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Introduction

Professional ethics are a set of values that individuals should strive to follow. These values
include kindness, compassion, integrity, responsibility, tact and follow-through. Companies can
choose to include their interpretation of professional ethics in the employee handbooks or it can
be an implicit expectation. Social responsibility encompasses the responsibilities of individuals
to the society at large.

From time immemorial, ethics has been recognised as the foundation of individual and collective
success and even, the building of a nation. An important approach to exploring values is ethics.
In the banking industry and financial sector, there had been a rising interest in ethical behaviour.
The Nigerian standards of banking practice which is highlighted in the Chartered Institute of
Bankers of Nigeria code of conduct stress ethics and professionalism, observance of the law,
honouring of commitments and fairness in dealing with customers. Apart from this, the Bankers’
Committee also issue the Code of ethics and Professionalism in the Banking and Finance
Industry.

Professional ethics are a set of standards that are used for making decisions in the workplace.
Managers use these standards to clarify decision-making when there are gray areas relating to the
topic on hand. The use of ethics prevents professionals from taking advantage of other
employees or the company. Employees who are ethical build trust and respect amongst others at
the company which can lead to more opportunities within the organization.

History of Chartered Institute of Bankers of Nigeria

The Chartered Institute of Bankers of Nigeria (CIBN) is the umbrella professional body for
bankers in Nigeria. The CIBN was incorporated in 1976 as the Nigerian Institute of Bankers. It
was chartered in 1990, and is now covered by the CIBN Act 5 of 2007. The Institute is
authorized to control entry into the banking profession, to set standards for bankers and to
maintain professional ethics through sanctions of erring members. Corporate members include
the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation and all Deposit Money
Banks, Development Banks, Mortgage Banks, Micro Finance Banks and Discount Houses in
Nigeria.

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A central feature of the chequered history of the Chartered Institute of Bankers of Nigeria has
been the sustained struggle to enthrone professional excellence in the banking industry in
Nigeria. This struggle, based essentially on the need to jealously guard, preserve and positively
project on the noble profession of banking, which is based on the principle of "Trust and
Honesty", has not been easy considering the numerous problems associated with a developing
banking industry and the Nigerian economy in general. Yet in spite of daunting odds faced in
this turbulent journey, it is to the eternal credit of the founding fathers, successive leaders of the
Institute, captains of the industry and regulatory bodies, that significant and giant strides have
been made within the banking industry.

The history of the Institute dates back to November 28, 1963 when one hundred and twenty four
bankers assembled at Randle Hall, Surulere and consequently passed a resolution for the
establishment of the Local Centre of the Institute of Bankers, London, in Nigeria with the
mandate of promoting banking education in Nigeria and esprit-de-corps among professional
bankers.
Thirteen (13) years after being successfully run as a local center and having gained considerable
administrative experience and recorded significant success in training and educating its
members, the Institute was registered in 1976 as the Nigerian Institute of Bankers, a company
limited by guarantee. But it was not until 1977 that it became operational and autonomous. The
metamorphosis of the Local Centre into the Nigerian Institute of Bankers represents a story of
particular worth in that the attainment of this autonomous status was a fulfillment of a dream
long conceived.

Thirteen years of the Institute as a local center, was a period that saw the unflinching loyalty of
the early Nigerian bankers to the building of a profession with evergreen offshoots offering
shelters to numerous professional bankers.

Chartered Status

The most significant landmark in the Institute's history is the attainment of a Chartered Status,
achieved on May 18th, 1990 by the Federal Government Act No. 12 of 1990. Published in
official gazette No. 27 of May 18, 1990, the Decree gives backing to the Institute to control entry
into the banking profession set standards for bankers to comply with and maintain professional

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ethics through sanctions of erring members. The promulgation of this enabling decree is no
doubt in recognition of the untainted records of the legion of successes recorded in the few years
of the Institute's existence. Furthermore, it provides for a change in nomenclature from Nigerian
Institute of Bankers to the Chartered Institute of Bankers of Nigeria (CIBN).

Following the growing concerns about unethical and unprofessional practices in the Nigerian
banking and finance industry, which are capable of eroding public confidence in the industry, the
Governor of the Central Bank of Nigeria (CBN) articulated the urgent need for operators to take
steps to combat the emerging menace. In line with the provisions of the applicable laws, the
Governor sought the co-operation of the banks through the Bankers’ Committee.
Office Holders of CIBN

Mr. Segun Aina, OFR, FCIB - President/Chairman of Council

Mr. Segun Aina, OFR, FCIB, a thorough bred banker, has before becoming President/Chairman
of Council, served the Institute in various capacities including, 1st Vice President 2010 – 2012;
2nd Vice President 2004 -2006; Chairman, Board of Fellows, 2010 – 2012 and Chairman, Board
of Practice Licence. Other areas where he had contributed to the growth of the Institute were as
Chairman, Council Ad-Hoc Committee on Placement of ACIB in Government Schemes of
Service, 2011 – 2012; Chairman, Corporate & Public Affairs Committee, 2004 -2008; Chairman,
Strategic Planning Committee (2004 – 2006) and member Governing Council of the Institute,
1998 to 2006.

Otunba (Mrs) 'Debola Osibogun, FCIB - 1st Vice President

Otunba (Mrs.) Debola Osibogun is an accomplished banker with extraordinary years of cognate
experience and a seasoned technocrat with decades of experience spanning across various areas
in the banking and finance sector. She is currently the 1st Vice-President of the Chartered
Institute of Banker of Nigeria (“CIBN”). Her past track record in the financial industry includes
Managing Director of Skye Trustees Ltd, Deputy General Manager of Skye Bank Plc., General
Manager of Co-operative Bank Plc., and Managing Director of Coop Savings & Loans Ltd.
Her service to the CIBN spans over several years. Having qualified as an Associate of the
Chartered Institute of Bankers of Nigeria (ACIB) in 1994, and conferred with the Fellowship

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status of the Institute (FCIB) in 2005, she has served as the 2nd Vice President of the CIBN;
Chairman, Disciplinary Tribunal, CIBN; Chairman, Ad-Hoc Committee on Annual Bankers
Dinner; Chairman, Publicity and Image Management Committee, CIBN; Chairman, Staff
Restructuring Committee, CIBN; Member, Executive Committee, CIBN Ibadan Branch;
Examiner, Mortgage Finance; Member Research & Publication Committee, CIBN. She has also
served the Institute in other areas, including Member, CIBN Governing Council; Chairman,
CIBN Ibadan Branch; Zonal Chairman, Association for Professional Women Bankers Oyo/Osun
States Zone; Member, Disciplinary Tribunal, CIBN; and Member Editorial Board of Bankers
News.

Deacon Segun Ajibola, Ph.D, FCIB - 2nd Vice President

Deacon Joseph Olusegun Ajibola, Ph.D., FCIB was equally elected as 2nd Vice President of the
Institute at the Annual General Meeting held on May 19, 2012. Prior to this, he had been
National Treasurer, 2008 – 2010; Chairman, Finance & General Purpose Committee, 2008 –
2010; Chairman, CIBN Press Limited, 2009 – 2010; Member, Lagos Multi Door Court House,
Lagos State Judiciary, 2009 – date; Member, Governing Council, 2004 – 2008; Chairman, CIBN
Lagos Branch, 2006 – 2008 and Chairman, CIBN Investment Sub-Committee, 2006. He had also
served as Member, Council Ad-hoc Committee on AGM/Elections 2006; Member, Finance &
General Purposes Committee, 2006; 1st Vice Chairman and Chairman of Consultancy
Committee of the Branch, 2002 – 2006; 2nd Vice Chairman and Chairman of Lagos Bankers
Nite Committee of the Branch, 2000 – 2002; Assistant Branch Secretary, CIBN Kano Branch,
1990 – 1992 and Member, Faculty on Practice of Banking. He was also a member, Board of
Directors, Accion Microfinance Bank Limited, 2010 – 2011.

Mr. Uche Messiah Olowu, FCIB - National Treasurer

Mr. Uche Messiah Olowu was elected the Institute’s National Treasurer for the second time
having served in this capacity from 2010 - 2012. Mr. Olowu has served the Institute in other
areas such as: Chairman, Finance and General Purposes Committee, 2010 - 2012; Member, Staff
Restructuring Committee, the Chartered Institute of Bankers of Nigeria, 2011; Vice Chairman,
CIBN Port Harcourt Branch 1988; Vice Chairman, CIBN Local Organizing Committee on
Bankers Conference, 1999; Chairman, CIBN Port Harcourt Branch, 2000 – 2008; Member,

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CIBN Council Ad – hoc Committee on AGM/Elections, 2002; Member, CIBN Governing
Council, 2002 – 2004; Member, CIBN Membership and Branch Development Committee, 2002
– 2004 ; and Member, CIBN Education Committee, 2004 – 2006.

'Uju M.Ogubunka, Ph.D, FCIB - Registrar/Chief Executive

Dr. 'Uju M. Ogubunka, a Chartered Banker, was in full time banking practice for twenty-three
years before venturing into consulting, research, training, mediation and public speaking in 1998
prior to his joining the Institute as Director, Consultancy, Training and Research in 1999.
In 2006, he was appointed the Registrar/Chief Executive, The Chartered Institute of Bankers of
Nigeria.He holds a Ph.D in Banking and Finance from the Federal University of Technology,
Owerri and he is a Fellow of the Chartered Institute of Bankers of Nigeria and an Associate,
Chartered Institute of Bankers, London. He is also a member of Body of Neutrals, Abuja Multi-
Door Court House.

The Bankers' Committee

The Bankers’ Committee, in its determination to sanitize the practice of banking and finance in
Nigeria and instill discipline in the profession, established the Subcommittee on Ethics &
Professionalism on 19th December, 2000. The mandate of the Subcommittee was to:

 Identify practices and conducts considered unethical in the industry

 Develop an acceptable code of ethics and professionalism, and put in place effective
machinery for enforcing compliance.

The Subcommittee, made up of 15 members, began its work of soliciting memoranda from all
the banks and financial institutions in Nigeria, in addition to a Discussion Paper from Chief (Dr.)
J. O. Sanusi, FCIB, the then Governor of CBN. It thereafter synthesized the inputs and following
several working sessions, arrived at this Code. The Code contains a list of acts, conducts,
commissions and omissions classified as unethical and unprofessional as well as the framework
for addressing these in the business of banking and finance in Nigeria. Thus, the Code also
provides the procedure for dealing with complaints and the sanctions for infractions of its
provisions.

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Objectives of the Code of Ethics

The overall objectives of the Code of Ethics & Professionalism in the Banking and Finance
Industry are to ensure the highest level of adherence to good banking practice and a strong
commitment to high ethical standards in the banker-customer relationship. The aim of the Code
is also to enable financial institutions, regulatory bodies, employees of banks and members of the
Institute to know in clear terms what acts, conducts, commissions and omissions and practices
are considered unethical and unprofessional and the appropriate sanctions that would apply for
non-compliance with the Code. It is expected that this Code would bring about discipline and
professionalism in the banking and finance industry.

Vision Statement

To be the global reference point for professionalism and ethics in the banking and finance
industry through thought leadership and capacity building.

Core Values

- Professionalism
- Integrity
- Excellence
- Transparency
- Ethics
- Commitment

The Principal Social Responsibilities

These include the determination of the standards of knowledge and skills to be attained by
persons seeking to become members of the banking profession, conducting professional
examinations leading to the award of certificates and ensuring the furtherance , maintenance and
observation of ethical standards and professionalism among practitioners of the banking
profession in Nigeria.
The Institute shall have responsibility to:

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a. Determine the standards of knowledge and skills to be attained by persons seeking to
become members of the banking profession;
b. Secure in accordance the provisions of this act, the establishment and maintenance of a
register of members of the banking profession in the categories of ordinary members,
student members, graduate members, associates, honorary senior members, honorary
fellow and fellows of the Institute and a register of corporate members.
c. Conduct professional examinations leading to the awards of certificates as may be
prescribed by the Institute; and
d. Ensure the furtherance, maintenance and observance of ethical standards and
professionalism among practitioners of the banking profession in Nigeria.

e. A member shall act and conduct himself in a responsible and professional manner at all
times.
f. A member shall ensure that major irregularities observed in the work place are reported to
designated officers in line with the existing Whistle Blowing Policy where applicable.
g. A member shall honour invitations from law enforcement agents in the course of their
investigation and act as witness in court/alternative dispute resolution mechanisms when
required.

The subcommittee on ethics and professionalism

Objectives of the Subcommittee

 To ensure the highest level of adherence to sound and generally accepted banking
practice.

 To ensure a strong commitment to good banking practice.

 To uphold the integrity of the banking profession in order to instill public confidence in
the banking system.

Duties of Subcommittee

 To develop standard and codes for ethical and professional banking practice.

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 To consider complaints from bank customers, the general public and from within the
banking system.

 To consider complaints by banks against the regulatory authorities or other banks and
vice versa.

 To consider complaints from bank staff against their employers or vice versa.

 To cause enforcement of decisions approved by the Bankers’ Committee.

Membership of the Subcommittee

The membership is made up of CBN, NDIC, CIBN and 7 banks. The Institute has corporate and
individual members. Corporate members are: The Central Bank of Nigeria, The Nigeria Deposit
Insurance Corporation, all Deposit Money Banks, Development Banks, Mortgage Banks, Micro
Finance Banks and Discount Houses.

Secretariat of the Subcommittee

The Chartered Institute of Bankers of Nigeria, Ethics & Professionalism Division performs the
Secretariat functions of the Subcommittee. The Registrar/Chief Executive is the Secretary,
Subcommittee on Ethics & Professionalism.

Conditions for Handling Cases

1. Cases above six years.

2. Cases of less than N1million in value.

3. Cases before courts of law (except referred by the Court through an Order)

4. Cases currently before the Central Bank of Nigeria (CBN), or previously ruled upon by
CBN and/or other relevant regulatory bodies except on express request by CBN and/or
other relevant bodies to review such a case(s)

5. Cases previously adjudicated upon by the Sub-committee except on appeal

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6. Cases where claims relate to request for damages/compensation

7. Criminal Cases

8. ATM and Electronic Banking Cases

9. Cases filed without customer’s mandate

10. Cases where the debt on bank account have been bought over by AMCON

11. Decision of the Sub-committee confirmed by the Bankers’ Committee shall be final

Framework/Procedure for Handling Reported Cases

The Subcommittee shall apply the following procedures for handling cases brought before it:

 The complaint shall:

a. contain the name and address of the complainant and the bank; and

b. state briefly and clearly the complaint(s).

 Where the complainant uses the services of a Consultant, a letter of authority must be
obtained.

 All complaints/reports should be submitted to the Secretariat of the Subcommittee i.e.


CIBN, in duplicate.

 Such complaints are to be acknowledged immediately. The letter of acknowledgement


should include a clause prohibiting all parties to any issue before the Subcommittee from
commenting on the matter in the mass media pending the determination of the case or
going to Court.

 The Secretariat shall request for response from the defendant or other parties mentioned
in the petition before it.

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Office of CIBN

The Lagos Branch of Chartered Institute of Bankers of Nigeria, (CIBN) was established in
November 1963 as Lagos Local Centre of the London Institute of Bankers through the initiative
of dedicated and committed bankers and support of the Bankers’ Committee which comprised all
the licensed banks in Nigeria and the Central Bank of Nigeria.

The Lagos Centre made up of 124 members then lived up to the expectation of a local centre by
having as its focus, the continuing education and training of its members. This local centre
formed the nucleus of the Chartered Institute of Bankers of Nigeria which was registered in
1976, formerly launched in 1977, and Chartered on 18th May, 1990 with the promulgation of
Decree No. 12 of 1990 by the Federal Military Government of Nigeria. The Lagos Branch
formerly took off on the 20th May, 1978 as the premier Branch, and has since then be playing
leading roles in the affairs of the Institute.

The Branch pioneered creation of other branches in major towns across the country. The Institute
now has a membership of about 70,000, 65% of which are members of Lagos Branch.

EXECUTIVE COMMITTEE MEMBERS


 Mr. Bayo Olugbemi, FCIB - Branch Chairman
 Mr. Bolade Agbola, FCIB - 1st Vice Chairman
 Mrs. Silifat Ige, ACIB - 2nd Vice Chairman
 Mr. Kola Abdul, ACIB - General Secretary
 Mr. Funmi A. Adedayo, FCIB - 1st Assistant Secretary
 Mr. Sayeed O. Adeyemi, ACIB - 2nd Assistant Secretary
 Mr. Gbenga Olutimehin, FCIB - Financial Secretary
 Ms. Bisi Aderonmu, ACIB - Assistant Financial Secretary
 Mr. Peter Ashade, FCIB - Honourary Treasurer
 Mr. Bolade Akintola, FCIB - Honourary Auditor
 Mr. Marcel Okeke - Publicity Secretary
 Mrs. M. O. Ojo, ACIB - Social Secretary
 Mr. Femi Ogunderu, FCIB - Branch Controller

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Conclusion

The issue of code of ethics and professionalism is of great importance to bankers and the general
public. Considering the requirements of banks for protection of the rights and interests of
innumerable depositors, establishment of stability and confidence in financial markets and
economic development, it is very paramount for banks to also ethically pursue their operations in
compliance with the principles of integrity, impartiality, reliability, transparency, social
responsibility and controlling of money laundering (Carse, 1999).

These concepts have been variously defined to fit the situations of various professions under
consideration. However, efforts are made in this assignment to narrow down the various
definitions to banking sector. “Professional Ethics is often referred to standards of conduct,
standards that indicate how one should behave on moral duties and virtues, which themselves are
derived from principles of right and wrong. According to Baker (1999), Codes of Ethics in the
banking industry worldwide cover important and fundamental aspects of principles and
professionalism for their member. A formal code of ethics is the hallmark of professionalism
everywhere. Also Professionalism from professional ethics is the moral standards, principles and
regulations that guide the course of professional behaviour.

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References

Cottell, P.G. and Terry, M.P. (1990), “Accounting Ethics: A Practical Guide for

Professionals”,Westport, Quorum Books.

Dike, O. (2009). “Banks: One Crisis Too Many”. Newswatch Magazine, 1-2. retrieved on 19th

February, 2012.

Ebhodaghe, J.U. (1997), "Deposit Insurance: The Nigerian Experience and Future Perspectives”.

A Paper presented at a seminar on issues in Central Banking and Bank Distress in Sub
Saharan African Countries, At CBN Training Centre, Lagos

Ebhodaghe, J.U. (1996), "Implications of Failed Banks on the Nigerian Economy " NDIC

Quarterly, Volume 6

Paper presented at the annual symposium organised by the Dynamic Bankers’ Club of the

Federal Polytechnic, Ado-Ekiti, Nigeria on 19th March 2010.

"Introduction". Chartered Institute of Bankers of Nigeria. Retrieved 2010-03-03.

https://www.cibng.org/cb_ethics.asp

https://www.linkedin.com/company/the-chartered-institute-of-bankers-of-nigeria-cibn-

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