CIBN holds 2018 AGM, elects Dr Uche Olowu as 20th President

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The Chartered Institute of Bankers of Nigeria on Saturday April 7th, 2018 held its 2018 Annual General Meeting in Lagos, where it announced the election of new executives and reviewed the 2017 financial and operational reports.

Coordinated by the Current President Professor Segun Ajibola, FCIB the AGM had a massive attendance of all members across the nation.

Giving the External Auditors report for 2017 financials, Mr Mark Ariemuduigho of Baker Tilly International Nigeria, stated that the financial position of the CIBN, was in agreement with the book of accounts.

Chairman of the CIBN Audit Committee Mr Babatunde Oduwaye affirmed that the accounting and reporting policies of the institute were in accordance with legal requirements and ethical practices.

Mr Ken Opara the National Treasurer of the CIBN, giving the financials highlights of the institute in 2018 listed some of the following key developments; 66% increase in Net Operating Surplus N231ml (2016) to N385ml(2017), 55% increase in total income from N919ml(2016) to N1.5bl (2017) and 31% increase in IGR from N616ml(2016) to N809ml(2017).

Speaking further on the 2017 Operations the CIBN President Prof Segun Ajibola informed the members that the institute had made significant progress as a reference point in the country and across the globe.

Prof Ajibola shared that all the CIBN subsidiaries from the Centre for Financial Studies to the Press had returned to profitability.

In the area of capacity building, he said the competency framework developed by the institute, had the buy-in of 6 Bank academies and 20 educational service providers.

The CIBN According to him was now a member of the wider Global Education Standard Board, with the former President of the Institute Dr Olusegun Aina, FCIB as the President.

Speaking further he said the Institute has expanded its exam centres in West Africa, with Liberia and Sierra Leone coming onboard  adding to the ones already established in Ghana and The Gambia.

In the area of collaborations, Ajibola noted that the institute had engaged notable professional bodies like the Nigerian Bar Association, to develop a certification course for Lawyers and Bankers.

The CIBN according to him has continued to engage the National Assembly, Presidency, State Governments, Central Bank of Nigeria and the National Deposit Insurance Corporation, to drive the advocacy for financial literacy and make cases for viable policies, legislation and regulations that will improve banking in the country.

Members in their remarks commended Prof Ajibola for his 2-year leadership(2016-2018) and made suggestions on improvement in the areas of membership, a more robust engagement with the National Assembly on legislation, strengthening corporate governance and exploring more innovative financial services.

At the AGM members adopted four reports and resolutions on the “Review of Chairmanship of the Dispute Resolution Committee” and “External Auditors reappointment and remuneration”.

Highlights of the 2018 AGM was the announcement of Dr. Uche Messiah Olowu as the 20th elected President of the institute alongside other elected officers to serve the tenure (2018-2020).

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