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CIBN elects Opara new President, posts 20% revenue growth to N1.76 bln in 2021

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The Chartered Institute of Bankers of Nigeria (CIBN) on Saturday elected a   new President/Chairman of Council of the Institute, Kenneth Onyewuchi Opara at its 2022 Annual General Meeting (AGM) in Lagos.

Opara, an executive director with the Lagos-based Fidelity Bank Plc, will take over from the outgoing president, Bayo Olugbemi whose two-year tenure will come to an end on May 21st, 2022.

The Institute also elected other new officers and reviewed the 2021 financial and operational reports.
Other elected officers are Pius Oladeji Olanrewaju, as the 1st Vice President; Oladele Alabi, as the 2nd Vice President and Mojisola Bakare-Asieru, as the National Treasurer while other elected positions in the Governing Council are Victor Ndubuisi Aguwah, Olayinka Alade Odutola, Mary Oluwakemi Aina, and Segun Oshadare, to serve the tenure (2022-2024)

The National Treasurer of the Institute, Oladele Alabi, said the Institute recorded an improved Internally Generated Revenue (IGR) of N1.766 billion in 2021 from N1.468 billion recorded in 2020, representing a growth of 20.3 per cent.

This is an indication that the Institute is strategically moving towards its aspiration of becoming financially independent. In the same vein, the year closed with a Net Operating Surplus of N800.14 million in 2021 and this reflects a 40.31 per cent increase from N570.26 million recorded in 2020.

The external auditors of the Institute, Moore Stephens Rosewater gave report for 2021 financials and stated that the financial position of the CIBN was in agreement with the book of account. The Chairman of the CIBN Audit Committee, Babatunde Oduwaye affirmed that the accounting and reporting policies of the institute were in accordance with legal requirements and ethical practices.

Speaking on the 2021 Operations the CIBN President, Olugbemi informed the members that the Institute stands tall as a vanguard for the promotion of banking education and professionalism in Nigeria and world at large.

The number of individual members of the Institute grew from 144,922 as of April 30, 2021, to 149,967 as of March 24, 2022, representing an increase of 3.5 per cent over the previous year.

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In the area of implementation of the Competency Framework, he said the Institute has received a boost as it was appointed as the Secretariat for the Bankers Committee, Sub-Committee on Competency and Industry Standards.

The CIBN, according to him, the Institute collaborated with Wrights & Co. to conduct the Anti-Money Laundering & Countering Terrorist Financing (Basic and Advance Level) and Enhanced Product Development & Customer Relationship Management Training Programmes with a total of 23,274 members of the Institute benefited from this free programme.

Olugbemi also informed the gathering that the Institute has executed a long-desired collaboration Agreement for the MBA/SMP/ACIB Linkage Programme with Lagos Business School.

The Agreement, he said will afford interested candidates the opportunity to run the MBA/SMP programme at prestigious Lagos Business School and qualify with dual qualifications of MBA/SMP and ACIB. Distinguished members

Speaking further he said the Institute has commenced the first phase of its Learning Legacy with Six Institutions and the best Linkage school in each of the geo-political zone were identified as beneficiaries.

He listed the institutions as: The Polytechnic Ibadan (South-West); Federal Polytechnic Nekede (South-East); Abubakar Tafawa Balewa University, Bauchi (North-East); Rivers State University, Port Harcourt. (South-South); Kano State Polytechnic, Kano (North-West); Federal Polytechnic, Nasarawa (North-Central)

Olugbemi also told the gathering that efforts were made for every banker and bank to be answerable to the Code of Professional and Business Ethics in the Banking Industry. In the year 2021 alone, a total of 8,829 attestations were executed by staff of banks in a bid to make the Institute the conscience and moral compass of the industry, to remain steadfast and committed to the promotion of ethical conduct and professionalism among practitioners in the industry.

In addition, he reported that the Nigerian Judicial System has recognized the mediation roles of the Institute and has continued to refer cases to the Institute for the expression of an unbiased independent professional opinion on cases to facilitate equitable judgment, adding that the Institute Investigating Panel under review considered cases against members of the Institute who were found culpable of unethical/unprofessional conduct. In total, two (2) of such cases were considered while one (1) was referred to the Disciplinary Tribunal. Furthermore, the number of completed cases on corporate matters by the Bankers’ Committee, Sub-committee on Ethics & Professionalism was a total of Forty-Nine (49) cases in 2021.

The CIBN according to him has continued to engage the Presidency, National Assembly, State Governments, Central Bank of Nigeria and the National Deposit Insurance Corporation to play its advocacy role in line with its mandate as the conscience of the Industry.

The Registrar/CEO  of the Institute, Seye Awojobi, disclosed in his report that in the year in review a total of 291 graduates were conferred with MCIB while 380 candidates were conferred with the ACIB (320 candidates via the regular ACIB Examination route, 41 candidates via the Chartered Banker MBA route and 19 candidates via the MSc/ACIB Linkage Programme route).

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