association, stating that the association exists to serve member banks and act as a collective voice, especially in areas where individual banks cannot advocate for themselves.

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 the 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.