Senator Mukhail Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance, and other Financial Institutions, welcomed the executives of the Chartered Institute of Bankers of Nigeria (CIBN), led by President/Chairman of Council Dr. Ken Opara, during a meeting at the Senate on Thursday.
The CIBN representatives sought the support of the Nigerian Senate for the passage of an amendment bill, citing the necessity to adapt to evolving innovations in the banking and finance sector.
Senator Abiru, a retired bank Chief Executive and accomplished accountant, assured the CIBN executives of the National Assembly’s cooperation, emphasizing the importance of upholding rules and best practices in the banking sector.
He highlighted the timeliness of the visit amid current economic challenges, especially with ongoing discussions regarding amendments to the CBN Act and related issues aimed at addressing rising inflation and currency depreciation.
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Acknowledging the CIBN’s role in promoting professional excellence over its 60-year history, Senator Abiru challenged the institute and other stakeholders to enhance the banking sector’s contribution to the nation’s Gross Domestic Product (GDP), which currently stands below five percent despite sector growth.
He also commended the Central Bank of Nigeria’s initiative to recapitalize banks, asserting that increased capitalization would enable banks to undertake significant projects, invest in modernizing operations, and compete globally.
In response, Dr. Ken Opara, President of the CIBN, commended Senator Abiru’s leadership and insightful contributions during engagements with stakeholders, particularly with CBN Governor Dr. Olayemi Cardoso.
Dr. Opara highlighted the importance of the proposed amendment to the CIBN Act, emphasizing its aim to hold all banking sector employees accountable for misconduct or financial crimes. He revealed plans to expand the institute’s name to reflect its broader coverage, advocating for the inclusion of ‘Finance’ to become the “Chartered Institute of Banking and Financial Services.”
Additionally, Dr. Opara outlined measures to ensure regulatory compliance and uphold ethics and professionalism within the banking industry, including the reporting of misconduct allegations to the institute by the CBN, NDIC, and banks.
