CIBN Inducts 485 New Members, Announces Mulls A Banking School
State Correspondent
The Chartered Institute of Bankers of Nigeria (CIBN), on Saturday, announced commencement of its plans to construct a banking institution aimed at advancing professionalism and financial ethics within the banking and financial sectors.
The institute disclosed that this endeavor is aimed at supplementing its ongoing efforts in capacity building certification programs designed to foster ethics and professionalism within the industry.
Ken Opara, President/Chairman of Council, CIBN, shared this during his opening remarks at the hybrid 2024 Graduates’ Induction and Prize Awards Day (Stream1) of the institute.
The occasion, which saw the induction of 485 persons, was attended by members and inductees from viewing centers around the 36 states of the Federation.
Opara who noted the recent challenges and controversies encountered by the Financial Services Industry also disclosed that there was a need for a reawakening of ethics and professionalism.
He stated that instances of unethical conduct, regulatory infractions, and breaches of trust have marred the industry’s reputation and eroded public confidence.
He cited high-profile cases of misconduct and infractions resulting in financial losses and damage to the reputation of financial institutions and practitioners.
“In response to this challenge, the Institute has begun a mandatory annual Ethics Compliance Certification Programme, facilitated through the CIBN e-Learning Platform for staff of banks.
“The aim of this certification is not only to address specific instances of misconduct but also to ensure that banking practices in Nigeria adhere to global standards set by the Global Banking Education Standards Board (GBEStB).
“By fostering a culture of ethical behavior and continuous education, we can uphold the integrity of our profession and bolster trust and confidence in the financial services sector.
“Another critical initiative of the institute which will help drive this crusade is the human capital development project.
“This will culminate in the establishment of a banking institution which will among other things, harp on instilling ethics and professionalism among practitioners.
Highlighting the program’s theme, “Ethics and Professionalism: A Prerequisite for Building Sustainable Careers and Institutions,” Opara noted that it aligned with the institute’s core values and that of the banking profession as well.
He stressed the significance of ethics and professionalism in maintaining trust, credibility, and sustainability within the banking industry amidst technological advancements, evolving regulatory landscapes, and dynamic market conditions.
The CIBN President also enumerated the benefits of professionalism, noting the need for continuous learning and self-improvement for career advancement and earning public trust.
“Today, we shall be inducting a total of 485 graduates, comprising eighteen (18) from the CBMBA route, four (4) from the MSc/ACIB route, 33 from the collaboration with Lagos Business School on the Chartered Bankers route, 281 from the regular examination route, and 149 candidates as Microfinance Certified Bankers,” he added.
He congratulated the inductees, underlining CIBN’s commitment to their development and expressing trust in their knowledge, skills, and ethical principles, which would help to expand, develop, and maintain financial services in Nigeria and throughout the world.
Lagos State Commissioner for Finance, Mr. Oluyomi Abayomi, lauded CIBN’s commitment to capacity building, with impacts felt across Africa.
Abayomi commended the institution for supporting the government’s monetary policies and warned the entrants to avoid any temptation or inducement that may lead to corruption.
The guest speaker at the event, Mr. Abubakar Suleiman, MD/CEO, Sterling Bank Limited underlined the importance of having integrity and trustworthiness as key motives for joining the banking sector, while noting that their intention would be what defines their moral principles while in the industry.
He cited several reasons why people enter the field, asking bankers to see themselves as nation-builders and to use banking as a platform for larger social contributions.
(Lagos Business News)
Photo Credit: CIBN website
