21 April 2017

Nigeria: CIBN Resolves Over N15 Billion Cases of Infraction, Promotes Best Practices

Notwithstanding the challenges bedevilling the banking profession, the Chartered Institute of Bankers of Nigeria (CIBN) has resolved financial disputes valued at over N15 billion between customers and deposit money banks, even as it continues to promote global best practices among operators.

According to the Institute, it has over the years been able to address concerns bordering on ethics and professionalism without recourse to litigation through its sub-ethics and professionalism committee, while equally deploying sanctions to deter operators from abusing privileges and positions.

Besides, the CIBN stated that it would as part of its objectives, use the World Conference of Banking Institutes (WCBI) to address the negative perceptions held by investors about Nigeria in a bid to encourage necessary foreign investments needed to reflate the economy.

The President/Chairman of Council of the Institute, Prof. Olusegun Ajibola while speaking when the CIBN team visited The Guardian, preparatory to the WCBI, said the conference has potential to contribute to the nation's economy, as it would help operators showcase the country as an investment destination while negating the perception held about the economy.

Ajibola said the institute among other responsibilities, is advocating several causes to ensure that economic policies are in tune with reality, while ensuring that the banking profession is held in high esteem.

He stated that institute is addressing ethics and corporate governance issues by ensuring that competency requirements are strictly adhered to by operators.On the conference, he said: "The WCBI is an international programme in the banking and finance world that brings together global players in that sector of the economy. The primary purpose is to find and adopt contemporary best practices for the building and development of human capital needed for the leadership, management and operations of banks and financial institutions.

"From April 24-28, 2017, the who-is-who in the world of banking and finance will gather at Eko Hotel & Suites, Victoria Island, Lagos to "Re-Think the Future of Banking and Finance and Life-Long Learning" as well as its derivative sub-themes: Re-professionalising banking through continuous education; dynamics of competition; the need for and role of banking/finance standards; among others".

He said that Nigeria stands to benefit from the conference when the banking and finance industry plays its roles in catalysing economic growth by showcasing the nation to investors as well as promote ethical professionalism and good corporate governance.

He noted that the Global Banking Education Standards Board (GBEStB) that banking institutes all over the world have been working on and looking forward to its debut, will be launched and its Global Council comprising the founding members (of which Nigeria is one) inaugurated in the country.

The GBEStB is an organ being set up to develop and issue international best practice standards that will guide the education and training of bankers globally.Already, the CIBN is partnering with several higher institutions in Nigeria to ensure that adequate skills are integrated in the curriculum before graduates of banking leave school.


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