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Tag: Chartered Institute of Bankers of Nigeria

  • Experts predict faster economic growth, lower inflation

    Experts predict faster economic growth, lower inflation

    Nigerian economy is set to witness stronger growth this year, economists and finance experts have said.

    Experts who spoke at the roundtable organised by the Chartered Institute of Bankers of Nigeria (CIBN) in collaboration with Biodun Adedipe and Associates were unanimous on the positive outlook for the economy.

    They, however, cautioned that the policy outcomes would depend largely on disciplined execution and alignment of fiscal priorities. The theme of the hybrid roundtable was: 2026 National Economic Outlook: Implications for Businesses in Nigeria in 2026.

    Managing Partner, Biodun Adedipe and Associates Limited, Dr Biodun Adedipe said the economy would perform better in 2026.

    He said 2026 would be a stabilisation year marked by exchange rate stability, declining inflation, rising reserves and strong stock market performance.

    He said that Nigerians were already feeling reform impacts, citing reduction in prices of staple foods.

    Adedipe stressed the need for sustained policies to boost food production in order to further reduce inflation.

    READ ALSO: Why Northern Nigeria must put education first

    President, Nigerian Economic Society (NES), Dr Baba Musa said Nigeria’s economic fundamentals were improving, citing various macroeconomic data and reports.

    He said businesses need to invest in capacity, technology and routes to markets to take advantage of the evolving macroeconomic environment.

    He, however, noted the need for disciplined policy execution and alignment.

    He said:  “Effective monetary, fiscal and tax reforms will determine 2026 outcomes”.

    President, Chartered Institute of Bankers of Nigeria (CIBN), Prof Pius Olanrewaju, said the new tax regime, which took off on January 1 would broaden the tax base and strengthen public finances.

    According to him, the new tax regime would reduce oil dependence, while protecting small businesses and low-income earners.

    He said the forum set the tone for economic policy dialogue in 2026.

    Deputy Governor, Economic Policy Directorate, Central Bank of Nigeria (CBN), Dr Muhammad Abdullahi, said real GDP growth was projected at 4.49 per cent in 2026.

    He added that inflation was expected to moderate to 12.94 per cent, reflecting easing pressures and reform outcomes.

    Abdullahi said the outlook was supported by non-oil sector expansion, improved crude oil output, rising private investment and a more stable macroeconomic environment.

    He said Nigeria recorded a balance of payments surplus of about 3.81 billion dollars in 2025, reversing deficits from the previous two years.

    According to him, foreign exchange conditions would remain broadly stable due to foreign exchange (forex) reforms, higher oil receipts, diaspora remittances and stronger investor confidence.

    He said inflation would continue easing due to reduction in food and energy pressures and the lagged effects of monetary tightening.

    Abdullahi, who was represented by Director, Monetary Policy, Central Bank of Nigeria (CBN), Dr Victor Oboh, said the apex bank would sustain reforms to strengthen price stability and external sector resilience.

    He urged banks to expand credit to productive sectors, including manufacturing, agribusiness and small and medium enterprises.

  • Bankers to brainstorm on economic growth

    Bankers to brainstorm on economic growth

    How to accelerate the growth and development of the Nigerian economy will take centre stage next month as bankers gather to deliberate on strategic initiatives to bolster the economy.

    The Chartered Institute of Bankers of Nigeria (CIBN) is scheduled to hold its 17th Annual Banking and Finance Conference next month.

    The event with theme “Accelerated Economic Growth and Development: The State of Play and the Way Forward” is scheduled to hold between September 11and 12, 2024, at the Transcorp Hilton Hotel, Abuja with both physical and virtual audiences in attendance.

    Registrar and Chief Executive Officer, Chartered Institute of Bankers of Nigeria (CIBN), Mr Akin Morakinyo, said the conference promises a rich array of learning and skill development opportunities, designed to simplify complex topics through insightful presentations and deliberations.

    “Key sessions will cover a range of dynamic areas including fintech, regulations, consumer banking, and financial markets.

    “As the largest gathering of banking and finance professionals in Nigeria, the conference will attract thousands of attendees, including policymakers, regulators, academics, industry operators, and other key stakeholders,” Morakinyo said.

    According to him,  the event aims to foster authentic discussions led by subject experts, addressing critical issues and strategizing to enhance the financial industry’s role in economic growth and stability.

    Read Also: Imperative of digital literacy for economic growth

    He explained that the Annual Banking and Finance Conference serves as a vital platform for generating, deliberating, and exchanging ideas to address challenges and propose solutions for the advancement of the banking industry.

    “ Through peer-to-peer sessions, expert discussions on future-focused topics, and various networking events, participants will gain valuable insights into industry trends, best practices, and the impact of technological advancements on business operations and transactions.

    “This year’s conference will attract distinguished leaders, industry professionals, and emerging young achievers, with a special emphasis on empowering the next generation of banking professionals. Attendees will leave equipped with the skills, knowledge, and tools necessary to excel in the evolving landscape of banking,” Morakinyo said.

  • FIC Plc begins agency banking certification training for students

    FIC Plc begins agency banking certification training for students

    Arrangements have been concluded for the tutorial sessions for the students registered for the October 2024 diet examinations for Agency Banking Certification of the Chartered Institute of Bankers of Nigeria (CIBN).

    The first in the series of the tutorial sessions has been scheduled from Saturday, July 20, 2024, and will end on Sunday, July 28, 2024.

    The dates for subsequent sessions being jointly organised by the CIBN and FIC Professionals Network Plc will be announced later.

    The organisers are being supported by the industry associations comprising of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Association of Mobile Money Operators of Nigeria (AMMON) and Association of Mobile Bank Operators (AMBO).

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    The sessions will focus on the four modules of the foundation level of the certification and avail the students the tips on how to prepare for and pass the examinations.

    One of the organisers, Mr. Segun Shonubi, Executive Director, FIC Professionals Network Plc, stated that the main purpose of the tutorial sessions was to help the students better understand the course and enhance their performance in the examinations.

    “The examinations, which have been scheduled for Tuesday, October 8, 2024 and Wednesday, October 9, 2024, will be conducted through Remote Online Proctoring to enable students to write from the comfort of their homes or any place of their choices,” Shonubi said.

    “In addition, plans are being put in place for practice questions to be made available for the students on the Institute’s e-learning platform.”

  • Spotlight on ethics, professionalism as new bankers take oaths

    Spotlight on ethics, professionalism as new bankers take oaths

    Managing Director, Sterling Bank Plc, Mr. Abubakar Suleiman, will speak on the imperatives of ethics and professionalism as the Chartered Institute of Bankers of Nigeria (CIBN) inducts newly qualified bankers.

    At the 2024 Stream One Graduate Induction and Prize Awards Ceremony scheduled for March 23, 2024, Suleiman will speak on “Ethics and Professionalism: A Prerequisite for Building Sustainable Careers and Institutions.”

    The lecture is expected to provide insights for professionals about the importance of ethics and professionalism in fostering both individual careers and institutional sustainability.

    Read Also:Women Bankers group holds annual conference, marks anniversary

    At the event, CIBN will be awarding certificates to student members who have successfully completed its Banking Professional Examinations in 2023. A total of 336 newly qualified Associates (Chartered Bankers) and 149 Microfinance Certified Bankers would be formally admitted into the Associateship (ACIB) and Microfinance Certified Bankers (MCIB) categories of the institute.

    Head, Corporate Communications and Brand Management, Chartered Institute of Bankers of Nigeria (CIBN), Folake Akintayo, stated that the programme was part of efforts towards ensuring enhanced career development in a fast paced, ever-changing world in the financial space.

    According to her, bankers and other financial experts across the globe will discuss the rapid dynamism of work and the cutting-edge strategies that will help financial service professionals reposition themselves for global relevance.

  • CIBN reschedules exam

    The Chartered institute of Bankers of Nigeria (CIBN) April 2019 programme for the Banking Professional and Certification Examinations earlier scheduled for April 9 to 11 will now hold from April 24 to 26.

    The CIBN is the umbrella professional body for bankers in Nigeria incorporated established by the CIBN Act 5 of 2007 has been instrumental to building capacity in the banking industry through trainings and other capacity building initiatives.

    In a statement, it said due the adjustments, registration for the examination initially planned to close on Monday March 18  has also been extended till Monday April 1, 2019.

    “The postponement was occasioned by the shift in the dates of the General Elections which in turn necessitated the rescheduling of the Unified Tertiary Matriculation Examination (UTME) by Joint Admission & Matriculation Board (JAMB).  Unfortunately, the new dates fixed by JAMB clashed with the period earlier scheduled for the CIBN examination, therefore making the CBT centres unavailable for use,” it said.

    Read also: Fed Govt okays CIBN tribunal for erring bankers

    The institute plans to be Africa’s foremost and most influential professional body in the provision of capacity building in banking and finance industry. It also plans to deliver through technology, distinctive and excellent banking and finance professional certification; accreditation; and continuous professional development required for competence building. The institute also aims to support and assist members’ lifelong education and development needs throughout their entire career.

  • Banks lose N700b to cyber-crime globally, says CIBN

    Banks’ loss to cyber-crime globally has risen to $700 billion yearly, President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Uche Olowu, has said.

    Speaking during the roundtable on information security meeting in Lagos, he said despite the benefits provided by financial technology (Fintech), there are equally heightened risks of cyber threats and fraudulent activities with Nigerian banks alone losing N198 billion to the threat annually.

    He said criminal activities such as credit card fraud, phishing, Automated Teller Machine (ATM) fraud and identity theft have increasingly become threat to banking operations.

    “Statistics put the cost of cyber-crime globally at $700 billion annually, a figure projected to rise to about $2 trillion by 2019, due to the rapid digitisation of consumer lives and company records. In the case of Nigeria, about N198 billion is said to be lost to the ever-increasing cases of cyber-crimes per annum usually perpetrated through the financial system,” he said.

    Olowu explained that while a variety of organisations are exposed to cybercrime, the financial sector is particularly vulnerable given its crucial role of financial intermediation in a highly connected global financial system.

    He said: “Nigerian banking or financial services sector company should no longer ask if they are going to be hacked and instead when Cybersecurity is no longer just about protecting a business’ information. It is critical to maintaining trust with the public and customers, building company reputation, as well as safeguarding data, and critical infrastructure. This can all influence higher-level issues like maintaining competitiveness in the market, stock price, and shareholder value.

    “For financial sector institutions, cybersecurity has become an issue from the top down. Board of Directors, Chief Executive Officers and Senior Executive must ensure that they are making the right decisions about cybersecurity for their institution. Shareholders and company Board of Directors are now asking questions about companies’ approach to cybersecurity and readiness to face an attack and CEOs must make it clear that security is not just an IT problem – it is a priority for the business. CEOs need to be able to answer tough questions and prove that they are working with the senior leadership team to develop a cybersecurity strategy and that they understand the cybersecurity landscape and how it can affect key business function in the company.”

    He said it is incumbent upon CEOs to learn more about cybersecurity to ensure that their company is taking appropriate actions to secure their most valuable information assets. “This does not mean that every CEO needs to become a cybersecurity expert. Rather, CEOs should increase their knowledge of core cybersecurity concepts and leverage their own leadership skills to conceptualise and manage risk in strategic terms, understanding the business impact of risk. Most executives want to manage cybersecurity risks in the same thoughtful and intelligent way as they manage other aspects of their business,” he said.

    Speaking on data security, he said banks are privy to an immense amount of data, which if put in the wrong hands could be harnessed for illicit activities. The most popular example being Facebook data and the data harnessed by Cambridge Analytica through the Application Programmable Interface (API) and the interference in the 2016 American Elections.

    “As a solution, I implore intermediaries such as Payment Solutions Service Providers (PSSP) to efficiently act on data breaches. Furthermore, I believe that Data Privacy challenges could be effectively tackled with adequate legislation, which would enforce best practices in data protection. Also, a constant review of compliance with global standards such International Standard Organisations (ISO) and Payment Card Industry Data Security Standards (PCI-DSS) are ensured by the players in the financial service industry,” he said.

    He said identity theft is on the rise due to the adoption of digitised platforms globally. The ease at which personal data could be illegally harvested is now more sophisticated than ever. “As a suggestion, I implore all banks to invest further in user education of customers on possible threats with remedies for mitigating such threats. I, also implore banks to further employ the use of intelligence systems and tools such as Predictive Analytics solutions to determine irregular activities on bank accounts, which have been compromised or inconspicuous fraudulent activities.”

     

  • Nigerian emerges pioneer chairman of GBEStB

    THE former President of the Chartered Institute of Bankers of Nigeria (CIBN), Dr Lawrence Olusegun Aina, has been elected as the pioneer Chairman, Global Council of the Global Banking Education Standards Board (GBEStB).

    The GBEStB, with secretariat in London is an initiative founded by many of the world’s leading banking institutes, the major objective of which is to develop clear, internationally agreed standards for the education of professional bankers and enhance ethics and professionalism in banking worldwide.

    Dr. Aina will lead the Global Council for the next two years.

    The council which comprises of 26 founder-member institutes and bodies from various countries across the world is to drive the standards of banking education across the globe.

    To support Dr Aina, three Vice Chairmen were also elected, they are: Mr Simon Thompson     –     Chartered Banker Institute, Scotland; Ms Carrie Leung – The Hong Kong Institute of Bankers;  Mr Anthony Yaw Oppong – Chartered Institute of Bankers, Ghana

    This development took place during the joint meeting of the Global Council and Task force of GBEStB, coordinated by CIBN National Secretariat, which held on July 25, 2017.

    Responding to his new appointment, Aina gave credit to the entire CIBN.

    “It is not by accident for CIBN to get this global recognition and acknowledgement but a result of the selfless services rendered over the years by the various leaders especially founding fathers and all past presidents without exception.

    “This indeed for us is a call to service as CIBN is now in the eyes of the world. By the grace of God and the support of all, we will excel in the tasks ahead.

    “Thank you for nominating me to serve on the Global Council as representative of CIBN, which provided the platform for my emergence as Chairman of the Global Council, the highest decision making organ of the GBESTB,” Aina said.

  • Stimulation fund: Financial expert tasks FG on proper planning

    Stimulation fund: Financial expert tasks FG on proper planning

    A former President of the Chartered Institute of Bankers of Nigeria (CIBN), Mr Okechukwu Unegbu, on Monday urged the Federal Government to specify strategic areas that the proposed N350 billion stimulation fund would be injected into.

    Unegbu told the News Agency of Nigeria (NAN) in Lagos there must be proper planning before the injection of such funds in the economy, to avoid excess liquidity.

    He said that there must be proper clarity and planning where the funds would be channelled into, for economy growth and development.

    Unegbu said that government should work closely with the Central Bank of Nigeria (CBN), to streamline fiscal and monetary policies.

    He explained that there must not be any disconnection between the apex bank and government in policy management.

    Unegbu, however, expressed concern at the disparity between the CBN’s Monetary Policy Committee (MPC) and the Federal Government in the management of the economy.

    He stated that the major reason for increasing interest rate to 12 per cent from 11 per cent was to reduce excess liquidity.

    According to him, government should work closely with the CBN to avoid a policy somersault.
    NAN reports that the Federal Government announced its readiness to inject a total of N350 billion into the economy in the next few months.

    Mrs Kemi Adeosun, Minister of Finance, said that part of the money would help to offset the debt owed to local contractors, who had laid-off their workers due to lack of funds.