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The Senate Committee on Banking, Insurance, and other Financial Institutions played host to a delegation from the Chartered Institute of Bankers of Nigeria (CIBN), led by President/Chairman of Council, Dr. Ken Opara, seeking support for the passage of the Institute’s Act Amendment Bill.
Chaired by Senator Mukhail Adetokunbo Abiru of Lagos East, the Committee engaged in a strategic discussion with the CIBN executives on Thursday. The professional body of bankers in Nigeria expressed the urgency of amending the Act in light of evolving innovations in the banking and finance sector.
Senator Abiru, a retired bank Chief Executive and accomplished accountant and economist, assured the CIBN Executives of the National Assembly’s cooperation, emphasizing the importance of adhering to rules and best standard practices in the nation’s banking sector.
“As the umbrella professional body for bankers in Nigeria, we consider you partners in progress in the task of repositioning the country’s financial sector and achieving the eight-point agenda of the present administration which revolves around the welfare of the people,” stated Senator Abiru.
The Chairman highlighted the timeliness of the visit, coinciding with ongoing National Assembly discussions on amendments to the CBN Act and other related issues addressing economic challenges.
Commending the CIBN for its six-decade commitment to professional excellence in banking and financial services, Senator Abiru challenged the body and stakeholders to address the sector’s contribution to the nation’s GDP, urging a focus on growth and increased share prices.
Dr. Ken Opara, President of the CIBN, praised Senator Abiru’s dynamic leadership and informed engagement during sessions with the CBN Governor, Dr. Olayemi Cardoso. He expressed gratitude for the Committee’s proactive steps in reviewing financial services laws for economic sustainability.
Dr. Opara emphasized the importance of amending the CIBN Act, noting that it would enhance accountability and ethics within the banking sector. Plans were unveiled to expand the Institute’s name to “Chartered Institute of Banking and Financial Services” to align with coverage and best practices, including institutions regulated by the CBN, especially non-conventional banks.
The proposed amendment seeks to hold all banking industry workers accountable for misconduct or financial crimes, with a structured reporting mechanism involving the CBN, NDIC, and banks reporting allegations to the Institute. The move signifies a pivotal step toward fostering ethical practices and professionalism within the Nigerian banking industry.
