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Tag: CIBN

  • FCMB named Nigeria’s best SME-focused bank

    FCMB named Nigeria’s best SME-focused bank

    First City Monument Bank (FCMB) has been named Nigeria’s Best SME Focused Bank for 2025 by the Chartered Institute of Bankers of Nigeria (CIBN). 

    This recognition comes as FCMB holds a leading 24% share of the banking industry’s ₦1.8 trillion total SME disbursement for 2024. 

    The award was presented at the 60th Annual Bankers Dinner in Lagos on November 28, 2025, highlighting First City Monument Bank’s strong role in supporting small and medium-sized businesses.

    FCMB’s financing targets the true engines of the Nigerian economy. According to the November 2024Nigerian Gross Domestic Product Report Q3 2024, these investments align with the nation’s highest-performing sectors, including Crop Production (26.51%), Trade (14.78%), and Telecommunications (13.94%), alongside Real Estate (5.43%) and Food, Beverage and Tobacco (4.06%). The award selection was based on industry-wide lending data provided by the Central Bank of Nigeria (CBN), which monitors financial sector contributions to the enterprise ecosystem.

    FCMB also supports entrepreneurs through training programs, advisory services, and partnerships that help them navigate business challenges and grow sustainably.

    Yemisi Edun, First City Monument Bank’s Managing Director and CEO, was represented by Obaro Odeghe, Executive Director of Wholesale Banking at the Annual Banker’s Dinner. She said:

    She said: “We are truly honoured to be recognised by the CIBN, based on data from the Central Bank of Nigeria. This recognition affirms our purpose as an institution committed to making a meaningful difference in the lives of Nigerian entrepreneurs, who are the backbone of our economy.

    ” We will continue to support SMEs with the accessible finance, technology, and expert advice they need to grow. By strengthening these businesses, we drive productivity and contribute directly to national development.”

    Chartered Institute of Bankers of Nigeria, the main professional body for bankers in Nigeria, organised the awards to showcase progress and resilience in the country’s financial sector. FCMB’s achievement was also highlighted by Tooritsemoshe Ojei, a staff member, receiving the Next Generation Class of 2025 Award for outstanding performance and leadership potential in the banking industry.

    FCMB, part of FCMB Group Plc, is committed to supporting inclusive growth by connecting people, capital, and markets in Nigeria and among Nigerians abroad. This new award adds to previous honours, such as the Excellence Award for Promoting Financial Inclusion for Grassroots Entrepreneurs in Nigeria (The Mastercard Foundation), SME Financier of the Year (Africa) from the Global SME Finance Forum/IFC, and Best Bank with the Highest Impact on MSMEs Accessing Credit for the First Time in Nigeria from the Development Bank of Nigeria.

    CEO, Cowry Asset Management Limited, Mr. John Chukwu; the President/Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN), Professor Pius Olanrewaju; Executive Director, Wholesale Banking, First City Monument Bank (FCMB), Mr. Obaro Odeghe; and the Bank’s Executive Director, Corporate Services & Service Management, Felicia Obozuwa, during the presentation of Best SME Focused Bank Award to FCMB by the CIBN at its Annual Dinner in Lagos.
  • NDIC, CIBN partner to address emerging issues in financial sector

    NDIC, CIBN partner to address emerging issues in financial sector

    Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Sunday, has called for enhanced collaboration between the corporation and the Chartered Institute of Bankers of Nigeria (CIBN) in addressing emerging risks and challenges within Nigeria’s banking sector.

    Sunday made the call during a courtesy visit by the President of CIBN, Prof. Pius Olanrewaju, and members of his executive team to the NDIC Head Office, Abuja.

    He emphasised the need for stronger partnership between both institutions in critical areas such as digital banking, cyber- security, fraud and forgery prevention, and sound risk management.

    He noted that while the phenomena of the emerging issues are on the rise, regulators and operators must come together to proffer solutions which help build a stronger financial ecosystem that withstands the vagaries of the innovations to deliver value to the economy.

    While commending the growth of the CIBN as a professional body over the years, and its positive impact on the banking system, Sunday further called on the institute to take critical interest in working more closely with regulators to fashion innovative failure resolution strategies that strengthen the overall resilience of the banking sector.

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    He reiterated the corporation’s commitment to supporting professional institutions such as the CIBN in developing and implementing programs that foster innovation while maintaining sound risk management frameworks and financial system stability.

    Olanrewaju congratulated Sunday on his appointment as Managing Director of the corporation.

    He expressed confidence in the capacity of the MD/CE to uphold the trust reposed in the Corporation by the public based on his sound track record and expertise.

    He particularly commended the NDIC for its notable milestone achievements, highlighting the upward review of deposit insurance coverage aimed at strengthening public confidence in the banking system; the deployment of technology to expedite the reimbursement of depositors of the failed Heritage Bank; and the commencement of liquidation dividend payments within one year of the bank’s closure. Prof. Olanrewaju noted that these accomplishments have significantly enhanced depositor and investor confidence in the financial system.

    The CIBN President also expressed appreciation to the NDIC for its invaluable contributions and active role as a member of the Institute’s Governing Council, noting that its participation has greatly strengthened the Council’s oversight functions, policy direction, and ethical leadership.

  • Bank CEOs: N1.57tn bad loans threaten system without judicial support

    Bank CEOs: N1.57tn bad loans threaten system without judicial support

    Nigerian bank chief executives have issued a strong warning that the country’s banking sector may be unable to confidently extend credit without a functional and efficient judicial system.

    This warning came as non-performing loans continue to rise amid judicial delays and enforcement bottlenecks.

    This concern was raised on Tuesday by the Group Managing Director/Chief Executive Officer of United Bank for Africa (UBA) Plc and Chairman of the Body of Bank CEOs, Mr. Oliver Alawuba, during the opening of the 23rd National Seminar on Banking and Allied Matters for Judges. The seminar, jointly organised by the Chartered Institute of Bankers of Nigeria (CIBN) and the National Judicial Institute (NJI), was held at the NJI headquarters in Abuja.

    According to Alawuba, the country’s financial system is exposed to systemic risk due to the judiciary’s current limitations in handling commercial and financial disputes. He drew attention to the over N1.57 trillion in non-performing loans in the banking sector, describing it as a symptom of deeper institutional weaknesses that need to be addressed.

    “Without a strong, efficient judiciary, banks will struggle to extend credit with confidence,” he warned. “Our partnership is not one of convenience, but of necessity.”

    He called for urgent reforms to enhance judicial performance in financial matters, including digitisation of court processes, investment in judicial capacity building, and the establishment of specialized financial courts to handle complex cases involving fraud, cybercrime, and contract enforcement.

    Alawuba stated that the banking industry’s success is tied to the effectiveness of the courts. “No economy can flourish without the enabling guardrails of justice. From credit systems to contract enforcement, the banking industry depends daily on the efficiency, fairness, and predictability of our judicial processes,” he said.

    He argued that the courts must evolve to meet the demands of a rapidly transforming financial landscape, especially as digital platforms, fintech innovation, and cybercrimes become more entrenched in Nigeria’s financial ecosystem.

    Echoing Alawuba’s call for reform, the Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, stressed the strategic importance of judicial predictability in promoting economic growth.

    “Judicial predictability is not just a legal virtue – it is an economic asset. It enhances market efficiency, lowers risk premiums, and unlocks capital for infrastructure and business development,” Justice Kekere-Ekun said in her opening remarks.

    She urged members of the bench to constantly update their knowledge in emerging fields of financial regulation and digital commerce. “Our courts must possess the capacity to interpret complex transactions and assess novel financial arrangements within the framework of existing laws,” she added.

    On the part of the Chartered Institute of Bankers of Nigeria, the President and Chairman of Council, Professor Pius Olanrewaju, described trust and security as central pillars of banking, maintaining that the role of the judiciary cannot be separated from the stability of the banking system.

    “Trust is the lifeblood of banking, and security its bedrock. Every financial transaction, from deposits to loans, hinges on the assurance that rights will be upheld, obligations fulfilled, and injustices addressed,” Olanrewaju said.

    He maintained that courts must inspire confidence in the resolution of financial disputes and protect the sanctity of contracts, as failure to do so could undermine investor confidence and hinder the nation’s economic growth.

    Administrator of the National Judicial Institute, Hon. Justice Salisu Abdullahi, also linked judicial efficiency to national development, saying that a competent and independent judiciary is fundamental to investor confidence and economic stability.

    “A judiciary that is both competent and fiercely independent doesn’t just resolve disputes; it actively underwrites economic growth. It creates the fertile ground where capital feels safe to land, innovation can flourish, and businesses can thrive,” he said.

  • Recapitalisation positions banks for long-term sustainability, says CIBN

    Recapitalisation positions banks for long-term sustainability, says CIBN

    • Honours for Cardoso, Sanwo-Olu

    The ongoing banking recapitalisation has further enhanced the global competitiveness and sustainability of the Nigerian banking system.

    President, Chartered Institute of Bankers of Nigeria (CIBN), Prof. Pius Olanrewaju, said with the early success of the ongoing banking recapitalisation, Nigerians banks are now in better stead to compete sustainably over the long-term.

    He noted that the banking sector has demonstrated remarkable resilience, as evidenced by Gross Domestic Products (GDP) growth from 2.98 per cent in first quarter 2024 to 3.46 per cent in third quarter 2024.

    According to him, the resilient contribution of banks to the economy has further highlighted the success of the ongoing recapitalization exercise, positioning the financial industry for long-term sustainability.

    He noted Nigeria’s economic strides despite challenges such as high inflation and exchange rate fluctuations.

    Olanrewaju, who spoke at the 59th Annual Bankers Dinner of the institute in Lagos, said the institute decided to confer Fellowship on Governor of Central Bank of Nigeria (CBN), Dr Olayemi Cardoso and Governor of Lagos State, Mr. Babajide Sanwo-Olu because of their exemplary careers which aligned with the institute’s core values of professionalism, integrity, and excellence.

    He said the two new Fellows have displayed exemplary service over the course of three-decade career.

    Sanwo-Olu in particular was lauded for fostering an enabling environment for Lagos State’s financial sector and his active support for CIBN’s initiatives.

    Cardoso was celebrated for his visionary leadership at the CBN, which has guided Nigeria’s financial system through critical transitions.

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    Olanrewaju spotlighted CIBN’s efforts in driving ethical practices and inclusivity in the banking industry. Initiatives such as the agency banking certification programme and youth-oriented programmes such as the CIBN mentorship and internship schemes, which have been recognised as transformative contributions to the sector.

    He commended the planning committee for the 59th Annual Bankers Dinner led by Mrs. Yemisi Edun of FCMB Plc, for the seamless organization of the event.

    The event was graced by several guests including Cardoso, Sanwo-Olu, Governor of the Bank of Sierra Leone, Dr. Ibrahim Stevens; Sen. Abubakar Bagudu, Minister, Budget and Economic Planning; Chairman, Senate Committee on Banking, Senator Adetokunbo Abiru.

    In his special remarks, Sanwo-Olu emphasised the initiatives undertaken to further develop Lagos and enhance the welfare of its residents.

    He highlighted initiatives in the areas of infrastructure, healthcare and education for less privileged citizens.

  • Banking sector positioned to drive sustainable growth -CIBN

    Banking sector positioned to drive sustainable growth -CIBN

    The Chartered Institute of Bankers of Nigeria (CIBN) has asserted that the banking sector in the country is uniquely positioned to drive sustainable growth, foster innovation and ensure inclusivity across every stratum of society.

    President and Chairman of Council, CIBN, Prof. Pius Olarewaju made the remark at the weekend during the 2024 Lagos Bankers’ Night, themed: ‘Driving National Growth Agenda: The Role of the Banking Sector,’ where he pointed out the vital role bankers play in elevating standards of the profession and advancing the broader goals of national development.

    Olanrewaju, who is the 23rd President and Chairman of Council of the Institute noted that the annual Lagos Bankers’ Night is a cherished tradition that offers members a moment to reflect on the  collective journey and provides an opportunity to set the stage for future triumphs in the banking industry.

    He said the theme was significant, as it serves as a powerful reminder of the role of banks in shaping the economic destiny of the nation.

    “As the backbone of the economy, the banking sector is uniquely positioned to drive sustainable growth, foster innovation and ensure inclusivity.”

    Highlighting the place of the banks, he cited the National Bureau of Statistics report which says Nigeria’s financial services sector contributed significantly to GDP annual growth rate of 2.98% recorded in the first quarter and 3.19% in the second quarter of 2024.

    Expatiating, Olanrewaju maintained that the role of the banks goes beyond traditional financial intermediation, adding, “we are the engines that power the wheels of commerce, the architects of financial innovation and the custodians of national wealth.”

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    He noted that the CBN report that banks’ loans and support for the private sector rose to about N375.7trillion in the first five months of 2024, which is about 74: 98 percent higher than N214 76trillion recorded in the same period of the previous year, indicates that the banking sector has continued to provide increasing support for the economy.

    The CIBN boss noted that the sector has a unique mandate to unlock the potential of our vast human and natural resources, to fuel entrepreneurship, and to ensure that financial opportunities reach every comer of the  diverse society.

    “We must harness the power of technology and remain steadfast in our commitment to ethical practices. The strategic direction of our industry must align with the broader goals of national development-creating jobs, supporting small and medium enterprises, driving industrialisation, and enhancing the quality of life for all Nigerians.

    “It is through our collective efforts that we can transform challenges into opportunities and turn aspirations into realities. Our sector’s influence is vast, and with that influence comes the responsibility to act as catalysts for change and progress.

    He noted that bankers were not just participants in the economy, “we are its architects. By leveraging our collective expertise, we can chart a course that leads to enduring prosperity for our country. When we perform our expected roles, the banking sector will contribute significantly to Nigeria’s economic growth that has already been projected by the IMF to be around 3% by the end of 2024.”

    Looking at the challenges confronting the economy like high inflation rate, infrastructural deficit among others, Olarewaju called for public private partnership relationship in every aspect of the economy.

    “There is no doubt the fact that today we have some economic challenges.

    “But it’s not only the government that can do it. There is a need for a public-private partnership relationship in this respect.

    “We are saying, every one of us, even including you journalists, you have a role to play. It’s not about banking alone. We need support and encouragement from all stakeholders to achieve the growth agenda.”

    For the branch Chairman, CIBN, Lagos State, Adeyemo Adeoye, the event has become a perennial platform for networking amongst Bankers in and outside Lagos state, financial industry leaders, key stakeholders in the Nigerian economy, captains of industries, and it has equally provided prime opportunity for exchange-of-ideas, while providing leverage for corporate brand visibility and exposures.

    He applauded the theme of the event, noting that the banking industry has traditionally played a significant role in economic developments.

    “Because of the financial aggregation and intermediation functions of the banking systems, its roles are inextricably intertwined with the growth of the economy.”

    Quoting Richard Branson, Adeoye said banking is the life blood of the economy, providing the financial oxygen that businesses and individuals need to breathe and grow.

    To this end, he noted that “our banking industry will play significant roles in policy and growth direction of the economy and, this is inexorable.”

    Prof Emmanuel Moore Abolo, Director General, The Economic Think-Tank Centre, also emphasised the need for collaboration to achieve the growth agenda.

  • My plans for the banking industry, CIBN new president

    My plans for the banking industry, CIBN new president

    The 23rd President and Chairman of the Council of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Pius Olanrewaju has said he would lay emphasis on commitment to excellence and professionalism within Nigerian banking industry.

    Speaking at his inauguration at the weekend in Lagos, Olanrewaju outlined a strategic vision for his tenure, encapsulated in the acronym LEGACY.

    According to him, his priorities would include leading an innovative financial system, entrenching ethics, professionalism, and integrity, gender, generational, and geographical diversity, accelerating the institute’s vision and values, competence in banking to aid national development, and youth and entrepreneurial engagement.

    He highlighted the resilience of Nigeria’s banking sector amid recent economic challenges and underscored the importance of digital transformation, regulatory collaboration, and membership growth.

    He advocated for increased engagement with regulators, operators, and government agencies to support economic stability and growth.

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    He noted that a key aspect of his strategy involves promoting ethics and professionalism, crucial pillars for sustaining trust and credibility in the financial sector.

    He also emphasized inclusivity, aiming to engage a diverse demographic and foster financial literacy and entrepreneurship among Nigeria’s youth.

    Wile also acknowledging the significant contributions of past leaders and stakeholders, Olanrewaju called for collective effort in advancing CIBN’s mission, pledging to lead with integrity and innovation to ensure the institute remains a global reference point for banking skills and conduct.

    Olanrewaju, who previously served as the Provost and Dean of Law at Babcock University, expressed gratitude for the seamless election process that brought him to office.

  • CIBN endows legacy project at KWASU

    CIBN endows legacy project at KWASU

    President of Chartered Institute of Bankers of Nigeria (CIBN), Dr Ken Opara has inaugurated the new CIBN Bankers Hall, a legacy project endowed by the institute to the Kwara State University (KWASU), Malete, Kwara State.

    Opara emphasised the importance of collaboration between academia and the banking industry, reiterating CIBN’s commitment to nurturing a culture of excellence and professionalism within the banking sector.

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    He said the inauguartion of the CIBN Bankers Hall represents a milestone achievement and a renewed commitment to advancing banking education and promoting sustainable development in Nigeria.

    He appreciated stakeholders, partners, and well-wishers who contributed to the success of the project and invited them to join in celebrating this historic occasion.

    The Acting Vice Chancellor, KWASU, Prof. Shaykh Luqman Jimoh, appreciated the institute immensely for the gesture and promised to keep the hall in good shape.

    Dignitaries at the event included Emir of Ilorin, Dr. Ibrahim Sulu Gambari; Commissioner for Tertiary Education, Kwara State, Dr. Mary Arinde; First Vice President of the CIBN, Prof. Pius Olanrewaju Registrar and Chief Executive, CIBN, Akin Morakinyo.

  • CIBN lauds Keystone Bank CEO’s steps to strengthen operations

    CIBN lauds Keystone Bank CEO’s steps to strengthen operations

    The Chartered Institute of Bankers of Nigeria (CIBN) has lauded the managing director and chief executive officer of Keystone Bank Limited, Mr. Hassan Imam, for the leadership qualities he has demonstrated in strengthening and repositioning the operations of the bank within a few months of assuming office.

    The institute gave the commendation when its President Dr. Ken Opara led the council on a courtesy visit to the management of the bank at its headquarters in Lagos last week Wednesday.

    Opara stated that they were at the bank to congratulate the newly appointed chief executive of the financial institution and his team for the notable achievements which are on record within a short period, and to seek areas of mutually beneficial cooperation between the bank and the institute, even as he completes the tenure as the CIBN boss.

    The CIBN chief specifically commended the bank’s drive in financial literacy, youths and entrepreneur’s empowerment, and reengineering of the brand.

    Opara further enumerated the vision of the institute under his leadership, themed, FUTURE, and built on six pillars namely: Financial Innovation and Transformation, Dealing with Industry Uncertainties, Trade and Finance Collaboration, Unveiling Pathways for Membership Growth, Reengineering and Rebranding the Industry’s Business Model Around Gen Z and Ethical Conduct and Governance. He noted that the strategy is positioned to help the CIBN attract Nigeria’s burgeoning youth population. 

    In his comments, Mr. Imam thanked the president of CIBN and its council members for the visit. He further noted that as an active member of the Institute, Keystone Bank, under his watch, will continue to live by the tenets and ethics of the banking profession and will enthrone strong corporate governance culture.

    The Keystone Bank boss noted that his assignment at the bank is to make positive changes and take the institute to an enviable height. He added that within three months of assuming office, the collective management has repositioned the bank and set it on a growth trajectory and profitability.

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    Imam further used the occasion to express appreciation to staff, customers, and stakeholders of the bank for the tremendous support and confidence they have reposed in him and his executive director, Mrs Nnenna Anyim Okoro.

    According to Imam: “We are here to make changes, and the changes have started.

    “Since we resumed, we’ve been working round the clock to fix things. We have been able to sustain the business and moved it to a better level. We have successfully moved account opening from 25,000 to above 50,000 monthly. I must tell you that we have some of the best hands in the industry. 

    “We have also planned initiatives to support the education system in Nigeria by supporting public schools with basic materials such as books, renovation of school buildings, etc.

    CIBN is the umbrella professional body for bankers in Nigeria.

  • Bank recapitalisation to create more loan access for businesses, says CIBN

    Bank recapitalisation to create more loan access for businesses, says CIBN

    The ongoing recapitalisation of banks will create opportunity for banks to extend more credits to the domestic economy, President, Chartered Institute of Bankers of Nigeria (CIBN), Dr. Ken Opara has said.

    He spoke yesterday during the institute’s 2024 annual lecture held in Lagos.

    Opara said the net domestic credit stood at N66.4 trillion as of December 2022, showcasing the substantial credit extended by financial institutions to the real sector of the economy.

    This figure, he said experienced a significant surge to N96.1 trillion by December 2023, highlighting the tremendous potential for growth and development in the real sector.

    Opara said recently announced upward review of the Minimum Capital Requirements of Nigeria by the apex bank would further empower banks to extend more credit to the economy’s productive sectors.

    “Despite the significant relevance of the real sector, access to credit for such key sectors compared to other climes is relatively low.

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    He disclosed that a survey report conducted in more than 40 economies and released by Statista in 2024, nearly US $141 trillion worth of credit had been lent to the real sector in advanced economies in the second quarter of 2022.

    The figures were twice as high as the volume of credit to the same sector in emerging markets.

    It is worth highlighting the notable improvements in liquidity within Nigeria’s real sector. According to data from the Central Bank of Nigeria (CBN), the Net Domestic Credit stood at 66.4 trillion Naira as of December 2022, showcasing the substantial credit extended by financial institutions to the real sector of the economy.

    However, the volume of credit to the key sectors in Nigeria is showed that agricultural sector got N5.8 trillion representing about six per cent of the total credit; manufacturing sector – N19.7 trillion representing approximately 21 per cent of the total credit and services sector – N36 trillion representing 37.4 per cent of the total credit.

    He advocated more credit to these key sectors and particularly the agriculture sector. 

    Also speaking, Professor of International Finance Law, University College, London, Graham Penn, said loan sales are an important part of balance sheet management for banks because they allow banks to use their capital and loan origination capabilities more efficiently, and enhance their ability to manage credit risk.

    He said: “They allow banks to relieve the capital carrying costs of the relevant loans. Allow banks to crystalise their loss where the borrower has defaulted/run into financial difficulty,” he said.

  • NGX, CIBN partner on banks’ recapitalisation

    NGX, CIBN partner on banks’ recapitalisation

    The Nigerian Exchange (NGX) and the Chartered Institute of Bankers of Nigeria (CIBN) have entered into a strategic partnership towards ensuring the success of the ongoing recapitalisation of the banking sector.

    Preisdent, Chartered Institute of Bankers of Nigeria (CIBN), Dr Ken Opara, said the collaboration between the two organisations was aimed at building the capacity and preparing the banks for capital raising.

    According to him, both CIBN and NGX are collaborating on implementation of several initiatives to support the banking recapitalisation.

    :In this wise, the parties agreed on a number of initiatives including a joint visit to the Governor of Central Bank, Mr. Olayemi Cardoso which took place on Wednesday, March 20, 2024, to provide some insights on the subject. Other initiatives under this collaboration include providing series of needed sensitisation, support and platforms for banks recapitalisation exercise,” Opara said.

    Speaking at the annual general meeting of the institute in Lagos, Opara outlined several achievements and strategic initiatives taken under his two-year administration.

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    He noted that for the first time, the CIBN recorded a historic net operating surplus of N1.37 billion for 2023, marking a significant growth from the  N837.94 million recorded in 2022.

    “I am particularly delighted that our institute continued to wax stronger financially, notwithstanding the economic downturns and headwinds in the year 2023.

    “It is on record that our institute for the first time crossed the one billion Naira mark by achieving a Net Operating Surplus of N1.371 billion in 2023 when compared with N837.943 million achieved in 2022, representing a growth of 63.60 per cent.

    “Similarly, total revenue grew from N2.065 billion recorded in 2022 to N2.782 billion in 2023, representing 34.72 per cent growth, while total assets grew from N7.821 billion in 2022 to N9.119 billion in 2023.

    “The cost-to-income ratio for the year ended December 31, 2023, stood at 50.72 per cent, down from 59.41 per cent in the corresponding period in 2022. This ratio is way below the approved Governing Council threshold of 61 per cent for the 2023 financial year.

    “I am persuaded that with prudent and efficient management of resources, as well as diligent execution of our strategic plan, our institute will sustain this northward trajectory,” Opara said.

    Opara, who took over leadership in May 2022, also announced a planned road show to flag off the collaboration with Pan-African Payment and Settlement System on April 25 in Lagos to promote exportation.

    He explained how his administration, through teamwork, left indelible marks in the banking industry in an era characterised by disruptions, volatility in the economy, and other turbulence.

    Opara, also the Chairman of Council, CIBN, explained youth engagement initiatives aimed at checkmating mass migration of the nation’s young professionals out of the country to other advanced economies.

    He thanked CIBN members, stakeholders, family and friends for their support that ensured the success of his tenure.

    After a 72-hour electronic voting, Mrs Caroline Anyanwu, Chairperson of the CIBN Election Committee, announced the election of immediate past First Vice President of the institute, Prof Pius Olanrewaju, as the president-elect.

    Olarenwaju, in his acceptance speech, described the outgoing president as “a great leader” who had positioned the institute on a path for growth and greatness.

    He thanked the leadership and members of the institute while promising to build on the legacies of Opara, his predecessor, in office.

    He promised to unveil his agenda during his inauguration at an investiture programme scheduled for May.