The Chartered Institute of Bankers of Nigeria (CIBN) said on Saturday that it has begun the process of building a banking school to further enhance professionalism and financial ethics in the banking and financial sectors.
The institute said the project was in addition to its ongoing capacity-building certification programmes to promote ethics and professionalism in the sector.
Ken Opara, President/Chairman of Council, CIBN, said this while making an opening speech at the hybrid 2024 Graduates’ Induction and Prize Awards Day (Stream 1) of the institute.
The event, which saw the induction of 485 people, had members and inductees from viewing centres across the 36 states of the federation in attendance.
Opara said that in recent years, the financial services industry has faced numerous challenges and controversies, hence the need for a renewed focus on ethics and professionalism.
He said instances of unethical behaviour, regulatory violations, and breaches of trust had tainted the reputation of the industry and weakened public confidence.
He said high-profile cases of misconduct and infractions had resulted in financial losses and injured the reputation of financial institutions and professionals.
“In response to this challenge, the Institute has implemented a mandatory annual Ethics Compliance Certification Program, which is being deployed through the CIBN e-Learning Platform for bank staff.
“The purpose of this certification is not only to address specific cases of misconduct but also to ensure that the practice of banking in Nigeria aligns with global standards as prescribed by the Global Banking Education Standards Board (GBESB).
“By fostering a culture of ethical conduct and continuous learning, we can uphold the integrity of our profession and enhance trust and confidence in the financial services sector.
“Another critical initiative of the institute that will help drive this crusade is the human capital development project.
“This will culminate in the establishment of a banking school, which will, among other things, harp on entrenching ethics and professionalism among practitioners.
“The Governing Council will, in the days ahead, constitute the Board of that banking school to supervise the project,” he said.
Opara said the theme of the programme, “Ethics and Professionalism: A Prerequisite for Building Sustainable Careers and Institutions,” aligned with the core values of the institute and the banking profession.
He said ethics and professionalism were important in retaining trust, credibility, and the sustainability of the banking industry in an era of technological advancements, evolving regulatory landscapes, and dynamic market conditions.
The CIBN boss also reeled out the benefits of professionalism, adding that it required continuous learning and self-development for career progression and gaining 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 said.
He congratulated inductees, reassured them of CIBN’s commitment, and expressed confidence that their knowledge, skills, and ethical values would contribute to the growth, development, and sustainability of financial services in Nigeria and globally.
The Lagos State Commissioner for Finance, Mr. Oluyomi Abayomi, commended the capacity-building tenacity of the CIBN’s impact across Africa.
Abayomi thanked the institute for supporting the monetary policy of the government and urged the inductees to shun any form of enticement or inducement that could make them engage in corruption.
The guest speaker, Mr. Abubakar Suleiman, stressed the need to make integrity and credibility the best reasons for entering the banking profession.
He said some people join the profession to earn a living, some for prestige, some for entrepreneurship, and some are miscreants who come with intentions to steal or dupe customers.
Suleiman, Managing Director/CEO, Sterling Bank Plc, said while some join the banking profession with different motives, “some bankers see themselves as nation builders, and they use banking as a platform.”.
He urged bankers to use the profession as a platform for transitioning into other higher national responsibilities while maintaining ethical standards.
“Your personal ethics are going to be defined by your intentions,” he said.
He urged the inductees “to have clarity of purpose,” hold the institute in high esteem, and uphold public trust. (NAN)
