CIBN Seeks NGX’s Support On Proposed Act Amendment

Posted by African Examiner Business News, Latest Headlines Monday, November 20th, 2023

(AFRICAN EXAMINER) – The Chartered Institute of Bankers of Nigeria (CIBN) has sought the collaboration and support of the Nigerian Exchange Group Plc for the proposed amendment of the CIBN Act of 2007.

The President/Chairman, CIBN, Dr Ken Opara, said this during the closing gong ceremony to commemorate the 60th anniversary of the institute at the Nigerian Exchange Ltd. (NGX), on Monday, in Lagos.

The News Agency of Nigeria (NAN) reports that the proposed amendment will expand the scope of the CIBN’s regulatory authority to include all practitioners and operators in the banking sector, among others.

Opara also expressed the institute’s desire to collaborate with the NGX to promote ethical business practices in the Nigerian capital market.

He said: “So, it is very important that collaboration with this very important institution will continue as much as possible to drive that.

“We will continue to foster relationships with the NGX Group because collaboration is at the heart of what we do.

“We have done that with FinTech, we have partnered with the Lagos Business School for dual qualification.

“We have just signed a trade certification with the African Export–Import Bank to run a joint specialised certification programme and capacity building in the area of trade for the players and operators in the ecosystem.’’

Speaking on the institute’s achievements, Opara said the CIBN had consistently built competent and ethical banking professionals globally, in line with its vision of becoming a global reference point for skills and conduct in the banking and finance industry.

He said the institute’s Banking Professional Examinations was currently being written in six African countries in Africa namely Sierra Leone, The Gambia, Liberia, Ghana, Rwanda and Zambia.

Opara added that the institute had witnessed a quantum leap in its membership numerical strength adding over 20,000 members in one year with 84 per cent of this number below 27 years.

This, he said, collaborated with his FUTURE agenda as the 22nd President of CIBN, among other achievements.

The Chief Executive Officer of NGX Group, Mr Oscar Onyema, who welcomed the CIBN team, said the exchange recognises the CIBN contribution to the overall ecosystem of the Nigerian capital market.

Speaking on the demutualisation of the NGX, Onyema the exchange had transformed into a non-operating holding company with three subsidiaries due to demutualisation.

According to him, this has made the exchange a fully owned shareholder entity, whose objective is to create value not just for the stakeholders and partners, like CIBN, but for the shareholders of the company.

“The exchange recognises your partnership in all that we have been doing in creating the right ecosystem from the Nigerian capital market.

“We are slightly above 60 and 60 is an elder anywhere. But the exchange recognises the contribution of the CIBN to the overall ecosystem of the Nigerian capital market and we are truly delighted to welcome you today to the Nigeria Exchange Limited,’’ he said.

Onyema was represented by Mr Jude Chiemeka, the Executive Director, Capital Markets, the Nigerian Exchange Ltd.

The President, Chartered Institute of Stockbrokers (CIBN), Mr Oluwole Adeosun, described the meeting as a historic event.

Adeosun said it showed the nexus between the financial institution and the entire financial ecosystem of Nigeria.

He said: “the CIBN working with the CIBN and the NGX, and other exchanges will be able to make the very best of our financial system.

“Once the confidence in our financial system is continuously there as a reassurance to the community of investors, we will keep on mobilising, we will keep on giving them the necessary confidence to keep on investing in this economy and not to take their money out the other way.

“So, cooperation is necessary. We will keep on working towards it, and sustain it to make sure that we constantly create value to our customers and investors.” (NAN).