The Chartered Institute of Bankers of Nigeria (CIBN) has harped on the significance of the banking and foreign exchange (FX) market reforms, saying they are in the interest of the country.
Noting that the economic dynamics, particularly the macroeconomic pressures are expected to impact the banking and finance industry with the attendant challenges and opportunities, the institute stated that the need for adaptability and strategic focus amidst the dynamic environment was paramount.
The 23rd President and Chairman of Council, CIBN, Prof. Pius Olanrewaju, said this during his investiture in Lagos, over the weekend, committing the institute’s readiness to support the sector with all that is needed during his administration, through stakeholders’ engagement, advocacy, seminars, training and capacity building.
He emphasised that the ongoing recapitalisation exercise by the Central Bank of Nigeria (CBN) was to protect the Nigerian banking industry from future shocks, move the banks to the class of big Africa’s financial lenders and also support the achievement of a $1 trillion economy by 2030.
To achieve the institute’s vision and strategic objectives, Olanrewaju harped on the need to re-skill members, reshape the programme portfolio, redesign processes and redirect resources through the pursuit of excellence, professionalism, innovation and ethics.
Speaker, House of Representatives, Tajudeen Abbas, represented by the Chairman of the House Committee on Banking Institutions, Eze Nwachukwu Eze, urged the new CIBN leadership to embrace new ideas, leveraging emerging technologies.
Noting that millions of Nigerians remain underserved, he urged that the CIBN redouble its efforts to promote financial literacy and foster inclusive growth.
He pledged the House’s commitment to partner with the institution to ensure sanity in the banking industry.
Similarly, the Chairman, of the Senate Committee on Banking, Insurance and Other Financial Institutions, Mukhail Abiru, said Olanrewaju’s presidency came at a critical period when the government aspires to attain $1 trillion economy by 2030 with the banking sector saddled with a major role, which paved the way for the upward review of the capital base of banks.
For a successful exercise, especially on the exclusion of retained earnings from acceptable minimum capital, he urged the CBN to carry out further engagement with relevant stakeholders to resolve issues that would facilitate compliance and ensure that the costs of recapitalisation are reduced to the barest minimum.
Adding that the National Assembly was in the process of amending the CBN Act, NDIC Act and other enabling legislations in line with contemporary developments and global standards, he urged the new CIBN president to continually sustain the struggle to a throne professional excellence, especially, through the implementation of the competency framework to endure that only fit and proper persons work in the banking sector.
The immediate past President, Dr Ken Opara, while pledging his support, described Olanrewaju as a professional who embodies the qualities of a visionary leader, with a wealth of experience, dedication to academic excellence and a profound commitment to the values that define the institute, he did not doubt that he would perform creditably on the job, taking the institute to even greater heights.
