CIBN Holds 2022 Annual AGM and Elects Kenneth Opara as 22nd President

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The Chartered Institute of Bankers of Nigeria held its 2022 Annual General Meeting on Saturday, April 9, 2022 at which Dr. Kenneth Onyewuchi Opara was elected as the 22nd President/Chairman of the Board of the Institute.

He will succeed Dr. Bayo Olugbemi, whose two-year term will end on May 21, 2022. The Institute also elected other new leaders and reviewed financial and operational reports for 2021.

The other elected members are Professor Pius Oladeji Olanrewaju, as 1st Vice-President; Mr. Oladele Alabi, as 2nd Vice President and Ms. Mojisola Bakare-Asieru, as National Treasurer, while other elected positions in the Board of Directors are Dr. Victor Ndubuisi Aguwah, Mr. Olayinka Alade Odutola , Mrs. Mary Oluwakemi Aina, ACIB and Mr. Segun Oshadare, to serve the term (2022-2024)

The current President, Dr. Bayo Williams Olugbemi, chaired the meeting with wide physical and online participation from Institute members around the world.

Mr. Oladele Alabi, National Treasurer of the Institute, gave the financial highlights that the Institute recorded an improvement in Internally Generated Revenue (IGR) of N1.766 billion in 2021 from N1.468 billion recorded in 2020, i.e. growth of 20.3%. . This is an indication that the Institute is moving strategically towards its aspiration to become financially independent. In the same vein, the year ended with a net operating surplus of N800.14 million in 2021, reflecting an increase of 40.31% from the N570.26 million recorded in 2020.

In addition, Mr. Kayode Sunmola of MM. Moore Stephens Rosewater, the Institute’s external auditors, reported for the 2021 financial statements and said CIBN’s financial position was in line with the book of accounts. CIBN’s Audit Committee Chairman, Mr. Babatunde Oduwaye, affirmed that the institute’s accounting and reporting policies are in line with legal requirements and ethical practices.

Speaking on the 2021 operations, the Chairman of CIBN, Dr. Bayo Olugbemi, informed the members that the Institute stands as a vanguard for the advancement of banking education and professionalism in Nigeria and globally in general. The number of individual members of the Institute increased from 144,922 on April 30, 2021 to 149,967 on March 24, 2022, representing a 3.5% increase over the previous year.

In the area of ​​implementation of the competency framework, he said the Institute had received a boost as it was appointed as the Secretariat of the Bankers Committee, Sub-Committee on Competencies and Standards of the industry.

The CIBN, according to him, the Institute has collaborated with Wrights & Co. to conduct the training programs on Anti-Money Laundering and Anti-Terrorist Financing (basic and advanced level) and on the development of enhanced products and customer relationship management with a total of 23,274 members of the Institute benefited from this free program.

Dr. Olugbemi also informed the assembly that the Institute has signed a long-desired collaborative agreement for the MBA/SMP/ACIB Linkage Program with Lagos Business School. The agreement will provide interested candidates with the opportunity to lead the MBA/SMP program at the prestigious Lagos School of Business and qualify with an MBA/SMP and ACIB dual qualification. Distinguished Members

Speaking further, he said that the Institute had started the first phase of its learning legacy with six institutions and the best liaison school in each of the geopolitical zones had been identified as beneficiaries, namely: Polytechnic from Ibadan (southwest); Federal Polytechnic Nekede (Southeast); Abubakar Tafawa Balewa University, Bauchi (Northeast); Rivers State University, Port Harcourt. (South-South); Kano State Polytechnic, Kano (Northwest); Federal Polytechnic, Nasarawa (north-central)

Dr. Olugbemi also told the assembly that efforts are being made to hold every banker and bank accountable for the Code of Professional and Business Ethics in Banking. In 2021 alone, a total of 8,829 attestations were performed by bank staff in a bid to establish the Institute as the conscience and moral compass of the industry, to remain steadfast and committed to promoting ethical conduct and professionalism among industry practitioners.

Further, he reported that the Nigerian judiciary has recognized the mediation roles of the Institute and has continued to refer cases to the Institute for the expression of an impartial independent professional opinion on the cases in order to facilitate a Fair Judgment, adding that the Institute’s Investigation Committee under review cases reviewed against Institute members who have been found guilty of unethical/unprofessional conduct. A total of two (2) of these cases were investigated while one (1) was referred to the Disciplinary Tribunal. In addition, the number of cases resolved on corporate matters by the Bankers Committee, Ethics and Professionalism Sub-Committee was forty-nine (49) cases in total 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.

Mr. Seye Awojobi, FCIB, Registrar/CEO of the Institute, also informed in his report that during the year under review, a total of 291 graduates were conferred with the MCIB while 380 candidates were conferred with the ACIB (320 candidates via the regular ACIB exam route, 41 candidates via the Chartered Banker MBA route and 19 candidates via the MSc/ACIB Linkage Program route).

In their remarks, members commended Dr. Bayo Olugbemi for his two-year leadership (2020-2022) and made suggestions on improvement in the areas of membership campaign and others.

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