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    CIBN Inducts 1,212 Members, Urges Adaptation to New Changes

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The Chartered Institute of Bankers of Nigeria (CIBN) has inducted 1,212 graduated banking professionals,  urging them to continuously learn and adapt to new changes.

The President/Chairman, CIBN, Dr Ken Opara, gave the advice at the 2023 CIBN graduates induction and prize award on Saturday in Lagos.

The News Agency of Nigeria (NAN) reports that the ceremony has its theme as: “The Dynamics of Work and Current Realities: The Way Forward for Financial Service Professionals.

Opara said that the theme resonated deeply with the rapid changes that had continued to shape the landscape in the financial services sector.

“We live in a world of unceasing transformation, fuelled by the convergence of technological breakthroughs, shifting market dynamics, and changing customer expectations.

“According to a report by the World Economic Forum in ‘Future of Jobs Report 2022’; it was noted that by 2025, emerging technologies such as artificial intelligence, robotics, and data analytics are expected to drive significant shifts in labour markets, necessitating new skills and adaptability from professionals across all industries.

“Statistics from the same report underline the urgency of embracing change: approximately 40 per cent of the core skills required to perform existing roles in financial services sector are expected to change by 2025.

“This underscores the importance of aligning our skill sets with the emerging demands of the industry, enabling us to navigate the disruptions and seize the opportunities that lie ahead.

“It is imperative to state that as an institute, we are in tune with the dynamics shaping the financial services landscape and recognise the profound impact of technological innovations, which have orchestrated a significant transformation within our industry,” he said.

The CIBN president pledged the institute’s commitment to executing strategic capacity-building initiatives that would bridge skill gaps and empower professionals.

According to him, this will help them to remain at the forefront of industry advancements while also ensuring their sustained competence in an ever-evolving landscape.

Opara, who celebrated the inductees, said that they represented the future of the industry.

He said, “We are confident that your knowledge, skills, and ethical values will contribute significantly to the continued growth and development of the financial services landscape in Nigeria and beyond.”

The CIBN president, later announced that going forward, the induction ceremony of the institute would hold twice a year, beginning from February 2024.

This, he said, was a strategic move by the institute to ensure it turned out graduands more rapidly and enable them use the ACIB/MCIB designations almost as soon as they completed their programme.

The institute inducted a total of 1,212 graduates, comprising 27 from the CBMBA route, 29 from the MSc/ACIB route, 354 with the ACIB designation, and 804 as Microfinance Certified Bankers.(NAN)

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NAICOM, RMAFC Collaborate on Economic Diversification 

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By Tony Obiechina, Abuja 

The Commissioner for Insurance and CEO, Mr. Olusegun Ayo Omosehin, and his management team have met with the members of the Constitutional Committee on “Mobilisation and Diversification” of the Revenue Mobilisation Allocation and Fiscal Commission ( RMAFC) led by Engr.

Sani Mohammed Baba, to explore ways of diversifying the Nigerian economy.
 

During their working visit to NAICOM Headquarters, Mr.

Olusegun Ayo Omosehin, in his opening remarks, reaffirmed the critical role of the insurance sector regulator in supervising, regulating, and safeguarding the interests of insurance policyholders. 

He highlighted insurance’s pivotal role in mobilising savings for long-term developmental projects and enabling businesses to thrive while managing risks effectively.

 

He also stressed the Commission’s commitment to ensuring insurance companies meet their obligations, thus contributing to the sustainability of the economy.

Speaking, Mohammed Baba emphasised the importance of revenue generation, institutional expansion, and employment creation for Nigerians through collaborative efforts.

The Commissioner for Insurance also acknowledged President Bola Ahmed Tinubu’s ambitious goal of growing the Nigerian economy to One Trillion United States Dollars ($1 trillion) by 2026. 

He expressed the insurance sector’s intent to significantly contribute to this objective. Additionally, he mentioned ongoing efforts to embed insurance within the National Credit Scheme to ensure its sustainability.

Omosehin stressed the need for continuous advocacy and sensitization of government institutions about the vital role of insurance in national economic development.

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CBN Unveils Strategy to Boost Remittances, Grants AIP To 14 New IMTOs

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By Tony Obiechina, Abuja 

The Central Bank of Nigeria (CBN) has activated plans to double foreign-currency remittance flows through formal channels by granting 14 new International Money Transfer Operators (IMTOs) Approval-in-Principle (AIP).

This was disclosed in Abuja on Wednesday, by the Bank’s Acting Director of Corporate Communications, Mrs.

Hakama Sidi Ali, who stated that the initiative will help increase the sustained supply of foreign exchange in the official market by promoting greater competition and innovation amongst IMTOs to lower the cost of remittance transactions and boost financial inclusion.
 

She said, “This will spur liquidity in Nigeria’s Autonomous Foreign Exchange Market (NAFEX), augmenting price discovery to enable a market-driven fair value for the naira.

“It will be recalled that the CBN Governor, Mr. Olayemi Cardoso, had recently declared: “We’ve set ourselves a target to double remittance flows into Nigeria within a year, a goal I firmly believe is within reach. 

“We are wasting no time driving progress to remove any bottlenecks hindering flows through formal channels permanently. We have a determined pathway and a sequenced approach to tackling all challenges ahead, working hand in hand with key stakeholders in the remittance industry,” she stated.

Continuing, Sidi Ali, said that the CBN viewed increasing formal remittance flows—one of the major sources of foreign exchange, accounting for over 6% of GDP—as a means of reducing the historical volatility in Nigeria’s exchange rate caused by external factors, such as fluctuations in foreign investment and oil export proceeds.

The increase in the number of IMTOs is one of the primary actions initiated by the CBN’s remittance task force, overseen by Governor Cardoso as a collaborative unit pulling together specialists to work closely with the private sector and market operators to facilitate the ease of doing business in the remittance ecosystem in Nigeria. 

The task force was established as a direct result of an executive learning session with IMTOs during the World Bank/IMF Spring Meetings held in Washington DC, United States of America, in April 2024. The task force will meet regularly to implement strategy and monitor the impact of its measures on remittance inflows.

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Tinubu Inaugurates Critical Gas Projects, Reassures Energy Sector Investors

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By Matthew Dadiya, Abuja

President Bola Tinubu has reassured investors in the energy sector of his administration’s resolve to further enhance the business environment and ensure investment convenience.

The President spoke Wednesday at the inauguration of three milestone projects, including the expanded AHL Gas Processing Plant; the ANOH Gas Processing Plant, and the 23.

3km ANOH – Obiafu-Obrikom-Oben (OB3) Custody Transfer Metering Station Gas Pipeline.

In a speech during the virtual inauguration of the projects at the State House, Tinubu also assured citizens that his administration is stepping up its coordination of other landmark projects and initiatives that will ensure the earliest realization of gas-fueled prosperity in the country.

 

The President, according to a statement by Special Adviser on Media and Publicity, Ajuri Ngelale, noted that the projects were fully in line with the Decade of Gas Initiative and his administration’s vision to grow value from the nation’s abundant gas assets, while concurrently eliminating gas flaring and accelerating industrialization. 

“This event is highly significant to our country as it demonstrates the administration’s concerted efforts to accelerate the development of critical gas infrastructure geared at significantly enhancing the supply of energy to boost industrial growth and create employment opportunities.

“It is pleasing that when these projects become fully operational, approximately 500MMscf of gas in aggregate will be supplied to the domestic market from these two gas processing plants, which represents over 25% incremental growth in gas supply. 

“In practical terms, this is more gas to the power sector, gas-based industries, and other critical segments of the economy. I, therefore, commend the strategic vision of the NNPC Limited and its partners, Sterling Oil Exploration & Energy Production Company Limited (SEEPCO) and Seplat Energy Plc, for this laudable and value-adding projects,” President Tinubu said.

The President said his government remains determined in its bid to leverage the nation’s vast gas capacity to drive economic growth. 

“Aside from the presidential CNG initiative which is aimed at moving the good people of Nigeria away from petrol and diesel as vehicular combustion fuel, significant progress has also been recorded in incentivizing gas development through Presidential Directives.

“The theme of this inauguration – ‘From Gas to Prosperity; Renewed Hope’, must be adopted by all gas-sector participants and would-be investors as a clarion call to ramp up efforts to accelerate investment and developments of projects in the gas sector on a win-win basis.

“I would once again commend the efforts of NNPC Ltd, alongside SEEPCO and Seplat Energy, on this business partnership initiative, and congratulate you all on the successful implementation of the three projects,” the President said.

President Tinubu also reiterated his government’s resolve to continue to provide support in deepening domestic gas utilization, increase national power generation capacity, revitalize industries, and create multiple job opportunities for economic growth.

“Today, I have the singular honour to inaugurate the expansion of the AHL Gas Processing Plant, the ANOH Gas Processing Plant, and the 23.3Km ANOH to Obiafu-Obrikom-Oben (OB3) Custody Transfer Metering Station Gas Pipeline Projects in line with my administration’s resolve to provide energy for Nigerians, and to use our vast natural gas resources to transform Nigeria,” the President stated.

May 15, 2024

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