The Chartered Institute of Bankers of Nigeria (CIBN) has signed a Memorandum of Understanding (MoU) with Afe Babalola University Ado-Ekiti (ABUAD) to enhance the quality of banking and finance education and integrate deeper professional standards into academic programmes.

The MoU, executed at the university yesterday, aims to bridge the gap between theoretical knowledge and practical skills in Nigeria’s financial services sector.

Speaking at the signing ceremony, CIBN President and Chairman of Council, Prof. Pius Olanrewaju, praised elder statesman and legal icon Afe Babalola, SAN, for conceptualising ABUAD, which he said has quickly become a leading light among universities in Nigeria, Africa, and globally.

Prof. Olanrewaju explained that the partnership aligns with CIBN’s Legacy Agenda, which focuses on human capital development, youth empowerment, and long-term sustainability in Nigeria’s financial system.

He described the collaboration as a strategic initiative to strengthen ties between academia and the professional banking community, saying it would improve graduate employability and readiness for the evolving demands of the financial services industry.

“This collaboration reflects our commitment to strengthening the nexus between town and gown, while ensuring graduates are not only academically sound but also professionally prepared to thrive in a rapidly changing global environment,” Prof. Olanrewaju stated.

He also commended ABUAD management, particularly Vice-Chancellor Prof. Smaranda Olarinde, for embracing the initiative and demonstrating commitment to professional relevance in the university’s programmes.

ABUAD Bursar, Mr. Modupe Babalola, called for an end to casualisation in the banking sector and the appointment of non-professionals to leadership positions in commercial banks. He criticised the practice of employing non-career staff, including engineers, to head banks, while certified banking professionals remain underutilised.

Earlier, Prof. Smaranda Olarinde said the partnership marked a historic milestone for ABUAD, signalling a commitment to professional excellence, academic relevance, and the future of banking and financial services education in Nigeria.

She explained that the collaboration will provide students in Accounting, Finance, Economics, Business Administration, and related disciplines with structured professional pathways, exposure to industry best practices, certification opportunities, mentorship frameworks, and curriculum aligned with global banking standards.

Prof. Olarinde noted that CIBN has previously executed over 83 similar linkage agreements nationwide, covering 59 universities and 24 polytechnics, including postgraduate arrangements.