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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.
The World Bank Group has announced the 31-month debarments of United Aviation Services Limited (UNASEL), a transportation services company based in Nigeria, and Air Vice Marshal Alkali Mamu, its owner and president, “in connection with fraudulent practices under the Enhancing Niger Northeastern Connectivity Project,” according to a press release issued by the multilateral development bank.
The statement said that the project aims to enhance connectivity and road safety along the Zinder-Agadez Road section and improve access to basic socioeconomic infrastructure for selected communities in that road section.
However, according to the statement: “UNASEL and Mr. Mamu presented false experience documents in a prequalification application to qualify for a contract under the project. This was a fraudulent practice under the World Bank’s sanctions framework.”
“The debarments make UNASEL and Mr. Mamu ineligible to participate in projects and operations financed by Bank Group institutions. The debarments are part of two settlement agreements under which UNASEL and Mr. Mamu admit culpability for the underlying sanctionable practices,” it added.
The statement further said: “Per the Bank Group Sanctioning Guidelines, the settlement agreements provide for a reduced period of debarment in light of UNASEL and Mr. Mamu’s cooperation.
As a condition for release from sanction under the terms of the settlement agreements, UNASEL and Mr. Mamu commit to developing and implementing integrity compliance measures that reflect the relevant principles set out in the Bank Group Integrity Compliance Guidelines, and Mr. Mamu further agrees to complete corporate ethics training.
UNASEL and Mr. Mamu also commit to continue to fully cooperate with the Bank Group’s Integrity Vice Presidency.
“The debarments of UNA SEL and Mr. Mamu qualify for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of Debarment Decisions that was signed on April 9, 2010.”
Governor Peter Mbah of Enugu State, has approved the allocation of a parcel of land in Enugu, the state capital, for the establishment of a state-of-the-art Digital Fabrication Centre by the Industrial Training Fund.
Mbah announced this while receiving a delegation from the Industrial Training Fund on a courtesy visit to the Government House, Enugu.
The ITF disclosed this on Friday in a statement signed by its Director of Press and Public Relations, Thomas Ngor.
According to the statement, Mbah described the proposed project as timely and aligned with his administration’s vision of transforming Enugu into a leading destination for investment, innovation and technology-driven industrial development.
He noted that the future of economic prosperity lies in deliberate investments in human capital and emerging technologies, adding that the state has continued to create an enabling environment for innovation, enterprise and sustainable growth.
The governor explained that his administration has made technical education compulsory in the state’s basic education system, with emphasis on digital literacy, robotics and mechatronics to prepare learners for the future of work.
According to him, many traditional trades are now driven by digital technologies, making it imperative to equip young people with relevant technical competencies that will enable them to compete globally and contribute meaningfully to economic development.
Governor Mbah further disclosed that his administration has built smart schools across the state, equipped with robotics centres, mechatronics laboratories and other modern learning facilities, to prepare youths for the evolving global economy.
He noted that artificial intelligence is expected to contribute about $20tn to the global economy in the coming years.
He therefore stressed that the state must be intentional about upskilling its citizens, adding that the establishment of the ITF Digital Fabrication Centre will significantly strengthen the state’s drive to build a knowledge-based economy, foster innovation, promote local manufacturing and create employment opportunities for its growing youthful population.
Earlier, Afiz Ogun, the Director-General of the ITF, who led the delegation, said that upon his appointment by President Bola Tinubu, he was mandated to upskill Nigerian artisans to international standards.
He explained that the Fund subsequently repositioned its technical and vocational skills development efforts through strategic initiatives, including the Skill-Up Artisans Programme, which is designed to train, certify and license Nigerian artisans to international standards.
Ogun disclosed that the Fund had already established a Digital Fabrication Centre in Ikeja, Lagos, with the capacity to produce more than 400 different products. He therefore requested the allocation of land in Enugu State to establish a similar centre with the same production capacity.
According to him, the initiative is aimed at promoting industrialisation, reducing dependence on imports and preparing Nigerians for opportunities in the Fourth Industrial Revolution.
He also reaffirmed the Fund’s readiness to enter into public-private partnerships that will transform Nigeria’s artisanal ecosystem.
Ogun further noted that digital technologies, including artificial intelligence, robotics and computer-aided manufacturing, are rapidly transforming the global economy, making it imperative for Nigeria to deliberately invest in upskilling its workforce to remain globally competitive.
The ITF delegation was later conducted on a guided tour of facilities at one of the smart schools established by the Enugu State Government.
Glovo, a multi-category tech company, has announced its integration into the generative AI ecosystem with the launch of its “Shopping Assistant” for ChatGPT and Claude. Users can now discover retail products, compare prices, and seamlessly order any item using natural conversational language with the AI systems.
The Glovo experience inside such platforms introduces a conversational commerce model that shifts from a search-based web to an intent-based web. Rather than navigating traditional app menus and filters, users can express needs, such as asking for a “last-minute gift for a coffee lover under ₦50,000”, and the assistant handles semantic search, location validation, and product curation.
A Seamless, Concierge-Like Experience
Once both platforms have been connected through either ChatGPT or Claude apps, the user will be able to have a multi-turn dialogue where the assistant remembers context and constraints, such as budget caps. Users receive a visual carousel of up to five highly customised product options available at local stores. Each product displays its image, name, store details and ratings, and price. While the search and discovery experience takes place directly on the Generative AI platforms, selecting a product via the “view on Glovo” button takes the user to the Glovo mobile or web app, where the payment and final purchase are exclusively completed.
Strategic Focus on Retail and Growth
Glovo is prioritising the retail and grocery sectors for this initial launch, capturing the established habit of using AI for product research. Generative AI has driven a significant jump in retail traffic globally, so this first-mover advantage aims to meet customers where they are meeting Gen AI daily, and ensure it captures high-intent organic traffic as search behaviours evolve.
“We’re always looking for ways to meet our customers where they already are. Being available on Claude and ChatGPT means people can discover what Glovo has to offer as part of a natural conversation, with no friction. Glovo has always been about being the everyday app that provides choice and convenience, and this is another step in that direction”, said Shiro Theuri, Chief Technology Officer at Glovo.
How to look for products in the Glovo app through ChatGPT or Claude
- The user must sync ChatGPT or Claude with the Glovo app with the plug-in.
- Once synced, the user must type in @glovo followed by their request.
- The AI platform displays a carousel with 5 available options for the user.
- If the user wants to purchase any of the products or continue searching within the Glovo app, they must click “View on Glovo”, which will redirect the user to the Glovo app or website.
- After the order is confirmed, the store will prepare the item(s) and the courier will head up to the pick-up location. The user will receive the order in minutes.
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