By NIyi JACOBS
The Chartered Institute of Bankers of Nigeria (CIBN) has inducted 1,270 professionals into various categories of membership during its Induction and Prize Awards Day held on Saturday, March 22, 2025, in Lagos.
The ceremony, which drew a distinguished audience of industry leaders and policymakers, featured a keynote address by Dr. Sarah Alade, former Deputy Governor of the Central Bank of Nigeria (CBN).
Dr. Alade, addressing the inductees, emphasized that their induction marked the beginning of a more demanding professional journey. She challenged them to transcend ordinary banking and become visionary leaders in the industry. “Your induction is not the final destination. The question is: What next? Will you remain ordinary bankers or rise to become visionary leaders?” she asked.
Reflecting on the evolution of Nigeria’s banking sector, Dr. Alade noted its transformation from a fragmented system in the early 2000s to one of Africa’s most sophisticated financial industries. She attributed the progress to consolidation exercises, the adoption of Basel II and III capital adequacy standards, and advances in digital banking. However, she acknowledged ongoing challenges such as high inflation, currency volatility, public debt, and low private sector credit, which currently stands at 21% of GDP compared to 50.06% globally and 70% in South Africa.
The former CBN Deputy Governor emphasized the importance of strengthening financial stability through better capital adequacy, risk management frameworks, and revenue diversification beyond interest income. She urged banks to address the country’s low credit-to-GDP ratio by embracing responsible risk management and expanding credit access to critical sectors like agriculture, manufacturing, and SMEs. Dr. Alade also highlighted the need for collaboration with fintech firms and the adoption of cutting-edge technologies like AI, big data analytics, and blockchain to enhance service delivery and operational efficiency.
Furthermore, she called for greater emphasis on sustainability, encouraging banks to integrate Environmental, Social, and Governance (ESG) principles into their operations by financing renewable energy, eco-friendly infrastructure, and climate-smart agriculture. According to her, targeted financial products aimed at underserved groups are essential for enhancing economic participation and promoting financial inclusion.
On cybersecurity, Dr. Alade warned about the increasing threat of cybercrime, noting that Nigerian banks lost approximately ₦9.5 billion to various forms of fraud in 2023, with over 90% of these cases linked to digital banking scams. She urged financial institutions to strengthen their cybersecurity infrastructure, improve employee training, and enhance customer awareness.
She concluded her address by calling for collaboration between banks, regulators, and policymakers to implement necessary reforms for a resilient and future-ready banking sector. “The question is no longer whether Nigerian banks can lead the economic transformation—it is whether they will. The time to act is now. Let us build a banking sector that is both profitable and a pillar of Nigeria’s economic progress,” she declared.
Earlier in his address, CIBN President and Chairman of Council, Prof. Pius Deji Olanrewaju, described the induction as a milestone for the new members. He emphasized the importance of digital transformation, ethical leadership, and continuous learning, citing reports indicating that digital leaders in banking achieve 3.5 times higher revenue growth than their peers.
Prof. Olanrewaju also referenced the 2023 Edelman Trust Barometer, which found that financial institutions with strong ethical practices enjoy 26% higher customer trust scores. He urged the inductees to actively engage in the Institute’s initiatives and focus on professional development through the CIBN Centre for Financial Studies.
The 1,270 inductees were admitted into various categories, including 4 Chartered Banker/MBA Route members, 53 SMP, AMP/Chartered Banker Route members, 803 Regular Chartered Banker Route members, 27 MSc/Chartered Banker Route members, and 383 MCIB members. Special recognition was also given to international inductees from Sierra Leone, The Gambia, and other countries.
The ceremony ended with Prof. Olanrewaju encouraging the new members to embrace the CIBN’s LEGACY Agenda, which promotes purposeful action for shaping the future of Nigeria’s banking profession.
