CIBN inducts 741 members, says banks recapitalisation will expand GDP

The Chartered Institute of Bankers of Nigeria (CIBN) held its 2024 second induction for 741 new members on Saturday in Lagos.

The institute reassured Nigerians that the planned banks recapitalisation would boost the nation’s Gross Domestic Product (GDP).

The President of CIBN, Prof. Pius Olarenwaju, during the hybrid induction and award ceremony, called for excellence in banking operations towards efficiency and customers’ satisfaction.

The News Agency of Nigeria (NAN) recalls that the institute inducted the first stream of 485 professional bankers in March.

Olarenwaju said that the banking industry was rapidly evolving with new technologies reshaping foundations of financial services, hence the need for continuous learning for professional growth, networking, and career advancement.

The President, who is also CIBN’s Chairman of Council, said that the theme, “Unlocking Your Potentials: Positioning for Next Levels” captured the spirit of the occasion.

He listed factors needed for unlocking potentials to include adoption of growth mindset; understanding the evolving landscape; embracing technology and building strong personal brand.

Olarenwaju also explained provisions of his six-point agenda as the 23rd President/Chairman of Council of the Institute, code-named the “LEGACY Agenda”.

He said that entrenching ethics, professionalism, and integrity within the banking sector was needed for building trust and confidence among clients, stakeholders, and the society at large.

He said that the bank recapitalisation initiative was unveiled during CIBN’s 2023 Annual Bankers Dinner, to ensure the stability and sustainability of the financial system.

He said the recapitalisation of banks, which had begun, would strengthen Nigeria’s banking sector, increase banks’ lending capacity, boost foreign direct investment, and improve the overall resilience of the financial system.

“We believe that the initiative is going to contribute to GDP growth and enhance governance in the banking sector.

“A stronger capital base will enable banks to underwrite larger transactions and support various sectors of the economy more effectively,” he said.

He congratulated inductees from across Nigeria and candidates from Sierra Leone, Mozambique, Kenya, Ghana, and The Gambia, who joined both in person and virtually.

Mazi Sam Ohuabunwa, Founder/Former CEO Neimeth International Pharmaceuticals Plc, who joined virtually said that contribution of bankers to the nation’s GDP was immeasurable.

He urged chattered bankers to embrace professionalism, integrity, honesty and the fear of God in discharge of their important services for safety of investments while congratulating inductees.

Hajia Risikatu Ahmed, Managing Director/Chief Executive Officer, Aso Savings and Loans Plc, shared insights on how female bankers could aspire through the adoption of a growth mindset.

Ahmed, who was a special guest, explained how female experts could take risks for career progression while balancing ambition with family life and physical well-being.

The Guest speaker, Mr Wole Adeniyi, explained how inductees could unlock their potentials through a mindset shift leveraging on Artificial Intelligence (AI).

Adeniyi, who is the Managing Director/CEO, Stanbic IBTC Bank Plc, explained the need for quality leadership which could serve as a strong guide to growth for teams and organisations.

NAN reports that donors were honoured at the event while prizes and awards were given to the best-performing students in various cadres.