The Nation Newspaper

Tag: CIBN

  • CIBN elects Olarenwaju as 23rd President, plans export roadshow

    CIBN elects Olarenwaju as 23rd President, plans export roadshow

    The Chartered Institute of Bankers of Nigeria (CIBN) has elected Prof. Pius Olanrewaju as the new President of the institute, along with other elected officers for the 2024-2026 tenure.

    The election announced by Mrs Caroline Anyanwu, Chairperson of the CIBN Election Committee was conducted  through electronic voting at Bankers House yesterday  in Lagos.

    The new president-elect was the immediate past First Vice President of the institute.

    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.

    Read Also: Army dismisses allegation of bias in trial of soldiers

    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.

    Earlier, the outgoing President CIBN, Ken Opara, who took over leadership in May 2022, reviewed the 2023 annual report and accounts.

    He 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.

  • Senate tasks CIBN on contribution to GDP

    Senate tasks CIBN on contribution to GDP

    The Senate through its Committee on Banking, Insurance and other Financial Institutions, has challenged the Chartered Institute of Bankers of Nigeria (CIBN) to make substantial contribution to the nation’s Gross Domestic Product (GDP).

    The Chairman of the Committee, Senator Mukhail Adetokunbo Abiru (APC – Lagos East), made the assertion when he received the Executives of the CIBN led by its President/ Chairman of Council, Dr. Ken Opara, at the Senate on Thursday. 

    Abiru, according to a statement by his media office in Abuja, alsolauded the move by the Central Bank of Nigeria to recapitalize the Nigerian banks. 

    The committee chair who is also a retired bank Chief Executive and accomplished economist/accountant, argued that with an increased capital base, the banks will not only be able to finance large-ticket projects and invest in Information Technology with a view to modernizing their operations, but will also be positioned to compete in the global scene.

    He assured the CIBN Executive of the co-operation of the National Assembly, particularly the Senate, in ensuring that rules and best standard practices are adhered to in the nation’s banking sector.

    Abiru said: “As the umbrella professional body for bankers in Nigeria, we consider you partners in progress in the task of repositioning the country’s financial sector and achieving the eight-point agenda of the present administration which revolves around the welfare of the people”.

    Senator Abiru further noted that the courtesy visit was timely in view of the current economic challenges facing the nation. 

    He said: “I wish to note that this visit by your Institute (as a matter of fact, our Institute since I am also a Fellow of the Institute) is very timely, coming at a time the National Assembly is debating amendments to the CBN Act as well as other related issues to help the government and the CBN navigate the current economic challenges posed by rising inflation and persistent naira depreciation.”

    While commending the CIBN for upholding professional excellence in the banking and financial services sector in the last 60 years, Senator Abiru challenged the body and other stakeholders to address the contribution of the banking sector to the nation’s Gross Domestic Product (GDP), which is less than five per cent, despite  growth and increase in share prices of the financial services sector.

    On his part, the The CIBN President/Chairman of Council , Dr. Ken Opara, sought the support of the Senate for the consideration and passage of the CIBN Act (amendment) Bill. 

    According to him, the amendment became imperative in the light of current realities in banking and finance landscape vis-a-vis the emerging innovations in the sector.  

    The President of the CIBN added that if the CIBN Act is amended, everyone working in the banking sector will be held accountable for misconduct or financial crimes.

    According to him, “In the current amendment, we want to capture everyone working in the banking industry in Nigeria for the purpose of upholding ethics and professionalism.

    “The CBN, NDIC and banks are to send reports of allegations of misconduct to the Institute.”

    Opara also revealed the plans of the institute to expand its name and coverage. 

    “The expansion of the Institute’s name to include ‘Finance’ to conform to the Institute’s coverage and best practice: “Chartered Institute of Banking and Financial Services,”  – Section 1 to cover institutions under the regulation of CBN, especially non-conventional banks.

    Opara also commended the dynamic leadership of Senator Abiru as the Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions. 

    He specifically hailed the informed questions and economic issues he raised during the engagement session with the CBN Governor, Dr. Olayemi Cardoso.

    ”The engagements you had and the issues you raised such as Inflation, FX, IMTO and the clarification on the 43 banned items are all issues of interest to the banking public. 

    “We also commend you on the proactive steps taken by this Committee to comprehensively review the extant laws within the financial services sector, aimed at fostering economic sustainability and growth,” Opara said.

  • CIBN reaffirms NDIC’s roles in banking system

    CIBN reaffirms NDIC’s roles in banking system

    • CIBN, NDIC partner on certification

    The Chartered Institute of Bankers of Nigeria (CIBN) has affirmed the important roles being played by the Nigeria Deposit Insurance Corporation (NDIC) in building confidence and stability in the Nigerian banking industry.

    President, Chartered Institute of Bankers of Nigeria (CIBN), Dr. Ken Opara called on Nigerian leaders to acknowledge the notable contributions of NDIC as a deposit insurer over the years, by promoting depositors’ confidence in the Nigerian banking industry.

    He noted that, in furtherance to boost the confident of bank customers, the board of NDIC has now been empowered to vary upward the maximum amount which a depositor can receive from the Corporation in the event of a failed insured institution, in line with prevailing economic realities.

    According to him, the introduction of public policy objectives is in line with International Association of Deposit Insurers (IADI) core principles.

    Read Also: First Lady, Fagbemi, Marwa advise states on drug use prevention, treatment

    He noted that the NDIC has continued to uphold unwavering commitment to the highest ethical standards and compliance with anti-corruption laws and regulations, as it proudly secured the top position in the Independent Corrupt Practices and Other Related Offences Commission (ICPC) 2023 Ethics and Integrity Compliance Scorecard (EICS).

    He said this achievement marked the second time that NDIC has achieved the first place, previously having been ranked first in the 2021 EICS.

    He added that the NDIC was also a recipient of the “Platinum Level Award for Outstanding Performance in Corporate Governance and Service Delivery” by the Bureau of Public Service Reform on September 7, 2022.

    Such remarkable accomplishments, he said, underscored NDIC’s steadfast dedication to upholding integrity, transparency, and accountability in all facets of its operations.

    According to him, as part of efforts to bridge the knowledge gap, build capacity and create more awareness about deposit insurance scheme, it worthy to note that NDIC and CIBN have forged a collaboration to jointly develop and run a Deposit Insurance Scheme Certification Programme.

    Opara spoke at a retreat which was a jointly organized by the Senate Committee on Banking, Insurance and Other Financial Institutions and NDIC.

    He explained that the certification programme is targeted at industry practitioners, the academia as well as the general public.

    He said the programme will commence in October this year, imploring all practitioners and all stakeholders to embrace this programme in view of the inherent benefits.

    Opara commended the Senate Committee led by Senator Adetokunbo Abiru for putting together the retreat to deepen the understanding of the principles and practice of deposit insurance so as to facilitate the effective discharge of legislative oversight over the deposit insurance function in Nigeria.

    He said that the proactive steps taken by the Committee to comprehensively review the extant laws within the financial services sector, aimed at fostering economic sustainability and growth, are indeed commendable.

    He finally advocated for NDIC to continue to engage robust mechanisms to monitor the financial health and stability of insured financial institutions.

    According to him, regular examinations, stress testing, risk assessments and preventive steps that can help identify potential vulnerabilities and prevent banks from going down.

    He reassured the Senators and the management of NDIC of the resolve of CIBN to continue to work closely with all stakeholders in the industry not only to ensure the continuing success of the deposit insurance scheme in Nigeria but also to continue to guarantee the safety and stability of the Nigerian banking sector.

  • CIBN donates multi-million naira digital halls to tertiary institutions

    CIBN donates multi-million naira digital halls to tertiary institutions

    The Chartered Institute of Bankers of Nigeria (CIBN) has said it has donated multi-million digital halls to nine tertiary institutions.

    CIBN urged Nigerians to partner the government to move education forward.

    Its President, Ken Opara, said this at the sod turning of a-160 ultramodern hall the institute donated to Kwara State University, Malete.

    Opara, who described the project as a CIBN legacy, said it would take three months to be completed.

    He added that the contractor had been sufficiently mobilised.

    According to him, the edifice on completion would be the ninth across the six geo-political zones of the country.

    He said: “the CIBN Bankers Hall” was given to KWASU in recognition of its commitment to learning as well as to encourage learning and researching.

    The CIBN chief said KWASU had performed well in the collaboration that started since 2017 with the institute.

    He added that the project is a 160-seater lecture theatre to be  equipped with ultra-modern gadgets for training and developing the students.

    Read Also: CIBN, bank honour citizens with awards, cash gifts

    Hinting that nothing could be too much to encourage education and learning, Opara said the 160-seater digital structure would be a base for research, conference and general academic and professional to engagements.

    He, however, stated that part of what the CIBN does is to create capacity and connect students to economic reality as well as build future leaders.

    He enjoined other professional groups to emulate such endowments like those rendered by the CIBN.

    Opara urged the school authority to ensure full usage and utilisation of the project for its ultimate aim.

    The university’s Acting Vice Chancellor, Prof. Shaykh Luqman Jimoh, in his special remarks, boasted that KWASU is known for its special regard and cherishing synergy with professional bodies, noting that, “this project has confirmed that we must continue with linkages for growth.

    He added: “This building will confirm our relevance to professional bodies.”

    Governor Abdulrahman Abdulrazaq, through his Commissioner for Tertiary Institutions, Dr. Mary Ayinde, described the gesture as a testament of KWASU’s immense positive contribution to the state and national growth.

  • CIBN, bank honour citizens with awards, cash gifts

    CIBN, bank honour citizens with awards, cash gifts

    The Chartered Institute of Bankers of Nigeria (CIBN) and First City Monument Bank (FCMB) have jointly recognised and rewarded two upright citizens, Ms. Ngozi Kekwaaru and Mallam Auwalu Alkasim, for their integrity.

    Ms. Kekwaaru, a staff of Eko Hotel and Suites, and Mallam Alkasim, a tricycle driver in Kano State, were honoured with the Outstanding Integrity Award by the CIBN during its 58th Annual Bankers’ Dinner and Grand Finale of its 60th Anniversary celebrations, in Lagos.

    Ms. Kekwaaru was rewarded for returning $70,000 left behind by a guest at the hotel. Mallam Alkasim, on the other hand, for his integrity in returning N15 million forgotten by a passenger in his tricycle.

    FCMB gave cash gifts of N1 million to each person to underscore the bank’s deep appreciation for commitment to ethical behaviour.

    Read Also: CIBN honours integrity, performance with awards

    Managing Director, Mrs. Yemisi Edun, said: “We congratulate Ms Kekwaaru and Mallam Alkasim for receiving the Outstanding Integrity Award from the CIBN. In a world where integrity is becoming increasingly scarce, your actions are a beacon of hope, setting a standard for others to follow. Your ethical conduct aligns with our values at First City Monument Bank, and we are immensely proud to have you as a member of our extended community. Our reward of N1 million expresses our appreciation for your actions, which embody integrity, a principle we hold dear. We are confident that your story will continue to inspire others to embrace integrity in all their endeavours.”

    President/Chairman of the Council of the CIBN, Dr. Ken Opara, FCIB, said: “Ms Ngozi Kekwaaru and Mallam Auwalu Alkasim have demonstrated the true essence of integrity through their selfless actions. Their honesty and commitment to doing the right thing, even when faced with personal gain, exemplify the values that underpin the banking profession. The motto of the Institute is ‘Trust and Honesty’, which is what the duo exhibited. The CIBN is honoured to recognise their outstanding contributions and hopes that their stories will inspire young Nigerians to uphold the highest standards of integrity in their personal and professional lives.”

  • CIBN honours integrity, performance with awards

    CIBN honours integrity, performance with awards

    The Chartered Institute of Bankers of Nigeria (CIBN) has honoured individuals who have demonstrated integrity and industry in their activities.

    The five categories of awards presented by the CIBN included legendary award, outstanding integrity award, sectoral stellar award, X factor award and next generation class of 2023 award.

    The awards were presented at the 58th Annual Bankers Dinner and Grand Finale of the 60th anniversary of the institute in Lagos.

    The legendary award celebrated past presidents of the institute for their outstanding contributions towards nurturing, growing, and developing the CIBN.

    The outstanding integrity award honoured individuals who have demonstrated an uncommon act of integrity, honesty, courage, and transparency.

    The sectoral stellar award recognized the most digitally innovative deposit money bank in Nigeria

    Read Also: CIBN to induct new chartered bankers

    The X factor award honoured a leading female banker breaking the glass ceiling and inspiring a more gender inclusive industry while the next generation class of 2023 award honoured a class of young bankers across the industry who were excelling in their careers.

    Winners under the legendary awards included HRH (Prof) Green Nwankwo; Mr. Oluwole Osayemeh; Mr. Femi Ekundayo; Prof. Wole Adewunmi; Mazi Okechukwu Unegbu; Mrs. Juliet Madubueze; Dr. Erastus Akingbola; Joseph Jaiyeola; Dr. Segun Aina; Otunba ‘Debola Osibogun; Professor Segun Ajibola; Dr. Uche Olowu and Dr. Bayo Olugbemi.

    Others included deceased former presidents including Sir Ijewere, Alhaji Otiti, HRH (Alh) Sule, Chief Samuel Adegbite, Dr. Femi Adekanye, Chief Luke Okafor, Prince Kola Odubanjo and Mr. Samuel Kolawole.

    Winners in the outstanding integrity award included Auwalu Alkasim, a 22-year-old Keke Napep driver who returned N15 million to the owner in Kano; Ms Ngozi Mary Kekwaaru, a junior staff of Eko Hotel and Suites who returned $70,000 that was left behind by a guest, and Chukwuekwue Osafiele, a staff of Zenith Bank who prevented cybercriminal attack against the bank. Chukwuekwu was promised huge financial compensation, but he did not compromise.

    CIBN noted that the recipients displayed a remarkable and uncommon integrity, courage, and honesty and transparency.

    The sectoral stellar award for the most digitally innovative bank was won by Wema Bank.

    The X factor award was won by Tosin Leye-Odeyemi, a mentor to young female finance professionals. She has served on the WIMBIZ conference planning committee for the last two years and motivated many female staff. Leye-Odeyemi has done a lot on financial inclusion with over 1,740,019   @Ease wallet opened over the last two years; over 30,000 participants engaged in over 1,000 financial awareness sessions. She has also advanced funds to female operated businesses up to N1.55 billion year-to-date among others

    The next generation class of 2023 awards were awarded to Michael Oseyemi of Zenith Bank, Samuel Nwawolo of Nova Merchant Bank, Fortunatus Olanipekun of Parallex Bank, Iyabode Beyioku of Stanbic IBTC, Fadekemi Lawal of Rand Merchant Bank, Ariyo Ayotunde of First Bank, Owoseni Oluwatosin, a top relationship manager of public sector directorate; David Ademola of Premium Trust Bank, Marious-King Ndubueze who successfully designed a complex dashboard for a new product which would be onboarding over two million merchants; Kamal Mohammed of Suntrust Bank who successfully handled big tickets deals for the bank as a staff of treasury department and Abdulkarim Mohammed of Lotus Bank who was described as a goal getter and a team player.

    Others included Albert Ugwu of Union Bank who was the best graduating participant at the Union Bank training school for the 2022 sales academy cohort and who had onboarded five performing corporate accounts and reactivated four dormant corporate accounts for the bank in the last one year; Opeyemi Fanimo, a first-class graduate of University of Ibadan who personally built a framework and scripted three reward modules for the Union Loyalty Project and Oseremen Osara of UBA, a 26-year old staff who implemented data ware house architecture system to better identify customers of UBA.

  • CIBN to induct 2070 students

    No fewer than 848 students who have completed the professional examinations of the Chartered Institute of Bankers of Nigeria (CIBN) will be inducted into the Associateship of the institute.

    Also, 1,222 will be certified as professional Microfinance Bankers, at the CIBN Graduation Ceremony/Prize Awards of the professional body scheduled on Saturday, in Lagos.

    The inductees will include 34 Chartered Banker MBA candidates and 37 others with various certificates in banking.

    The event will also feature the presentation of prizes  to students  who passed very well  the in 2018 examinations and a lecture titled, ”Repositioning for relevance in a competitive environment’’ will be delivered by Mr. Patrick Akinwuntan, Managing Director/CEO, Ecobank Nigeria Limited.

    The special guest of honour will be Adebisi Shonubi, Deputy Governor, Central Bank of Nigeria (CBN) and Uche Olowu, President/Chairman of Council (CIBN) will chair the occasion. ‘Seye Awojobi, Registrar/CEO will be chief host.

  • CBN Deputy Governor gets CIBN Fellowship award

    Central Bank of Nigeria (CBN) Deputy Governor, Financial system Stability,  Mrs. Aisha Ahmad has called for increased commitment to integrity and professionalism among bankers.

    She spoke after receiving the Chartered Institute of Bankers of Nigeria (CIBN) Fellowship award in Lagos during the institute’s extraordinary  Fellowship investiture held in Lagos.

    Mrs. Ahmad said that the theme of the investiture, ”Ethical Dilemma in Financial Institutions: the Way Forward” was apt, adding, ”we all need to build in ourselves that high sense of integrity and do the right thing.

    Usually when you are very clear about your value it is easier to solve ethical dilemmas.” CBN and the economy, going forward(Opens in a new browser tab) Noting that upholding the highest level of ethics and professional standards in the banking industry is critical, Ahmad stressed that it is the responsibility of members of the CIBN to “conduct ourselves both in our personal lives and professionals lives at high standards.”

    Also speaking at the event, CIBN President, Chairman of Council, Uche Olowu,  said history has taught bankers that ethics and professionalism are the cornerstones of the banking business and it is practically impossible to implement sustainable banking principles without good ethical conduct.

  • CIBN facilitates refund of N1.69b to 126 petitioners

    The Chartered Institute of Bankers of Nigeria (CIBN) has helped to refund N1.69 billion to 126 petitioners over abuses in the banking industry, its President, Chairman of Council, Uche Olowu, has said.

    Olowu, who spoke at the CIBN extraordinary Fellowship Investiture in Lagos, urged bankers to be ethical in their jobs.

    Speaking on the theme: “Ethical Dilemma in Financial Institutions: The Way Forward”, said as history has taught bankers, ethics and professionalism are the cornerstones of the banking business and it is practically impossible to implement sustainable banking principles without good ethical conduct.

    “Today, the banking profession does not command respect as it used to. So, concerted efforts must be made to steer it back to its rightful position. To achieve this, we must be sure that both the current and next generation of bankers are men and women of highest professional and personal integrity and honesty, trusted and respected by the banking public alike. All stakeholders in the industry should join hands to help restore the reputation and standing of the banking profession in the society. Ladies and Gentlemen, now is the time to recommit ourselves to the Institute’s determined bid to make a difference on this front in the banking industry,” he said.

    CBN Deputy Governor, Financial Systems Stability Directorate, Mrs. Aishah Ahmad, her counterpart in-charge of Corporate Services Directorate, Edward Adamu and Zenith Bank Plc Managing Director/CEO, Peter Amangbo, among others, were honoured.

    Mrs. Ahmad said the CBN was committed to ensuring that bankers remain ethical in their dealings with customers, adding that the CIBN remains a key institution in the financial sector, and should be supported to achieve its set objective which also include capacity building for bankers and promoting banking ethics in the industry.

  • 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.