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Senate, CIBN Seek to End Malpractices in the Banking Sector
The Senate committee on Banking, Insurance and other Financial Institutions, chaired by Senator Adetokunbo Abiru and the Chartered Institute of Bankers of Nigeria (CIBN) have vowed to sanitize the banking sector and bring to book erring banks and their employees involved in any form misconduct.
The collaboration was cemented at the Senate during an interactive session between members of the committee and CIBN.
The umbrella professional body for bankers in Nigeria led by its President/Chairman of Council, Dr. Ken Opara met with the banking Committee to seek assistance of the Lawmakers in the passage of the proposed CIBN Act Bill and other key issues and initiatives affecting the banking and finance industry.
Senator Abiru emphasized the need to rid the banking industry of corruption and sharp practices which are inimical to the progress of the nation.
He said; “As lawmakers, we shall continue 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.
“We hope to partner with relevant professional bodies, especially the CIBN. I am happy to note that the process of amending the CBN Act of 2007 will be concluded soon.”
We shall equally fast-track the passage of other Bills meant to strengthen the financial services industry in Nigeria.
Abiru who is also a member of the institute assured of the Senate’s resolve to support the CIBN to solve the Nation’s inflationary and other prevailing economic crisis.
He said; “Your coming at a time the National Assembly is debating amendments to the CBN Act as well as other related issues to help the government and the CBN navigate the current economic challenges posed by rising inflation and persistent naira depreciation.
Harping on the need to pass the CIBN Act, First Vice President CIBN Prof. Deji Olanrewaju stressed that many corrupt bankers evade prosecution under the guise that they are not members of the CIBN.
Deji explained that by the time CIBN Act bill is passed bankers involved in malpractices will be brought to book under the CIBN Tribunal which he said has a competent jurisdiction like a Federal High Court.
He explained; “The tribunal according to the provisions of the act law 207 has power and competent jurisdiction like a high court which means that any judgment passed by the tribunal is like a judgment passed by the high court, so they have to go to court of appeal but lo and behold, majority of those that we ought to bring to book escaped on the pretext that they are not our members.
“They work in the bank and deal with money but they said they are not members and as a lawyer we know the importance of the jurisdiction. These people are working in the bank but their activities are affecting us globally, so we must do something tangible that will make us sanitise the system.
Without the amendment to that law there is nothing we can do. We also reach out to agencies like EFCC and ICPC that are working against malpractices.
In an earlier address, the President of the CIBN added that if the CIBN Act is amended, everyone working in the banking sector will be held accountable for misconduct or financial crimes.
He said; “In the current amendment, we want to capture everyone working in the banking industry in Nigeria for the purpose of upholding ethics and professionalism CBN, NDIC, and banks are to send reports of allegations of misconduct to the Institute.
Dr Ken also revealed the plans of the institute to expand its name and coverage. “The expansion of the Institute’s name to include ‘Finance” to conform to the Institute’s coverage and best practice: “Chartered Institute of Banking and Financial Services”. -Section 1 to cover institutions under the regulation of CBN, especially non-conventional banks.
“And to also include persons carrying out non-conventional banking. This will enable the Institute to foster ethics, maintain professional standards and build capacity in the ever- evolving novel/modern banking practice, e.g. FinTechs will have an enabling environment to provide financial services through the use of digital and modern technology.
Senator Orji Uzor Kalu bemoaned the level of malpractices committed in the banking sector. The former Governor supported the passage of the CIBN bill.
“I wish you asked us to start the amendment ourselves. Because the banking industry needs sanitisation , they defraud unsuspecting people by juggling of money from one account to the other by bankers which they do with the computer system or any other means and want to encourage the CIBN to continue to play its role. The Government needs you at this crucial economic moment, Kalu said.
In his contribution Senator Osita Izunso advised that the amendment of the CIBN bill should also take into consideration the Federal Government’s Investment and Securities Tribunal to further boost its legitimacy so as to avoid constitutional bottle necks.
Izunaso advised; “I’m talking about the composition of the membership. It is you, the CIBN themselves that constitute the membership and that will still have a problem of legitimacy.
“I want us to look at it from the perspective of the Investment and securities Tribunal, that is constituted by the Government, it’s not by you yourselves, so ICT is set up by Government but it is in the act that the Government should constitute it.
“What we should have in this amendment is that it should be in the act, but that the Government should constitute it , when that happens there can even be budgetary provisions for it. That will give it plenty of legitimacy.
Izunaso also urged the CIBN to also grant membership to non-workers of the Banking sector who usually have dealings with banks.
“If I’m a customer and I have been defrauded by a banker, it’s not fair when you consider only the banker, you should consider every other person who is into banking, “Izunaso added.
Dangote oil refinery, indigenous oil refinery owned by Aliko Dangote, Africa’s richest man, is reselling cargoes of U.S. and Nigerian crude, four trade sources familiar with the matter said on Friday, according to a Reuters report.
Aliko Dangote
Three of the sources indicated that the reoffer was linked to technical problems at the refinery.
However, a Dangote executive, when asked about the offers and market rumours of operational issues affecting the crude distillation unit (CDU), stated that the CDU is in operation.
The refinery, which began production in January, is set to become the largest in Africa and Europe upon reaching full capacity.
This could significantly alter the lucrative Europe-to-Africa fuel trade and transform Nigeria into an exporter of fuels.
Among the grades being offered were Nigerian Escravos and Forcados crude, as well as U.S. WTI Midland crude, according to the sources. Traders have reported that the plant has been importing several crude cargoes monthly.
While resales by refineries are rare, they are not unheard of, traders noted. Following the news, crude prices fell further, with Brent crude dropping as much as 2.5% towards $80 a barrel, before recovering to above $81 by 1700 GMT.
The 650,000 barrel-per-day refinery, built at $20 billion by Africa’s richest man Aliko Dangote, aims to reverse Nigeria’s reliance on fuel imports despite being Africa’s largest oil producer.
Tomorrow is your birthday Madam, kindly permit me to be the first to strike a positive chord and shine a spotlight on you, an exceptional woman, who is helping shape modern finance in Nigeria and indeed the world.
Dr. Nneka Onyeali-Ikpe, GMD/CEO, Fidelity Bank
You are inspirational, an elegant stallion that radiates beauty in brilliance.
Meet, Dr. Nneka Onyeali-Ikpe, OON, an Amazon and group managing director and chief executive officer, Fidelity Bank Plc who turns 60 in a few hours.
She is a leader who instills in her people a hope for success and a belief in themselves.
Born July 28, 1964 in Lagos, Dr. Nneka Onyeali-Ikpe, is a creative problem solver motivated by obstacles.
The desire to overcome a challenge fuels her to get things accomplished.
She does not take ‘no’ for an answer.”
Dr. Nneka Onyeali-Ikpe, joined Fidelity Bank as an executive director in 2015 and was appointed managing director/CEO in January 2021, becoming the first female MD/CEO in the bank’s history.
The birthday lady holds a Bachelor of Law from the University of Nigeria, Nsukka, and a Master of Law from King’s College London.
She has attended executive training programs at various institutions including Harvard Business School, The Wharton School University of Pennsylvania, and London Business School.
Additionally, she recently completed a Diploma program in Organizational Leadership at Said Business School, Oxford University, UK.
She holds an honorary doctorate degree in Business Administration from the University of Nigeria, Nsukka (UNN) and is an Officer of the Order of the Niger (OON), awarded by the Federal Government of Nigeria in 2023.
In 1990, she began working in banking as a legal officer for the now-defunct African Continental Bank. She subsequently worked as a treasury officer for the First African Trust Bank.
She later joined Zenith Bank and Standard Chartered Bank respectively.
Nneka Onyeali-Ikpe has held leadership positions at Citizens International Bank, Zenith Bank, and Standard Chartered Bank, among others.
She has been instrumental in structuring complex transactions across various sectors including Oil and Gas, Manufacturing, Aviation, Real Estate, and Export.
In 2011, she joined Enterprise Bank as an executive director of the bank’s operations in Lagos and other locations in the South-Western region in Nigeria.
Nneka Onyeali-Ikpe joined the commercial bank Fidelity as an executive director in January, 2015. Fidelity Bank announced Onyeali-Ikpe as its managing director in December 2021.
Under her leadership, Fidelity Bank witnessed significant growth, increasing its Profit Before Tax (PBT) from N25.22bn in FY 2021 to N122bn in FY 2023.
She has led the bank’s expansion into international markets, including the recent approval by the Central Bank of Nigeria to acquire Fidelity Bank UK Limited (formerly Union Bank UK).
Passionate about innovation and technology, Nneka Onyeali-Ikpe has spearheaded initiatives such as PayGate Plus, an online payment platform, and the Fidelity International Trade & Creative Connect (FITCC) aimed at supporting Small and Medium Enterprises (SMEs) globally[citation needed]
In recognition of her leadership, Nneka Onyeali-Ikpe has received several awards including The Banker of the Year 2022 at the 14th Leadership Annual Conference, Best Banking CEO Nigeria 2023 in the 2023 Global Banking & Finance Awards, 2023 Top 25 CEOs in Nigeria at the BusinessDay Awards, and Banker of the Year 2022 at the Champion Newspapers’ Awards of the Year 2022.
She also received acknowledgment from the Assets Management Corporation of Nigeria (AMCON) for her role in restructuring the former Enterprise Bank. As an Executive Director, she oversaw operations in the Lagos and southwest regions, managing the Retail and SME divisions. Additionally, she played a key role in establishing the Bank’s SME group.
She serves on various Committees and organizations including the Financial Literacy and Public Enlightenment Sub-Committee of the CBN Bankers Committee and the Chartered Institute of Bankers of Nigeria.
Onyeali-Ikpe is married to Dr. Ken Onyeali Ikpe, PhD, a leader in Marketing, Branding, and Consumer Consulting.
As you celebrate today, may you have all the love your heart can hold, all the happiness a day can bring, and all the blessings a life can unfold.
May the years ahead be greater.
Happy birthday, God Bless!
The proposed 5 percent tax on companies earning over N100 million for community development projects could result in the exits of multinationals from the country, a new report by Afrexim Bank has said.
“Nigeria’s National Assembly is considering a 5 percent levy on big companies to invest in community projects, despite opposition from companies and their supporters.
Critics argue that companies already pay 20-30 percent of their profits in corporate taxes and the plan could prompt international companies to leave the market,” the report titled Monthly Developments in the African Macroeconomic Environment stated.
However, the bill has faced rejection from the organized private sector.
The Manufacturers Association of Nigeria (MAN), which sent representatives to the public hearing organized by the parliament, described the proposal as ill-timed and unnecessary.
They argued that CSR should be at the discretion of each organization, emphasizing that it is an internal matter.
Additionally, they expressed concerns about the current multiplicity of taxes and the high operating expenses that manufacturers are already struggling with.
Olumide Osoba, member of the House of Representatives, recently introduced the Corporate Social Responsibility Bill 2023 to set high standards of corporate governance and ensure firms integrate long-term economic, environmental, and social aspects into their business strategies.
The bill includes provisions for establishing a department within the Federal Ministry of Budget and National Planning.
This department will be headed by a commissioner appointed by the president based on the budget minister’s recommendation.
The commissioner will coordinate the activities of agencies related to CSR and monitor compliance with the law.
For non-extractive companies with a net worth of N500 million or a net profit of N100 million in a financial year, the bill requires them to form a CSR committee consisting of three or more directors, one of whom must be an independent director. This committee will be responsible for the company’s CSR policy and ensure compliance.
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60 Hearty Cheers to Dr. Nneka Onyeali-Ikpe, GMD/CEO, Fidelity Bank
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