CIBN moves to sanitise banking sector

President, Chartered Institute of Bankers of Nigeria (CIBN),Prof. Segun Ajibola says the institute needs an amendment to its enabling Act in order to sanitise the nation’s banking sector.

Ajibola in an interview Monday in Lagos south west Nigeria said that the Institute would soon propose to the National Assembly an amendment to the CIBN Act of 2007.

According to the CIBN president, the proposed amendment to the Act will bring every practitioner and operator in the banking sector under the Institute’s direct regulation.

“We want to propose amendment to aspects of CIBN Act No 5 of 2007 that deals with our membership.

“We want the membership to cover anybody that has something to do with banking and finance in Nigeria, including consultants and members of boards of directors of banks, who could be subject of ethics and professionalism, to come under our umbrella,’’ Ajibola said.

He said that the proposed amendment would also help in enforcing rules and regulation and ensure that ethical codes of conduct and professionalism in banking were maintained.
“One area we want to strengthen is the area of professionalism and ethics; our enabling Act empowers us to play advocacy roles for stakeholders and to also enforce standards and code of conducts for operators in the banking environment

“As at today, most bank staff have signed our code of conduct, surrendering themselves to disciplinary process and procedures of the Institute.
“We also have disciplinary tribunal that has the power to discipline any erring member,“ he said.

Ajibola said that the CIBN was charged with the responsibility of conducting the Chartered Institute of Bankers’ examination in the Gambia, adding that Liberia and Serra-Leone would follow soon.

He said the CIBN had created an Ideas Portal (i-portal) where its members and stakeholders could access and make suggestions on any issue relating to the Institute.