CIBN seeks NGX's cooperation on legal reform and financial development

The Chartered Institute of Bankers of Nigeria (CIBN) has sought the cooperation and support of the Nigerian Exchange Group for the proposed amendments to the CIBN Act 2007 and the development of the financial sector.

NAN, CIBN Chairman and Chairman, Dr. Ken Opara, stated this at the closing gong ceremony to commemorate the 60th anniversary of the establishment of the institute at the Nigeria Exchange Limited (NGX) in Lagos on Monday.

The planned reforms will expand the scope of CIBN’s regulatory powers to include, inter alia, all practitioners and managers of the banking sector.

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

He said: “It is therefore very important that we continue to promote cooperation with this very important institution as much as possible.

“We will continue to strengthen our relationship with NGX Group as we are focused on collaboration.

“We did this in conjunction with FinTech and partnered with Lagos Business School for dual qualification.

“We have just signed a trade certification with the African Export-Import Bank, which will allow us to jointly implement specialized certification programs and capacity building in the trade sector for ecosystem stakeholders and operators. Masu.”

Commenting on the institute’s achievements, Mr. Opara said that in line with CIBN’s vision to be a global reference point for skills and behavior in the banking and financial industry, CIBN consistently develops competent and ethical banking professionals around the world. He said he has been nurturing.

He said the institute’s banking professional exam is currently being conducted in six African countries: Sierra Leone, Gambia, Liberia, Ghana, Rwanda and Zambia.

Opara added that the institute has witnessed a tremendous growth in membership, with over 20,000 members in a year, with 84 per cent of its members being under 27 years of age.

He said this, among other accomplishments, aligns with his future challenges as CIBN’s 22nd Chairman.

Welcoming the CIBN team, NGX Group Chief Executive Officer Oscar Onyema said the exchange recognizes CIBN’s contribution to the overall Nigerian capital market ecosystem.

Commenting on the demutualization of NGX, Onyema said the demutualization transformed the exchange into a non-operating holding company with three subsidiaries.

He said this would make the exchange a wholly owned shareholder corporation, with the aim of creating value for stakeholders and partners such as CIBN, as well as the company’s shareholders.

“The Exchange recognizes your partnership in all that we have done to build the right ecosystem out of the Nigerian capital market.

“We are just over 60 years old and 60 years old is older than anywhere else. However, the exchange recognizes CIBN’s contribution to the overall ecosystem of the Nigerian capital markets and today the Nigerian Exchange We are really happy to welcome you to Limited,” he said.

Mr. Jude Chimeka, Executive Director, Capital Markets, Nigeria Exchange Limited, represented Onyema.


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