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Tag: cbn

  • NLC: Sanusi isn’t convincing on N5,000 note

    NLC: Sanusi isn’t convincing on N5,000 note

    The Nigeria Labour Congress (NLC) yesterday described the Central Bank of Nigeria (CBN)’s plan to introduce N5000 note as a euphemism to formalise devaluation of the  currency.

    The union called for the democratisation of the appointment of the Central Bank governor.

    The union’s Vice President, Comrade Issa Aremu, spoke in Ilorin, the Kwara State capital. He said Sanusi does not know you can’t win the argument without winning the heart of the people. He is winning the argument without convincing the people. He must learn to manage reform, but short therapy approach to reform is unhelpful.

    His words: “CBN has a right and autonomy to manage the country’s monetary policy, but there is a disconnect between the exercise of the autonomy and the broad wishes of the Nigerian people.

    “The introduction of N5000  note is the least resistant monetary policy, it is not bold. All the policy is doing is to legitimise and formalise the devaluation of Naira. When actually the bold policy of the CBN is to make sure that the value of the Naira is strengthened rather allow free fall of Naira. Naira has devalued more under Lamido Sanusi.

     

  • False rumours, by CBN

    False rumours, by CBN

    THE GUARDIAN of September 11 lost its headline conscience, nurtured by truth, on two occasions: “Yakowa commissions projects in Kafanchan, Gidan Waya” Must this column define ‘commission’ every week? The use of the word here shows vacuity, half-literacy and shoddiness. It cannot function in this context—vide past editions of this column or standard dictionaries, please.
    “False rumours on currency restructuring” (Full-page Advert in THE GUARDIAN by CBN, signed by Ugo A. Okoroafor, Director, Corporate Communications) ‘False rumours’, connotatively and denotatively, reek of catharsis (to mitigate anger)! Do we have ‘true rumours’? A ‘rumour’ basically means ‘a piece of information, or a story, that people talk about, but may not be true’. So, what is the essence of falsehood here? We can talk of widespread or malicious rumours, among other correct qualifiers.
    “Solving unemployment crises need (needs) structural approach, says…” This is a clear case of subject-verb disagreement unexpected from a medium of THE GUARDIAN’s status.
    Let us welcome Nigerian Compass back to this column after a long skip. Its September 10 edition showed signs of stunted growth: “CJN to flag off new legal year, swear-in new SANs on Wednesday” ‘Flag off’ is unknown to the English language etymology, while ‘swear in’ does not admit hyphenation being a phrasal verb.
    “As stakeholders chat (chart) new course”
    “Again, when you look at the present political situation in the state, you will see that majority (the majority) are in support of the current government, so who is going to fight?”
    “Mushin crisis: Police arrest eight, recover 30 AK47; (a comma—not semi-colon) (AK47s), 13,742 ammunitions” Security News: ‘ammunition’ is uncountable.
    “Monarchs, clerics, others bag make National honours list” Either bag national honours or make national honours’ list.
    “Wave of attacks kill 44 in Iraq” Around the world: wave…kills/waves…kill.
    “It was gathered that the crisis between the duo blew opened (open) again as the….”
    Lastly from Nigerian Compass: “Let’s take our progress serious” Let’s take our communication seriously.
    “Such do or die attitude to power is responsible for political violence in Nigeria.” (National Mirror, September 6) Power configuration: Such a do-or-die attitude
    “The unyielding scourge of excess liquidity (excess cash) for over three decades is probably ample testimony of this failure.” (THE GUARDIAN Opinion Page, September 4) Get it right: an ample testimony to this failure.
    “In a deft political move, Obasanjo sent the workers jubilating by acquiescing to (in) their age-long demand of 12.5 per cent pay rise”.
    “Details of the other players were still kept under wrap (wraps) as a….”
    “The governor equally advocated for the setting up of a committee….” Yank off ‘for’.
    “NCP rejects polls results, demand interim govt” Why the discordant tune?
    “Lawal threatens not to handover” The governor must hand over whether he likes it or not.
    “LAUTECH re-opens next week”  ‘Reopen’ does not admit hyphenation.
    “222 wrestlers converge in Ibadan for COJA 2003” All-Africa Games history: converge on Ibadan.
    “Stand off between lawyers and Benin court deepens” No news: standoff.  And this: “INEC blamed for low turn out” Voter apathy: turnout.
    Finally, “Ex-Airways boss in police net for fraud” No to fraudulent grammar: over fraud.
    “ASUU is still closeted in the anachronistic Marxist philosophy of yesteryears….” ‘Yesteryear’ is uncountable.
    “Is it not blatant hypocrisy for our society to cry out against violation of human rights and yet support and atimes…? This way: at times.
    “We are about rounding up.”  I am not yet rounding off this treatise.  To ‘round up’ means arrest, while ‘round-up’ implies summary/conclusion/end….
    “In a few campuses, such as the University of Nigeria Nsukka (UNN)….” Right prepositional phrase: On a few campuses.
    “Vigilante groups warned against extortion” Get it right: vigilance groups (committees).
    “Many members of the nebulous northern power block are numbered among the nationalists” No vagueness: bloc.
    “The physical defects of damages that abortions can cause are now being experienced by very many women in addition to what denatured food is causing.” ‘Damage’ is non-count, except in legalese.
    “This has (had) in the past led to serious communal clashes resulting in loss of lives and property” No lexical disturbances: life and property/lives and properties.
    “The picture of black Africa as savages in (on) a dark continent painted by Europeans.…”
    “The congestion on our roads are (is) very unhealthy for the economic sector.”
    “A further review of the performance of the major currencies of Nigeria’s trading partners also indicate (indicates) that Euro….”
    “During the heydays of Christian missionary activities in the southern parts of Nigeria, communities were actively involved in building schools.” Thoughts on education: ‘heyday’ is uncountable.
    “Nigeria’s soccer house set to take the bull by the horn and change the face of the game.” Sports journalism: take the bull by the horns.
    “…the victim is a specie (species) from among the wretched of the earth.”
    “We could do nothing against such formidable odds giving (given) the worthless tolls at our disposal.”
    “The euphoria among workers over this year’s May Day find (finds) expression in the fact that they can now take their destiny in their (own) hands.”
    “It was an unenviable task given the palpable hostility that rented (rent) the air.”
    “The lack of adequate knowledge of the areas have (had) often made past exercises to be….”
    “…execute programmes and policies which they had promised the electorates (electorate) before being voted for.”
    “Such a fellow should not be in the corridor (corridors) of power….”
  • Agents of neo-colonialism and historical perfidy-2

    Agents of neo-colonialism and historical perfidy-2

    ‘A State in the grip of neo-colonialism is not master of its own destiny. It is this factor which makes neo-colonialism such a serious threat to world peace.’ ————Kwame Nkrumah (1909-1972)

    On May 5, 2007, Zimbabwe issued currency notes with face values of Z$100million and Z$250 million. On May 15, 2007, a new bank note of Z$500million was issued, followed by the issue on May 20, 2007 of currency notes in denominations of Z$5billion, Z$25 billion, and Z$50 billion. Finally, on 21 July 2007, bank notes with a face value of Z$100 billion were issued. Eventually, Zimbabwe abandoned its own currency and legalised the use of only foreign currencies. Peru had a nasty experience with inflation and in 1986, it made its highest denomination to be 1,000 intis. By 1991, this had increased to 5 million intis. Peru in 1981 created the Neuro sol, a unit of which exchanged for one million intis just to combat the high value currency-induced inflation. Is that what Lamido Sanusi and his cohorts are working to achieve for this country?

    In 1989, Poland’s highest denomination was 200,000 zlotych. Due to reckless financial re-engineering, it was increased to 1,000,000 zlotych in 1991 and 2,000,000 zlotych in 1992. By 1994, a new zlotych was exchanged for 10,000 old zlotych. In 1992, the Russian federation witnessed spiral inflationary trend and by 1998, the government erroneously believed that creating new rubble that exchanged for 1,000 old rubbles would solve its problem. Angola’s original currency called kwanza was replaced in 1990 by the novo kwanza. By 1991 and 1994, the highest denomination had increased to 50,000 and 500,000 novo Kwanzaa respectively. Thence by 1995, a unit of the re-decimated kwanza exchanged for 1,000 novo kwanza. The highest currency note denomination in Zaire in 1988 was 5,000 zaires that later rose in 1992 to 5,000,000 zaires. In 1993, a new currency called the new nouveau Zaire, a unit of which exchanged for 3,000,000 zaires was created. Shamefully, its highest denomination increased in 1996 to 1,000,000 new zaires. When the country was renamed the Democratic Republic of Congo (DRC) in 1997, its currency was changed to francs while a unit of it was exchanged for 100,000 new zaires. Is Lamido Sanusi gradually moving to use the CBN to turn Nigeriainto an economically unattractive DRC?

    Curiously too, the International Monetary Fund issued a widely reported publication in July that suggested the naira was overvalued by as much as 8.5 percent; an opinion also reportedly rejected by Nigeria’s Central Bank. What then could have informed the latest decision on the N5000 note if not to demonstrate its covert intent of addressing the IMF fallacy on the nation’s currency?

    Even if the problematic countries mentioned above are exceptions to the rule because the CBN referred to countries like Germany, Singapore and Japan as ones with higher powerful currency denominations that do not induce inflation. It must quickly be stated that before the advent of euro, it was wrong for the CBN to assert that Germany had higher denomination. It is on record that Germany officially replaced Deutsch Mark with euro in all cash transactions in February 2002. And the fact that the highest euro note is €500 does not make that to be peculiar to Germany alone but to all European countries that cede their national currency to the euro. With all sense of humility, I state that the CBN’s claim that Germany mint high denomination currency notes is incorrect and an attempt to further confuse an already bemused Nigerian public.

    In the case of Singapore, yes it could be said that it has a higher currency denomination in its SGD 10,000. But this is seldom used in financial transactions. If tradition is anything to go by, the coming N5000 note will soon become a status symbol thing that all households must be seen with. Infact, going by the alacrity with which the policy was officially endorsed by notable guzzlers of our collective economic dividends, it is obvious that the note was designed to meet the needs of that elite class and not to satisfy the needs of Nigerians in general. Back to the issue of Singapore, the CBN needs to be informed that that country has a low inflation rate of 2.8% and also maintained a strong currency that exchanged for SDG1.305545 to one US Dollar. Furthermore, Singapore has US$82.48 billion Stock which is 130% over and above that of Nigeria’s US$34.65 billion. What has the CBN under Sanusi Lamido done to improve the exchange rate of a naira to a dollar in the mould of what obtains in Singapore?

    Additionally, the cited countries (Germany, Singapore and Japan), run clearly acknowledged economy with translucent commercial ambience; prices of goods are stable, and the per-capita GDP are comparable to what obtains in few high-brow countries of the world and with low tax rates. The CBN cited countries boost of well centrally coordinated and efficient free market economy. Above all, exports in them are high. What has Lamido done to increase genuine exports through banks before coming up with this N5000 currency denomination?

    The CBN should note that there is no basis for comparing such countries with large export-oriented economies with that of Nigeria. Moreover, it could be wiser for those countries for strategic economic reasons to deliberately undervalue their currencies against the US Dollar so as to make their exports cheaper in the US and other big markets of the world. So, if they print large currency denominations for ease of financial transaction, no one can begrudge them. Apart from government contract barons, governors collecting monthly allocations, legislators sharing money in Ghana-Must-Go bags and fake oil marketers using fake Letters of Credit from banks that are not properly supervised to fleece the nation, the CBN should come out and tell Nigerians why it has become so important for it to print this higher N5000 denomination.

    The 5,000 currency note will be the fifth time in 13 years that CBN will be printing new costly currency denominations under different guises with no impacting effect in the end. This, sadly, is happening in a nation where majority live on less than $2 a day. Lamido Sanusi is not governor of CBN to serve the interest of Okonjo-Iweala and other bourgeois pretenders milking this nation dry. The low value of the naira or inflation rate will not improve because the country has N5000 denomination; neither will it change the proclivity of economic marauders in big companies nor those in high public places from preferring the dollar to the naira.

    Since Lamido Sanusi came out boldly to defend the removal of fuel subsidy in January this year, I have treated whatever he defends vociferously with contempt. His intellect is solely for the protection of the establishment, otherwise, he should have responded to the financial oddities and frauds uncovered in the fuel subsidy management probe. What has he to say to the $10 billion that the nation is losing to oil theft through subsidy removal that he stoutly defended? Will he still come out to say that there still exists subsidy today? The question is: why defend a policy that will serve the interest of a clique against that of the entire nation? The same thing is what he is doing now regarding the N5000 currency note. Most of the frauds committed against the Nigerian state are done through the banks that he has failed to properly supervise and sanitise. This Lamido Sanusi is a plant in CBN by other neo-colonial agents living within and outside the country. Those parasitic agents refuse to learn from history and this could lead, in the end, to unleashing of the tragedy of history on the nation.

     

  • LCCI to CBN: relax ‘tight’ monetary policy

    Lagos Chamber of Commerce and Industry (LCCI)

    The Lagos Chamber of Commerce and Industry (LCCI) has blamed what it calls the ‘tight monetary policy’ stance of the Central Bank of Nigeria (CBN), for some of the private sector’s problems.

    The policy, LCCI said, which had been in place

    for almost one year, is taking its toll on the sector’s productivity and sustenance.In a statement by LCCI President Mr Goddie Ibru, the chamber said the interest rates of over 20 per cent were inimical to entrepreneurship development, wealth creation and employment generation.

    The chamber urged the CBN to relax the policy and risk management guidelines to improve access to credit and reduce the cost of funds.

    According to the chamber, this is more crucial than the proposed currency restructuring, which has generated much controversy but with no immediate impact on productivity and economic growth.

    On the introduction of N5000 note, he said: “LCCI is aware that different economic policy has their own costs and benefits and to optimise the benefits, it is always important to be guided by the weight of merits and demerits of any policy reform, but key benefits of the proposed currency restructuring would reduce the cost of currency management such as printing, movement, storage, counting and distribution.

    “It will enhance portability and facilitate business activities of some segments of the economy where a large amount of cash is required, especially in the informal sector. It will reduce risk/vulnerability of cash carriers as higher value of cash can now be easily moved around with less visibility.

    “It will enhance the capacity of Automated Teller Machines, ATM, machines to store more money, reduce ATM stock out time and serve bank customers better and facilitate the return of coin in circulation as some of the lower currency notes are going to be converted to coins.

    “Of course, coins are relatively durable and our history of apathy on the use of coins is largely due to value consideration not the physical properties.

    “What is paramount at this time is for the CBN to relax its current tight monetary policy and risk management guidelines in order to improve access to credit and reduce the cost of fund in the economy. It is time to focus on efforts to stimulate the economy and promote growth,” Ibru said.

    He said the introduction of higher denominations should maintain an incremental sequence of N2,000 to N5,000, in line with historical trends and international best practices, adding that the CBN needed to constantly ensure a proper alignment between the cash-less policy and its currency management strategy.

    In a related event, the chamber has moved the 2012 Lagos International Trade Fair (LITF) to Tafawa Balewa Square, (TBS), Lagos Island, from its traditional trade fair complex ground along Badagry expressway.

    Speaking with journalists , the Vice-President and Chairman, Trade Promotion Board of LCCI, Mr Babatunde Ruwase, said the change in venue was informed by the need to service exhibitors and visitors better given their experience last year.

    According to him, the two major road construction and rehabilitation projects on the Oshodi-Apapa expressway and the Lagos-Badagry expressway created some traffic challenges for exhibitors and visitors last year.

    “Since the construction projects are still going on, we decided to move to a new venue. The TBS and the adjourning Cricket Pitch have over 40,000 square metres of exhibition space, which is more than enough for the organisation of LITF. The highest space utilisation of fair in the last five years had been 35,000 square metres,” Ruwase said.

     

  • CBN to assess auditors, compliance officers

    •CBN Governor, Sanusi Lamido

    The Central Bank of Nigeria (CBN) has said there is need to assess skills, qualifications, experience and competencies of staff currently occupying controlled functions in banks.

    Auditors, compliance officers and other bank staff involved in ensuring that due process is followed in banking operations fall within this group.

    These were conained in a CBN circular tagged: ‘Assessment of competencies in the Nigerian banking industry’ signed by Y.B Duniya for Director, Financial Policy and Regulation.

    He said such exercise will enable Bankers’ Committee identify at the preliminary stages, gaps that would impede the effective implementation of the Competency Framework for the Nigeria Banking Industry being appraised by the apex bank.
    Duniya said that the list of controlled functions is not exhaustive as other important roles and responsibilities may be added.
    However, he said the apex bank has directed the banks to furnish the CBN with names of staff manning the controlled functions, academic and other relevant qualifications, number of years’ experience on the control function; post qualification and general banking experiences; other competencies that support the performance of the control functions. They are also expected to supply details of identified deficiencies in skills, qualifications, experience and competences as well as measures envisaged to remedy positions within 18 months of the approval of the framework.

    The CBN had earlier issued a competency framework that will guide banking operations in the country. The apex bank said the recent global financial crisis exposed the inadequacy of skills and dearth of executive capacity in the banking industry.
    The skill gap, it explained manifested in, among others the lack of in-depth knowledge of core banking functions and poor understanding of basic banking operations; poor understanding of banking regulations and poor risk management and corporate governance practices.
    The framework is expected to address the competency challenges in the banking industry, explore growth opportunities as well as critically facilitate improvement in the quality of the industry’s human capital. Under the framework, successful banks will be those that distinguish themselves by according high priority to continuous enhancement of human capital and lifelong learning.

    “With stability now restored to the Nigerian banking system following several measures and initiatives taken by the CBN under the on-going banking sector reforms, it is imperative that immediate steps be taken to consciously re-direct the banking industry towards the path of entrenching a sequenced competency development programme,” it said.

    The banking watchdog said the exercise is predicated on the need for banks to accord high priority to the continuous enhancement of human capital and lifelong learning. This is expected to instill banking professionals with the requisite skills and expertise not only at the strategic and management levels, but also at the technical and operational levels.

    The apex bank also said it will maintain a central database for approved persons and maintained at the CBN. By this directive, all banks as reporting institutions will update the database with details of approved persons and access it as part of their due diligence prior to the engagement and appointment of persons within the industry.

    The proposed framework leverages on the practices in other jurisdictions such as Singapore, Hong Kong, Malaysia and Dubai which provide a useful guide and template for the Nigerian banking industry. “To ensure that only fit and proper persons man the different job roles and control functions within the banking industry, all persons for the position of Assistant General Manager and above as well as critical operational positions shall be approved for appointment in line with the Assessment Criteria for Approved Persons Regime issued and reviewed from time to time by the CBN,” it said.

  • Bank chief praises holding structure

    Chairman, Stanbic/IBTC, Mr Atedo Peterside, has said the bank’s decision to adopt a holding structure, in compliance with the Central Bank of Nigeria (CBN) regulations on scope of banking activities and Ancilliary Matters No.3 will aid its growth.

    Addressing shareholders at the bank’s extra-ordinary general meeting in Lagos, Peterside said the bank would leverage on the holding structure to consolidate the strenghts of each of its business units.

    He said the development would enhance the entire group’s ability to drive growth in the future. He said the new structure would accrue significant benefits to shareholders, adding that customers will not be exposed to the risks associated with non-banking activities of the other businesses or the group.

    Peterside said the major reason for adopting the new structure is to consolidate on the bank’s goal of building Nigeria’s leading end-to-end financial services organisation, stressing that the issue would help the financial institution to leverage on its competitive advantage in its various business segments.

    He said the bank will grow well, considering the financial resources and global network of Stanbic/IBTC Group.

  • CBN, Identity Commission’s partnership intact, says DG

    The Identity Management Commission’s (NIMC) collaboration with the Central Bank of Nigeria (CBN) on providing a National Identity Number (NIN) for bank customers is still intact, the Director-General of the Commission, Chris Onyemenam has said.
    He however, acknowledged that there are some hitches in the implementation of the project, but both parties have not jettisoned it.
    He explained that what has happened was that there was medium to long-term goal by the apex bank, which is working on a closed database for bank customers.
    He said regulator is entitled to have its own database because it wants to fight fraud and other social vices that come with lack of unique identity number.
    “The CBN has not jettisoned the NIMC plan, what has happened is that there is medium to long term goal. Any database that is a closed database that is meant only for a particular sector is targeted at exclusion. The CBN is entitled to have its own database because it wants to fight fraud and other social vices that come with lack of unique identity card,” he said.
    He said that although the apex bank has plans to introduce a closed database for the banking sector, there was need for consistency in the process so that when integration becomes necessary, it can easily adapt.
    The CBN had recently unfolded plans of the Bankers’ Committee to acquire a biometric-based unique identification portal that will enable it institute a unique database for bank customers.
    CBN Deputy Governor Operations, Tunde Lemo said the Committee had taken a decision on a Unique Identity and there is already a sub-committee on the matter.
    Lemo said the Committee was working very hard on biometric-based unique identification portal that will be available to all banks, making it possible for them to have a unique account data base for their customers.
    This, he explained, will enable the banks to have a unique identification for all bank customers across the entire industry. The apex bank had imposed fresh condition that from January 8, 2013, owning and operating a bank account in the country would require the customer to have a National Identity Number, NIN.
    The apex bank in conjunction with NIMC, and the Nigeria Interbank Settlement System, NIBSS, is expected to  commence  a three months  enrollment exercise for all  existing banks’ customers to capture their biometrics and issue  to them NIN as well as a General Purpose Identity Card.

     

     

     

  • CBN to print N5, 000 banknote locally mid- 2013

    • Ekpo’s family backs apex bank
    The Nigerian Security Printing & Minting (NSPM) Plc will begin printing of the planned N5,000 banknote by mid-2013, its Managing Director, Ehi’ E Okoyomon has said.
    Also, the family of late Margaret Ekpo, one of the three women whose photographs are to appear on the N5, 000 banknote, has endorsed the Central Bank of Nigeria (CBN) currency overhaul plan.
    Speaking yesterday at a conference and exhibition organised by the Association of African Banknotes & Security Documents Printers in Lagos, the NSPM boss explained that the apex bank has already given the firm a specimen of the proposed note. However, it was discovered that NSPM does not have the type of machine to print the new banknote because of a specialised feature included in it.
    “The CBN has shown us the N5,000 design but there is a particular feature in the note that we do not have the machine to print at the moment. But I want to tell you that by mid- 2013, we will have the machine to print the note,” he said.
    The N5,000 banknote billed to be introduced early next year, will be printed by a foreign company.
    There had been public outcry against the introduction of the banknote, but this will not stop the CBN from introducing the currency as approval has been secured from President Goodluck Jonathan. It is the primary responsibility of the apex bank to effect changes in the nation’s currency with the approval of the President.
    The higher denomination will be introduced alongside the new coins of N5, N10, and N20.
    Okoyomon, explained that NSPM currently prints all Nigerian currencies at home, and would commence same for the proposed N5,000 note next year.
    He refuted claims that the N5,000 note is ready and awaiting distribution, explaining that it is difficult to stop counterfeiting of currencies. He said the best option remains to move ahead of counterfeiters by adopting sophisticated technology in printing Nigerian currencies.
    He said his firm receives several counterfeit bank notes seized and sent to it by the  Police, State Security Service, Central Bank and other security agencies. The NSPM boss  said high resolution machines are making digital counterfeiting easier hence, it was necessary for regulators to continually improve on the sophistications and technology used in note printing.
    He said high security features have been added to the proposed N5,000 note to make to ensure that it is not counterfeited.
    Meanwhile, the family of late Margaret Ekpo has endorsed the CBN currency overhaul plan.
    Speaking to journalists at the weekend, Head of Ekpo’s Family, Bassey Ekpo, said the family feels very honoured and delighted that their grandmother is being honored.
    Bassey, Ekpo’s first grandson and Deputy Manager, Well Operations Monitoring, Joint Venture Oil Operations, National Petroleum Investment Management Services (NAPIMS), said her grandmother would have been very pleased for the honour if she had been alive.
    He said the Ekpo family never expected that government will give her this kind of honour, saying she made sacrifices for the development and unity of the country.
    He said her contributions to the nation’s development and unity are still visible.
    Bassey said Federal Government has now recognised her sacrifices, especially on women emancipation and the efforts are being rewarded.
    “The family feels very honored. We are really very delighted that our grandmother is so honored. I want to use this opportunity to thank the President, Goodluck Jonathan, the First Lady, Dame Patience Jonathan, the CBN Governor, Sanusi Lamido Sanusi and all his team that made it possible,” he said.
    He refused to be drawn on the technical details of whether the introduction of N5,000 was necessary at this time, arguing that he is an engineer, nor an Economist, arguing that such questions are better handled by experts in monetary, or economic policies.
    He said his family approved of the three women- Margaret Ekpo, Olufunmilayo Ransome-Kuti and Gambo Sawaba, having their pictures on the proposed N5,000 banknote.

  • CIBN lauds Unity Bank

    The Chartered Institute of Bankers of (CIBN) has commended Unity Bank for collaborating with it in promoting professionalism in the industry.
    The President and chairman of Council of CIBN, Segun Aina disclosed this when he led his members on a courtesy call to the bank in Abuja.

    Aina, who said the institute regards the bank as part of the family, assured his council’s support at all times. He revealed that the institute is putting in place professional programs aimed at enhancing quality in the industry.

    In a statement, he said that the Institute has, in the last one year, undertaken trips to some European and Asian countries to collaborate with them in financial talent enhancement, while 16 new certifications in various banking operations have been incorporated into the competency program.

    Aina also urged management of the bank to continue to encourage staff to write the CIBN examination and expressed appreciation with the growing number of active participants in the CIBN activities from the Bank.

    In his response, the Managing Director of Unity Bank Plc Ado Wanka has assured the CIBN delegation that the Bank will take advantage of the institute’s competency framework program to develop its human capital and charged the Institute to remain responsive to make the industry more professional.

    He explained to the delegation the historical development of the bank that started through a very difficult process in culture integration, systems and process coupled with capital problem but added that “it is with pride that I can tell you today we have a Bank that is clean”. He said the bank should have any excuse for not being an active member of CIBN reassured that Unity Bank shall remain an active player in the institute’s development because of its dynamic programs.