CIBN, NSE collaborate on market development

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CIBNThe Chartered Institute of Bankers of Nigeria says it has partnered the Nigerian Stock Exchange with a view to fast-tracking the growth of the country’s capital market.

According to the institute, the partnership will, in addition to encouraging market growth, see both institutions working to protect the capital market from crisis such as that witnessed years back.

The president, CIBN, Dr. Segun Aina, said these when he led officials of the institute to visit the Exchange.

He explained that the impact of the global financial crisis on the Nigerian capital market would have been far less had appropriate measures been put in place.

Aina said, “Crisis will always come, but we have seen countries that were not affected by the last global financial crisis. We will come out with rules, regulations and requirements that will prepare the country for any upcoming global crisis.”

He explained that the partnership was important, especially as the banking subsector besides accounting for 20 per cent of market capitalisation of the equities listed on the NSE, was one of the most actively traded subsectors on the Exchange.

Away from the partnership, Aina explained that the institute had been working to improve standards in the banking industry. For instance, he said CIBN recently inaugurated a new code of conduct for the industry. According to him, the code was expected to help boost ethical standards in the industry.

“We regulate the conduct of our members and any member that is found wanting, would have to go through disciplinary procedures,” he said, adding that the code “applies to all strata and cadres of employee in the industry, including executive directors, managers, officers and supervisors, whether full-time or part-time.”

The CIBN boss also said the code “enunciates the guidelines on the handling of reported cases, petitions and complaints. The code shall be read and implemented in tandem with subsisting statues.”

Source: Punch (by Simon Ejembi)

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