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New CIBN Law Bars Non-Members From Heading Bank's DeptsNew CIBN Law Bars Non-Members From Heading Bank's Depts
This Day
Kunle Aderinokun
16 August 2007
President of the Chartered Institute of Bankers of Nigeria (CIBN), Mrs. Juliet Madubueze said yesterday that the CIBN Act 2007, which was signed into law in May by the former President, Chief Olusegun Obasanjo, has disallowed non-members of the Institute from heading any technical departments of any bank in Nigeria. Madubueze, disclosed this in Abuja, during a presentation of the new CIBN Act to the Governor of the Central Bank of Nigeria (CBN), Professor Chukwuma Soludo, said the affected technical departments listed in the new Act were treasury, domestic operations, foreign operations, credit, inspection, internal control, and risk management.
According to Madubueze "Section 2 (7) of the new Act specifies that no person shall be entitled to be employed or appointed or engaged to head any technical departments of bank unless he is duly registered as a member of the institute," she disclosed. Madubueze stated that, to ensure effective implementation of the new law, a 12-member Implementation Committee headed by the First Vice-President of CIBN and Vice Chairman/ Chief Executive Officer of Intercontinental Bank and, Erastus Akingbola, has been constituted.
Noting that "the institute will soon enter the implementation stage of the Act", she sought for "support, especially in the following areas of membership of the governing council, membership of the institute and enforcement of penalties for unprofessional conduct." Hinting on some aspects of the new Act, she said the CIBN Governing Council has been restructure to have the CBN governor or his representative, managing director of the Nigeria Deposit Insurance Corporation or his representative, and six managing directors of banks as members.
Others, according to her, are representatives of the National Universities Commission, National Board for Technical Education, Finance Ministry, Education Ministry, and a representative of branches in each zone of the institute, among others. In his remarks, Soludo expressed the conviction that new law would strengthen the skilled human capital requirement. He pledged the support of the CBN would support the institute in the implementation of the law, advising that issues relating to sanctions and penalties should be followed to the letter. "The CBN will ensure it plays its role in the implementation of this new Act. I am in full support of the Implementation Committee and the sanctions regime."
Copyright © 2007 This Day
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