CIBN seeks collaboration with NGX for financial sector development
The Chartered Institute of Bankers of Nigeria (CIBN) has reached out to the Nigerian Exchange Group Plc for support and collaboration in amending the CIBN Act of 2007 and driving the development of the financial sector.
During the closing gong ceremony held at the Nigerian Exchange Limited (NGX) to mark the institute’s 60th anniversary, President/Chairman of CIBN, Dr Ken Opara, emphasised the need for expanding the regulatory authority of the CIBN to encompass all practitioners and operators in the banking sector.
The proposed amendment aims to strengthen the CIBN’s oversight and regulatory functions, ensuring that all stakeholders in the banking industry adhere to ethical practices and operate within the framework of the law. By broadening its scope, the CIBN aims to enhance its ability to effectively regulate and monitor the sector, ultimately promoting stability and growth.
In addition to regulatory matters, Dr Opara expressed the institute’s keen interest in collaborating with the NGX to foster ethical business practices within the Nigerian capital market.
This partnership would aim to instill transparency, integrity, and professionalism among market participants, thereby boosting investor confidence and attracting more capital inflows.
The CIBN, established in 1963, has been at the forefront of promoting professionalism and excellence in the banking industry.
With over six decades of experience, the institute has played a pivotal role in shaping the sector and ensuring the highest standards of competence and integrity among its members.
He said, “So, it is very important that collaboration with this very important institution will continue as much as possible to drive that.
“We will continue to foster relationships with the NGX Group because collaboration is at our heart.
“We have done that with FinTech and partnered with the Lagos Business School for dual qualification.
“We have just signed a trade certification with the African Export-Import Bank to run a joint specialised certification programme and capacity building in the area of trade for the players and operators in the ecosystem.”
Speaking on the institute’s achievements, Opara said the CIBN had consistently built competent and ethical banking professionals globally, aligning with its vision of becoming a global reference point for skills and conduct in the banking and finance industry.
He said the institute’s Banking Professional examinations were currently being written in six African African countries, namely Sierra Leone, The Gambia, Liberia, Ghana, Rwanda and Zambia.
Opara added that the institute had witnessed a quantum leap in its membership numerical strength, adding over 20,000 members in one year, with 84 per cent of this number below 27 years.
He said this collaborated with his FUTURE agenda as the 22nd President of CIBN, among other achievements.
The Chief Executive Officer of NGX Group, Mr Oscar Onyema, who welcomed the CIBN team, said the exchange recognises the CIBN contribution to the overall ecosystem of the Nigerian capital market.
Speaking on the demutualisation of the NGX, Onyema, the exchange had transformed into a non-operating holding company with three subsidiaries due to demutualisation.
According to him, this has made the exchange a fully owned shareholder entity whose objective is to create value for the stakeholders and partners, like CIBN, and the company’s shareholders.
“The exchange recognises your partnership in all that we have done to create the right ecosystem from the Nigerian capital market.
“We are slightly above 60 and 60 is older than anywhere else. But the exchange recognises the contribution of the CIBN to the overall ecosystem of the Nigerian capital market, and we are truly delighted to welcome you today to the Nigeria Exchange Limited,” he said.
