(L-R) Mr Emmanuel Ikazoboh, interim administrator, Nigerian Stock Exchange and Ms Arunma Oteh, DG, Sec at the official opening of the NSE contact centre in Lagos.

There are strong indications that the Chartered Institute of Bankers of Nigeria (CIBN), an institute empowered by law to ensure the furtherance, maintenance and observance of ethical standards and professionalism among practitioners of the banking profession may sanction some top managers of banks.
BusinessWorld Intelligence can authoritatively reveal that the CIBN may penalise some senior managers in certain departments of banks operating in the country for not registering with it in accordance with the provisions of the CIBN Act No 5 of 2007. The Act stipulates that no person shall be entitled to be employed or appointed or engaged to head any of the Technical Departments of a bank unless he is duly registered as a member the institute.
Sources close to the banking industry revealed that many heads of some Technical Departments of banks were not registered with the institute and that the body had recently given 21 days notice to them to register with the institute. According to the sources, at the expiration of the notice the non-compliant bankers will be sanctioned. The sanction may include asking their banks to relive them of their jobs.
In a letter to such officers, CIBN said: “We wish to observe that from the register of members of The Chartered Institute of Bankers of Nigeria your name could not be traced, indicating that you are yet to register with the institute in line with sections 2(2), 2(3) and 10(1) of the CIBN Act No 5 of 2007. Apart from writing to the concerned officers, CIBN, it was gathered, has written all bank managing directors to intimate them of its plan, noting that the Act stipulates that all corporate members shall cause their staff to register with the institute.
Even though many staff of banks have registered in compliance with the provisions of the CIBN Act, the CIBN said it would not spare any banker who fails to register with it. The Act empowers the CIBN to establish and maintain a register of members of the banking profession in the categories of ordinary members, student members, graduates, associates, honorary senior members, honorary fellows and fellows of the institute. The institute is also empowered to conduct professional examinations leading to the award of certificates.