The Chartered Institute of Bankers of Nigeria has appealed to the Nigerian Senate to speed up consideration and Passage of the CIBN ACT Amendment Bill.
The institute says the amendment has become imperative to align the CIBN Act 2007 with current day realities in Banking and Finance landscape, to cater to the innovations in the banking and finance industry.
President of the Council, Ken Opara disclosed this when he led a Delegation of the CIBN on a courtesy visit to Senate’s Committee on Banking Insurance and other Financial Institutions at the National Assembly.
In view of the current economic challenges facing the nation the National Assembly is debating amendments to some Financial Acts including that of the CBN to help the government navigate the current economic challenges posed by rising inflation and persistent naira depreciation.
The Chartered Institute of Bankers of Nigeria , which is the umbrella body for professional bankers in the country is also proposing an amendment to the CIBN ACT which it says has become obsolete.
This Visit to the National Assembly is to further drive home it’s demands as it seeks the support of the Senate’s Committee on Banking Insurance and other Financial Institutions to hasten the process .
The amendment involves the expansion of the institute’s coverage, and operational responsibilities as well as the enhancement of its governing structure and disciplinary procedures.
The Committee assures the institute of its support to ensure that the banking industry is properly regulated by enacting modern laws required to engender confidence in the industry as well as perform effective oversight over the regulators such as the CBN and the NDIC.
The Amendment of the CIBN ACT will enable the Institute foster ethics, maintain professional standards and build capacity in the ever evolving banking sector.
It will also ensure the maintenance and adherence to Professional Code of Ethics and Corporate Governance in the banking and financial institutions for all practitioners of banking and finance in Nigeria.
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