Obinna Chima highlights efforts by FirstBank Nigeria Limited to strengthen its credit risk management system
The Nigerian banking industry has witnessed sundry challenges in the past few years.
In fact, the financial institutions were exposed to multiple threats when the country slipped into recession and was faced with severe shortages in foreign exchange. Consequently, banks had to struggle with declining operating profitability, sluggish credit growth, fast asset quality deterioration, weakening capitalisation and pressure on their credit profiles.
In view of the macro-economic challenges in the country then, the CBN, had announced that it had granted a one-off forbearance to banks to write-off their fully provided for non-performing loans (NPLs)…
