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Tag: Chartered Institute of Bankers of Nigeria (CIBN).

  • Global electronic banking fraud hits $31b

    Global electronic banking fraud has hit $31 billion, the Chartered Institute of Bankers of Nigeria (CIBN), has said.

    Its Chairman, Lagos Branch, Mr. Peter Ashade, who spoke ahead of a forum the group is planning for Lagos, lamented that this robust electronic service platform has come with a number of concerns and challenges, particularly the perpetration of fraud.

    He said global electronic fraud last year stood in excess of $31 billion.

    He said digital banking, was growing fast, throwing up major challenges in the system with increasing vulnerability.

    This he said has put industry stakeholders, including financial experts on their toes.

    He said CIBN is spearheading a crusade to sensitise the public on emerging trends, challenges and benefits of digital banking.

    He said robust intellectual discourse tagged: Rethinking Banking Models in the Digital Age for Economic Development of Nigeria  scheduled for August 29,  will provide a platform for industry stakeholders to rub minds on the way forward.

    Ahsade said the topic was instructive for the general banking public, banking practitioners and regulators, as digital banking has become strategic in the heart of the economy.

    According to him, this was particularly so now that the country is seeking greater financial inclusion and more efficient banking services.

    “Digital banking service is one of the most significant developments in the banking industry in its long history. Two of the most important features are speed and convenience.

    “Bank customers can access their accounts view their statements, make transfers, pay bills and more, all from the comfort of their homes, offices or on the go.

    “Traditional banking habits, security, technical issues and transaction difficulties, all pose major challenges facing the banking industry in the country today,” he said.

    He added that despite these challenges, the demand for electronic banking services continues to be very strong.

  • 2018 budget: Experts fault oil benchmark increment by NASS

    Some financial experts on Friday faulted the increase in the oil benchmark of the 2018 appropriation bill from 45 dollars to 51 dollars by the Senate.

    The financial experts told the News Agency of Nigeria (NAN) in Lagos that the increment was not needful, while reacting to the appropriation bill passed by the National Assembly.

    Mr Okechukwu Unegbu, the former President, Chartered Institute of Bankers of Nigeria (CIBN), said increasing the benchmark because of the rally in the global oil market was not needful.

    Unegbu said the surplus could be saved for the rainy day or used for infrastructure development to achieve the desired growth.

    “Why can’t we save the surplus and prepare for the rainy day? We can’t just be consuming and consuming,” he said.

    Unegbu said the surplus should be used to finance critical infrastructure since the country was faced with acute infrastructure deficit.

    Unegbu, also, the Managing Director, Maxifund Investments and Securities Plc., kicked against the small allocation to the health and education sectors, which were critical to economic development.

    He said the allocation of N57.15 billion and N15.7 billion to health and education respectively was disheartening.

    He explained that more funds were allocated to non-priority sectors that would not aid development in the proposed budget.

    “If you give more money to education, a very educated person can take care of him and can provide for him good house,” Unegbu said.

    Unegbu, who said health and education were critical for economic development, called on the executive to address the problem before signing the bill into law.

    Prof. Sheriffdeen Tella, Professor of Economics, Olabisi Onabanjo University Ago-Iwoye, Ogun, said the passage of the budget was very late and had created problems in the economy.

    Tella said the budget, though late, was expected to wake up the economy from slumber, as the private and public sectors, including the external sector would become more active.

    Tella said the capital market reacted positively to the announcement of the passage of the budget, noting that the market activities would be further boosted when the budget was accented to by the President.

    Also read :Reps break 2018 Budget laying promise

     “Although it will take some time for the implication to be fully felt in both the money and capital markets, the very short term reactions starts now and the capital market normally reacts very fast if it is an active one,” he said.

    NAN reports that the Senate and the House of Representatives on May 16 passed the 2018 budget, raising it by N500 billion.

    Both Houses approved the budget that rose from N8.6 trillion to N9.1 trillion, six months after it was presented by the executive.

  • Edo to partner CIBN on Capacity Building

    Edo to partner CIBN on Capacity Building

    The Governor of Edo State, Mr. Godwin Obaseki, has expressed his administration’s readiness to partner with the Chartered Institute of Bankers of Nigeria (CIBN) to enhance the capacity of civil servants in the state.

    He made this known while receiving members of the Institute, who paid him a courtesy visit at the Government House, in Benin City, on Monday.

    Obaseki said his administration has finalised plans to launch the state’s Civil Service Training Institute and a training programme for Directors of Finance and Administration in the Civil Service that will expose them to current industry trends.

    He described the institute as a “very important and significant player in the banking sector, with a lot to offer in capacity building.”

    He said: “Almost every bank in Nigeria has a branch in Edo State and, as a government, we will leverage on this advantage by partnering with your institute to help us achieve our goal of making the state a regional banking centre. As a government, our role is to create an atmosphere that is attractive for business and this has informed some of the decisions we have taken since we came into government.”

    “We are in government to create a clean and secure environment, streamline our revenue collection process and rid our cities of traffic congestion so that people can move around easily. For us to sustain these, we need to collaborate with your institute,” the governor added.

    Earlier, the leader of the delegation and President/Chairman of the Council, CIBN, Prof. Segun Ajibola, commended the governor for the achievements recorded so far in the state. He said the visit was one of the mandates of the institute, which requires them to liaise and meet with critical stakeholders who have a role to play in moving the nation forward.

    He expressed his appreciation to the governor for appointing members of the institute to his cabinet and noted that the governor’s efforts in electricity generation was worth commending as well as other achievements.

    “We appreciate the leadership quality of the governor especially in the planned development of the Gelegele Sea Port in the state as well as other projects designed to improve the life of the people in the state,” Ajibola said

     

  • CIBN to induct 1034 new members

    CIBN to induct 1034 new members

    The Chartered Institute of Bankers of Nigeria (CIBN) will induct 1034 new members in Lagos on Aug. 26.

    The institute said the new members would consist of 234 newly qualified associates.

    Others are: “42 Chartered Bankers in Masters Business Administration (CBMBA), 689 Microfinance Certified of the Chartered Institute of Bankers of Nigeria (MCIBs) and 69 Banking Certificate graduates.’’

    CIBN said in a statement in Lagos on Monday that the granduands would be inducted at its 2017 Graduates Induction and Prize Awards Day.

    The institute said that a lecture to prepare the minds of the new members for the challenges ahead and particularly to acquaint them with survival tactics in any economic difficulty would be held as part of the ceremony.

    It said that the lecture with the title “Entrepreneurship Mindset: Critical success Factor for the 21st Century Professional” would be delivered by Mr Olabode Agusto, the Founder of Agusto and Co.

    The institute said the ceremony would be attended by members of the banking community and representatives of corporate organisations.

    It said that the Special Guest of Honour would be Mrs Eniola Fadayomi, a Fellow of Institute of Directors (FIoD) and Chairman of African Prudential.

  • NDIC academy leads Africa in deposit insurance – MD

    NDIC academy leads Africa in deposit insurance – MD

    The Nigeria Deposit Insurance Corporation (NDIC), is set to lead the African Sub-Region, to enhance capacity building and bridge skills gaps in the banking industry and the Deposit Insurance Scheme (DIS).

    Alhaji Umaru Ibrahim, NDIC’s Managing Director said this in a statement by the Head of Communication and Public Affairs of the commission, Mr Hadi Birchi on Tuesday in Abuja.

    According to the statement, Ibrahim said this at the accreditation of the NDIC Academy as a training service provider for its staff and the banking industry in Lagos.

    The accreditation was done by the Council of the Chartered Institute of Bankers of Nigeria (CIBN) at the Bankers House in Victoria Island.

    Ibrahim said the academy would serve as a centre of academic excellence for capacity building on the DIS for countries in the Sub-Saharan Africa.

    According to Ibrahim, the Corporation prides itself on establishing high standards of professionalism and competency among its staff.

    This, he said NDIC planned to achieve through the NDIC Academy and other human capital development initiatives, including the Chartered Banker/MBA program of University of Bangor, Scotland in partnership with the CIBN.

    Ibrahim emphasised the importance of continuous high level training in order to achieve the Corporation’s core mandates of deposit guarantee, bank supervision, distress resolution and liquidation.

    He said, the ultimate goal will be to enhance depositor protection and public confidence in the banking system.

    Earlier, the President/Chairman, Council of CIBN, Prof. Segun Ajibola commended NDIC’s consistent efforts toward meeting high standards for the benefit of the banking industry and larger economy.

    Ajibola described the NDIC’s readiness to subject itself to the rigours of the accreditation process as a testimony of its Management’s commitment.

    “It shows NDIC’s commitment towards capacity development in order to equip its workforce with critical skills to enhance their performance and productivity.

    “There will be periodic monitoring to ensure that standards were maintained and the accreditation will last for three years after which the Corporation will require recertification,’’ he said.

  • 750 delegates expected at World Conference of Banking Institutes in Lagos

    The President, Chartered Institute of Bankers of Nigeria (CIBN), Mr Olusegun Ajibola said more than 750  delegates would participate at the World Conference of Banking Institutes (WCBI) from April 24 to  April 28 in Lagos.

    Ajibola told the News Agency of Nigeria (NAN) in Lagos  on Sunday that the conference has the theme ‘’Rethink the future of Banking and Finance and Life Long Learning’’.

    According to CIBN President , the participants are expected from  the U. S., Germany, Brazil, Italy, Kenya, Gambia, Togo, Mali, Kuwait, Ghana and South Africa among others.

    He said that CIBN, which is the host of the conference, has received the assurance of Lagos State Government to provide adequate security for local and international participants.

    He said the institute had engaged the services of over 100 security experts inaddition to the regular security personnel to ensure incident free meeting

    “We are assuring participants that there will not be any security incidence.

    Ajibola said the theme of the conference was chosen to enable participants to brainstorm om where banks should be by 2020 and the future of  banking and finance.

    “The WCBI will teach Nigeria what it should start doing to secure the future.

    “This is the time for the presidency to get on round tables to research the countries to invest in and the countries that would invest in Nigeria.

    “Forty-nine facilitators are expected to speak at the conference. Twenty-five are renowned international financial experts, while 24 would be from Nigeria,’’ he said.

    He urged the Federal Government to make good use of the conference to boost the economy and attract direct investments into the country.

    “The Vice President, Prof. Yemi Osibajo, is expected to be the distinguished Guest of Honour at the opening ceremony of the conference.

    “Gov. Ambode has also magnanimously adopted the conference as part of the state’s activities to celebrate the 50 years anniversary of the creation of Lagos.

    “The speakers include Mr Collin Morrison, President European Banking and Financial Services Training, Mr Adedeji Bakas, Founder Trend office BAKAS and Mr Lee Arthur, Managing Director, New York Institute of Finance.

    “Others are Alhaji Umaru Ibrahim, the Managing Director, Nigeria Deposit  Insurance Organisation (NDIC), Mr Ari Levahi, the Executive Director, Moody’s Analytics, New York and Dr Sarah Alade, Deputy Governor, CBN Director of Economic Policy, among others,“ he said

  • Agriculture can take Nigeria out of recession – CIBN chairman

    Mr Abdulraheem Yusuf, the Chairman, Kwara chapter, Chartered Institute of Bankers of Nigeria (CIBN), on Wednesday, said the Federal Government’s agriculture intervention programme could take the country out of recession.

    Yusuf, who gave this hint while speaking with the News Agency of Nigeria (NAN) in Ilorin, added that the effective management of exchange rate could equally take the country out of recession.

    He therefore called on Nigerians to ensure that they added value to agriculture in all its ramifications in order to earn foreign exchange.

    “With food production and reduction in the level of corruption and unemployment, the government can get us out of the situation we have found ourselves,” he said.

    Yusuf said that the government also needed to police the borders more effectively to reduce smuggling.

    According to him, smuggling is harmful to the economy because people are making sacrifices to produce for export as well as for local consumption.

    “Regrettably, people still smuggle goods, so effective policing of our borders through the custom officers will help a lot to encourage local production,” he said.

  • Recession: CIBN urges Buhari to allow banks handle their toxic assets

    Recession: CIBN urges Buhari to allow banks handle their toxic assets

    The Chartered Institute of Bankers of Nigeria (CIBN) has urged government to reduce Nigeria’s current financial stress buy allowing every bank to handle its toxic assets. CIBN added that the ongoing inflation rate and corruption in the country is due to the activities of saboteurs within the system.

    Kwara state Chair of CIBN, Abdulraheem Yusuf told The Nation in an interview in Ilorin, the state capital.

    He said he has two solutions to the country challenges. “The intervention programme of the government in the area of agriculture can take us out of the present challenge; Effective management of our exchange rate can also take us out. Let us be able to add value to the agricultural products and we will earn more foreign exchange.

    “At the moment it is only the Assets Management Corporation of Nigeria (AMCON) that buys toxic assets of banks. If government can take on every bank to handle its toxic assets the stress that is currently visible in the financial sector will be reduced.

    “There is a lot of people within the system is sabotaging President Muhammadu Buhari’s anti corruption war. Government is battling with exchange rate and the issue of fraudsters among both public and private office holders.

    “I am of the belief that if government can reduce the volume of corruption within the system and the sabotage going on in the management of the foreign exchange, very soon we will be out of the current recession.

    “But one major challenge is the corruption issue and with the introduction of the whistle blowing thing we expect that very soon the National Assembly will pass into law the enabling law that will allow whistle blowing policy,” he said.

    On President Buhari’s economic team, Alhaji Yusuf said “we are satisfied but people have called for the involvement of players in the private sector. They believe that the government has not involved the private sector enough to an extent. Most of his advisers are the ones brought on board to manage the economy.”

    He also urged the government to police our borders adequately, as according to him (smuggling is having dangerous effects on our economy.”

     

     

  • Gov. Lalong urges banks to revert to 4 p.m. closing time

    Gov. Lalong urges banks to revert to 4 p.m. closing time

    Governor Simon Lalong of Plateau state has called on banks operating in the state to revert to the 4 p.m. closing time, instead of the 3 p.m. they adopted when the state was in crisis.

    Lalong made the call on Wednesday in Jos, when the President of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Segun Ajibola, paid him a courtesy call.

    “Peace has returned to Plateau; there is no need for banks to hold unto the 3 p.m. closing time.

    “Please appeal to your members to start closing by 4, instead of 3, because closing by 3 gives an impression that we are still crises-ridden,” he said.

    He appreciated the institute’s contribution to the Plateau economy, and promised to engage more chartered bankers as senior government officials and civil servants.

    Lalong promised to attend the 22nd International Conference of Bankers slated to take place April 25 in Lagos, and also promised to look into CIBN’s request for a property for its branch in Jos.

    Ajibola had earlier said that the group was in in Jos to invite Lalong to its Lagos conference.

    He commended Lalong for restoring peace to Plateau, and regretted that the state, which was once revered by many as the home of peace and tourism, became a scary environment in the past few years.