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Nigeria rates high on compliance level in financial sector

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Nigeria has been rated high at above average in compliance level in the financial services sector,according to the Central Bank of Nigeria (CBN).

Director, Capacity Development, CBN, Aisha Abubakar, revealed this, weekend, during the third Induction ceremony of the Compliance Institute of Nigeria (CIN), in Lagos.

Speaking on the theme, “Developing Compliance Skills for the Financial Industry: A Panacea for a Sustainable Financial System,” Abubakar, hinged political will, management will, and entrenchment of good governance, as factors that would assist the country step up more on its compliance level.
  
She said for one to be a good compliance officer, developing one’s self is paramount, adding that all the skills in the right combination is a prerequisite for sustainable financial system stability.
  


President/Chairman of Board, CIN, Pattisson Boleigha, noted the tremendous challenges the political and economic environment in Nigeria and globally has gone through, with a fast pace in changes in regulations in all sectors.
  
He said to meet this fast pace changes, a compliance culture driven by compliance professionals becomes expedient, especially, to continually improve the syllabus and curriculum of the Institute.

He urged the over 270 newly inducted members that the skills, knowledge and expertise they have gained will enhance their professional competencies and enable them secure good compliance jobs.

On the chartered status of the institute currently at the National Assembly, Boleigha said: “It is time Nigeria improves on its compliance practices, because that is the bedrock with which we can bring discipline into the system. By fighting corruption and terrorism to ensure there is proper compliance programmes in all the institutions. Members of the National Assembly are supposed to help us in this direction.”
 
Chairman, Partnership Strategy and Communications Committee, CIN, Abimbola Adeseyoju, said the induction is to breed a new crop of professionals that would drive the ability of institutions to follow laid down rules and regulations. 
 
    


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