Kakalistiq.com reports that the Chartered Institute of Bankers of Nigeria (CIBN) has urged the Nigerian Senate to throw its weight behind the passage of an essential amendment Act bill aimed at enhancing regulations in the banking and finance sector, citing the necessity to adapt to evolving industry dynamics.
Led by its President and Chairman of Council, Dr. Ken Opara, the CIBN executives appeared before the Senate Committee on Banking, Insurance, and Other Financial Institutions, chaired by Senator Mukhail Adetokunbo Abiru (Lagos East), in a crucial meeting held at the Senate on Thursday.
Senator Abiru, a seasoned banker and economist, extended assurance of the National Assembly’s cooperation in enforcing regulatory standards within the banking sector, emphasizing the pivotal role of professional bodies like the CIBN in advancing the nation’s financial landscape.
“As the umbrella professional body for bankers in Nigeria, we consider you partners in progress in the task of repositioning the country’s financial sector,” remarked Senator Abiru. “This visit is timely as the National Assembly debates amendments crucial for navigating economic challenges posed by rising inflation and currency depreciation.”
Acknowledging the CIBN’s six-decade commitment to professional excellence in banking, Senator Abiru urged stakeholders to address the sector’s limited contribution to Nigeria’s GDP, despite its growth and market capitalization. He also praised the Central Bank of Nigeria’s initiative to recapitalize banks, underscoring its potential to bolster financial stability and global competitiveness.
In response, CIBN President Dr. Ken Opara commended Senator Abiru’s leadership and insightful engagement on critical economic issues, applauding the Senate Committee’s proactive approach to reviewing financial laws to promote sustainable growth.
Dr. Opara highlighted proposed amendments to the CIBN Act, emphasizing enhanced accountability and professionalism across the banking industry. “With the proposed amendments, misconduct or financial crimes within the banking sector will be diligently addressed,” he stated, outlining plans to broaden the Institute’s scope to encompass financial services.
The proposed expansion, to be reflected in the Institute’s name as the “Chartered Institute of Banking and Financial Services,” aims to align with evolving industry practices and regulatory frameworks, encompassing institutions regulated by the CBN, including non-conventional banks.
