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CIBN, Bank CEOs Voice Concerns Over Persistent Smear Campaigns Against Banks
The Chartered Institute of Bankers of Nigeria (CIBN) and the Body of bank CEOs in Nigeria have expressed deep concern over the ongoing criticism of Nigerian banks on social media.
They emphasise the importance and contributions of the banking sector, which is one of the most regulated and vital components of Nigeria’s economy.
The Nigerian banking industry operates under stringent regulations enforced by the Central Bank of Nigeria (CBN), its main regulatory authority, alongside other direct and indirect regulatory bodies.
Many banks in the country are publicly listed, adhering to high standards of transparency and compliance expected by both domestic and international investors and regulatory agencies.
In addition to the CBN, various regulatory bodies, including the Nigerian Exchange Group (NGX), Securities and Exchange Commission (SEC), Financial Reporting Council (FRC), and the Nigeria Deposit Insurance Corporation (NDIC), play crucial roles in ensuring transparency, integrity, and accountability within the banking sector.
Continuing, Nigerian banks are staffed with a plethora of globally competitive and certified professionals who are governed by both national and international standards. These experts, along with partnerships with internationally recognised service providers and investments in advanced technologies, enable Nigerian banks to meet global standards across all markets they serve.
Independent evaluations by prestigious auditing firms, rating agencies, and other assessment bodies regularly scrutinize the operations, financial records, and compliance of Nigerian banks. These rigorous assessments ensure adherence to global best practices, underscoring the bank’s commitment to providing trustworthy and high-quality services. Consequently, Nigerian banks consistently receive high ratings, both individually and collectively.
Investor confidence in Nigerian banks is robust, with the sector emerging as a preferred choice for both retail and institutional investors. The resilience and dynamism of the banking industry stem from the trust customers place in it, reaffirming the sector’s critical role in Nigeria’s economic growth and development. Rather than facing criticism, the continued strength of this sector should be a source of national pride.
The banking sector plays a pivotal role in Nigeria’s economic landscape, significantly impacting individuals, businesses of all sizes, and society at large. The development of the economy is heavily reliant on the intermediary roles of banks, which provide undeniable positive effects on the national landscape.
For individuals or groups with concerns or grievances about any bank’s operations, the CIBN and the Body of Banks CEOs encouraged directing such issues to the relevant regulatory authorities. These organizations are equipped to address concerns impartially and professionally, ensuring proper resolution through established channels.
They cautioned that resorting to social media attacks, blackmail, or smear campaigns not only tarnishes the hard-earned reputation of these institutions but also seeks to manipulate the banks unfairly, urging those involved in such actions to reconsider and focus on the facts before making accusations.
“Regulatory agencies are well-prepared to handle concerns with diligence and professionalism”
The banking sector remains committed to delivering the highest standards of service, guided by the regulations governing the industry.
Together, there is a call to foster an environment of trust and collaboration, recognising the positive impact of a professional sector that brings pride to Nigeria and Africa. As the banking sector continues its efforts to build a resilient Nigerian economy, citizens are encouraged to support its mission of creating a stronger economy that benefits everyone.
The lawmaker representing Ibarapa East/Ido Federal Constituency of Oyo State, Engr. Aderemi Oseni, on Thursday, donated the sum of fifty million naira (₦50 million) toward the construction of the proposed Sheikh Agbotomokekere Mosque building project.
Oseni joined other dignitaries, religious leaders, and Muslim clerics to honour the Chief Imam of Ibadanland, Grand Imam of Oyo State, and Grand Patron of the League of Imams and Alfas of Yorubaland, Edo, and Delta States, His Eminence Sheikh AbdulGaniy Abubakre Agbotomokekere, during the annual Maolud Nabiyy celebration at the Ibadan Central Mosque, Oja Oba.
It was during the event that he announced the generous donation.
The Maolud Nabiyy celebration, organised by the Al-Imam Agbotomokekere Islamic Foundation, also featured the unveiling of the proposed mosque project and an award presentation ceremony.
Delivering an insightful lecture at the event, the Chief Imam of Ogbomosoland, Dr. Yunus Tolhat Ayilara, who served as the Guest Lecturer, highlighted the importance of perseverance in the face of challenges.
In a statement issued on Friday by his media aide, Idowu Ayodele, the lawmaker, who also chairs the House Committee on the Federal Roads Maintenance Agency (FERMA), reaffirmed his commitment to supporting initiatives that strengthen the spiritual and social development of his constituency and state.
He commended the Al-Imam Agbotomokekere Islamic Foundation for its dedication to fostering a sense of community through faith, education, and shared values.
According to him, the mosque project symbolises unity and the determination of the people.
Reflecting on the significance of the proposed Agbotomokekere Mosque, the APC chieftain described it as a beacon of unity and religious harmony.
“This mosque project reflects our shared values and our commitment to building a community grounded in faith, love, and unity. I am honoured to contribute to this vision and support the Agbotomokekere Foundation in its efforts to promote peace and spiritual growth,” Oseni stated.
The Nigeria Customs Service (NCS) has announced a record revenue collection of N5.7 trillion as of November 12, 2024, surpassing its yearly target by 10 percent.
This was disclosed by the Comptroller-General of Customs, Adewale Adeniyi, at the ongoing 2024 Comptroller-General of Customs Conference in Abuja.
Themed “Nigeria Customs Service: Engaging Traditional and New Partners with Purpose,” the conference showcased the Customs Service’s progress in modernizing its operations and fostering collaborative partnerships.
“Today, I stand before you to demonstrate how our commitments in 2023 have evolved into tangible achievements,” Adeniyi stated.
He attributed the revenue growth to a series of reforms, including the implementation of a one-stop solution for cargo alerts, a revamped ICT infrastructure, streamlined inspection procedures, and enhanced automation.
Adeniyi explained that these changes reflect the agency’s commitment to elevating operational transparency and efficiency.
“We pledged to re-align our free trade operations, elevate cargo integrity standards, and expand our scanning capacities,” he said.
“Above all, we promised to usher in a new era of customs operations—one built on transparency, efficiency, and genuine collaborations with our partners.”
As of Tuesday, November 12, Adeniyi confirmed that the NCS collected N5.07 trillion, achieving the anticipated 10 percent revenue surplus.
“This performance validates our partnership-driven approach to revenue collection and trade facilitation,” he added.
Adeniyi also highlighted recent strides in trade facilitation, revealing that six companies have been selected to benefit from the Authorised Economic Operators programme, which provides fast-tracked customs clearance and other trade facilitation benefits.
Similarly, the NCS has processed 21 requests under an advance ruling programme, designed to expedite customs decisions on import and export cargoes before they reach Nigerian ports.
The Comptroller-General expressed optimism about the NCS’s potential to drive further economic growth, citing the agency’s commitment to fostering partnerships and advancing innovative practices within the customs sector.
Nineteen out of the thirty-eight directors who were shortlisted to fill permanent secretary vacancies within the Federal Civil Service have failed the qualifying examination, a memo from the Office of the Head of Civil Service of the Federation (OHCSF) revealed on Tuesday.
The memo, signed by Dr. Emmanuel Meribole on behalf of the examination committee, disclosed that the qualifying exam was conducted on Monday, November 11, 2024.
The Federal Government, through the OHCSF, launched the recruitment drive in October to fill permanent secretary vacancies in eight states.
Providing insights into the progress, Eno Olotu, Director of Press at OHCSF, stated, “Of the 38 eligible directors who sat for the exam, 19 have passed the first stage and will move on to the second stage, which will assess their competency in using Information and Communication Technology (ICT) in government operations on Wednesday, November 13, 2024.”
Olotu highlighted the rigorous three-stage selection process, designed to ensure that only the most capable individuals are appointed to these high-ranking civil service roles.
This comprehensive approach, according to OHCSF, aims to elevate the quality of leadership across federal ministries.
The directors who advance beyond the ICT proficiency test will face a final stage on Friday, November 15, 2024, where a panel of senior government officials and private sector experts will conduct a final evaluation to determine their suitability for the permanent secretary positions.
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