Caleb varsity dean is CIBN President

A faculty dean at the Caleb University, Prof. Olusegun Ajibola, has been inaugurated as the 19th President of Chattered Institute of Bankers (CIBN), in Lagos.

But as part of his inauguration speech, Ajibola advocated effective demand management strategy, as well asimport substitution policy, as solution to the lingering foreign exchangecrisis.Addressing journalists during his inauguration, he noted that it is a fundamental principle in economics, that what you don’t have you cannot give.

“If we are faced with scarcity rigidity because we are a mono product economy, and that product is facing a lot of challenges, there is limit to what we can earn as foreign exchange. As a result, we must look at how we manage our demand, that is, to cut our coat according to our cloth and this comes with lots of restrictions and policy dimensions so as to limit demand to what our supply as foreign exchange can accommodate.

“This is for the short term. On the long run, we have to look at how we can diversify our earnings’ base that is how we can earn foreign exchange from other sources. We must also adopt import substitution here,” he said.

He also listed seven developmental agenda he intends to accomplish while in office, which he tagged “Seven Cs”- capacity building, certification, codification, constructive engagement, communication, creativity and consolidation

On capacity building, he said he would see to the establishment of a banking university while welfare of staffers of the institute would also be a top priority of his administration.

He further disclosed that the Abuja Bankers House would be built, while befitting CIBN bookshop, press and library would be a major priority he intends to execute.

He further said skills and knowledge gap in the industry would be bridged. On codification, he said the institute would partner with the necessary stakeholders to fight the war against corruption. He further said there would be regular visitation and constructive engagement with the necessary stakeholders on how to move the industry forward.

Concerning certification, he said there would internal collaboration that would enhance the progress of the institute.On communication, the professor said a programme called “You and your banker” would be broadcast on the media. He further said they would go to secondary schools to enlighten students on the benefits of studying banking in higher institution of learning.

Concerning creativity, he said the institute would welcome new ideas and new ways of doing old things, while consolidation, would see the institute drive membership growth, with the Association of Women Bankers being encouraged.