…CIBN Seeks Synergy for Economic Development
The Chartered Institute of Bankers of Nigeria (CIBN) has disclosed the need for robust synergy between the money and capital markets to foster sustainable economic development.
As part of activities to mark the 1st year anniversary of administration of Dr. Bayo Olugbemi as the 21st President/Chairman of Council, The Chartered Institute of Bankers of Nigeria, the Nigerian Exchange Group (NGX) hosted the Governing Council and Management of the Institute led by Dr. Bayo Olugbemi to a digital Closing Gong Ceremony on Tuesday, May 11, 2021.
The event which also further strengthen the existing relationship between NGX and The Chartered Institute of Bankers of Nigeria.
Speaking at the ceremony, the CIBN President, Dr Olugbemi, congratulated Mr. Onyeama’s appointment as the Group Chief Executive, Nigerian Exchange Group and commend the NGX on the successful demutualization of the exchange group as well as appointments of Mr. Temi Popoola as the CEO of NGX and Ms. Tinuade Awe as CEO of NGX REGCO to support the vision to be “Africa’s preferred Exchange Hub”.
The CIBN President told over five hundred audiences who connected to the event across the globe through Zoom and YouTube that the banking industry would continue to partner with the NGX towards achieving its goals and objectives.
Dr. Olugbemi also besought the support of NGX for the proposed amendment of the CIBN Act of 2007, to enhance the power of the disciplinary tribunal to discipline erring bankers, among others. He also called for collaboration between NGX and CIBN Centre for Financial Studies to investigate the nexus between digital disruption, capital formation and the expansion of Nigerian Enterprise across Africa.
Dr Olugbemi also stated that the CIBN’s readiness to Collaborate with NGX Regulation and the Securities and Exchange Commission (SEC) of Nigeria to enforce compliance of banks (market participants) with listing and trading rules as well as to promote ethical business practices in the Nigerian capital market conduct and particularly for the conduct of banks.
The CIBN further applauded the Exchange on Market capitalization which increased by 272.30% from N6.58 billion recorded in 2019 to N24.51 billion in 2020 and trade volumes increased by 218.23% from 4.15 million units in 2019 to 13.20 million units in 2020, and turnover skyrocketed by 51,830.59%.
Speaking further, he commended the Exchange for launching Exchange Traded Derivatives as NG Clearing Limited which was received approval in principle from the Securities and Exchanges Commission (SEC) to launch clearing and settlement of exchange-traded derivative products as Nigeria’s premier Central Counterparty Clearing House (CCP) as well as accreditation of its X-Academy by CIBN.
CIBN Boss said that the Institute’s readiness to develop joint certifications programme with NGX on Investment Instruments, Trading Licenses and Enterprise Risk Management for Bankers respectively.
He therefore thanked the Nigerian Exchange Group for its consistent support for the realization of the Institute’s mandate of determining the standards of knowledge and skills to be attained by persons seeking to become members of the banking profession
Mr. Jude Chiemeka, Divisional Head, Trading Business, NGX representing the NGX Group CEO, Mr. Onyema, welcomed the Leadership and management of CIBN to the closing gong Ceremony with the aid to build deeper synergy between Nigeria’s Capital and money market.
“Our ongoing partnership between the X-Academy and CIBN, where the X-Academy is an accredited training partner helping To build Capacity across the financial sector and we are indeed excited about the opportunities that further collaborations will present for us in light of our demutualization,” he said.