The outgoing President of the Chartered Institute of Bankers of Nigeria (CIBN), Prof Pius Olanrewaju, in his valedictory discourse today, Thursday, will focus on ethics and professionalism and the moral rules bankers must imbibe to tackle the high rate of cybersecurity in the banking sector.

Looking at the banks’ changing landscape, Olanrewaju said there is a need for bankers to inculcate moral rules in themselves, endogenously and exogenously, wherever they find themselves.

He lamented cybercrime as one of the greatest threats facing the financial system today, stating that this would not have happened some years ago because most bankers then were ethical, as background checks were conducted before recruitment.

He revealed that two banks were hit a few weeks ago by the threat, and billions were stolen by fraudsters.

“Then they will go to a secondary school to investigate a person. When you look now, all those threats we are demonstrating today. So people working in the bank at that time were highly respected. But today, you find out that some of these high-level cybercrimes are being committed by staff and by mercenary forces in collaboration with top officials.

“So, this is a major challenge. There is no nation without crimes, but Nigeria’s own is moving at a geometrical progression that can destroy the system,” he said.

He frowned at today’s employment parameter, alleging that many are lacking scrutiny, with the paradigm shift causing many problems.

“And what is it? You can bring in money; we just employ you. Then the government sends you, they just employ you on the spot without thorough scrutiny. Again, even promotion will be coming because you can mobilise deposits, whereas the hallmark of banking is not mobilisation.

“Anybody can do mobilisation, but can you do credit analysis? And when this money moves out, you understand it is not coming back; it will lead to illiquidity. From illiquidity will come insolvency, and the bank will start having problems.

“We are too much in a hurry. We have forgotten that money accumulated for 25 years, with a lack of integrity, can collapse in a minute,” he said.

Olanrewaju, the 23rd President of the CIBN, will hand over to the new President-Elect, Dele Alabi, the institute’s immediate past First Vice President, during his investiture on Saturday, 16th May 2026, in Lagos.

As the 24th President/Chairman of Council, Dr. Alabi is expected to provide purposeful and visionary leadership that will further strengthen the Institute’s strategic relevance within the evolving financial services ecosystem.

His tenure is anticipated to usher in a renewed era of innovation, professional excellence, stakeholder engagement, and institutional advancement, while reinforcing the Institute’s unwavering commitment to ethical standards, capacity development, and the promotion of global best practices within the banking profession.