CIBN Syllabus

STITUT
D IN E
RE
O
E
FB
TH E CH ART
AN K ER S
OF
NIGERIA
THE CHARTERED INSTITUTE OF

BANKERS OF NIGERIA
BANKING PROFESSIONAL
EXAMINATIONS
Regulations and Syllabus
BANKERS HOUSE
PC 19, ADEOLA HOPEWELL STREET, P.O. BOX 72273
VICTORIA ISLAND, LAGOS, NIGERIA
TEL: 4617924, 4610655; Tele/Fax: 4618930
Care Centre: 0700DIALCIBN (070034252426)
Email: exams@cibng.org
Website: www.cibng.org
Year 2010
EFFECTIVE
JANUARY 2014
i
Published by:
The Chartered Institute of Bankers of Nigeria
Bankers House
PC 19, Adeola Hopewell Street
P. O. Box 72273
Victoria Island, Lagos.
© Copyright (2014)
The Chartered Institute of Bankers of Nigeria
Printed by:
The CIBN Press Limited
7, Turton Street
Sabo-Yaba, Lagos
Tel: 08055314308
ii
PREFACE
The Institute reviews its Professional Banking Examinations Regulations and Syllabus every three years. This
is to ensure that the contents are contemporary and cover emerging relevant issues within and outside the
banking and finance industry that have implications for human capacity knowledge, skills and competencies.
Consequent on the above, the Institute has reviewed the 2010 Regulations and Syllabus. The new Regulations
and Syllabus has been designed to address emerging and contemporary issues taking into cognisance,
identified skill gaps, the Competency Framework for the Nigerian Banking Industry and global best practices.
The central objective of this initiative is to ensure that candidates taking the professional banking examinations
are adequately equipped with knowledge and skills required to function effectively at various levels not only in
the banking and finance industry but also in all sectors of the economy.
The new Regulations and Syllabus is a product of extensive domestic and international studies, consultations
and assessments initiated by the Institute to evaluate the structure and contents of the hitherto subsisting
Regulations and Syllabus.
In the new Regulations and Syllabus, the professional banking examinations have been structured into three
levels – Diploma, Intermediate Professional and Chartered Banker - effective January 2014. However, a
transition period of one year (i.e. two examination diets) commencing from April 2014 is allowed during which
time the current Regulations and Syllabus and the new one will be used concurrently for April and October 2014
professional examinations. The new Regulations and Syllabus will thereafter, constitute the only one for the
professional banking examinations from April 2015 until further review and notice. Subjects hitherto passed by
candidates under the current Regulations and Syllabus will be recognised as passed under the new Regulations
and Syllabus.
It is important to emphasise that, unlike in the past, under the new Regulations and Syllabus, candidates shall
be issued appropriate certificates at the successful completion of each level.
The new Regulations and Syllabus has been enriched with contents that meet the demands on the 21st century
professional Chartered Banker and has also been aligned with the contents of the Competency Framework for
the Banking Industry in Nigeria. It is therefore, highly recommended for anyone who wishes to rise to the
summit of his/her career as a Professional Chartered Banker, irrespective of his/her occupation in the economy.
‘Uju M. Ogubunka, Ph.D., FCIB

Registrar/Chief Executive
November, 2013
iii
CONTENTS
Page
REGULATIONS AND SYLLABUS STRUCTURE
Preface iii
Introduction vi
Objectives, Vision and Values vi
Syllabus Structure vii
Diploma Examination ix
Intermediate Professional Level ix
Chartered Banker Level ix
Transition Period x
General Regulations x
Examination Results Appeal Process xiii
Exemptions xiv
Examination Misconduct: Offences and Penalties xxvi
Important Notices xxviii
DIPLOMA LEVEL
Elements of Banking 2
Basic Economics 7
Accounting and Business Finance 12
Business Law 19
Fundamentals of Marketing 22
Information and Communication Technology 25
Quantitative Techniques 32
Business Communication Skills 39
INTERMEDIATE PROFESSIONAL LEVEL

Financial Economics 43
Financial and Management Accounting 48
Marketing of Financial Services 52
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International Trade and Finance 59
Strategic Management and Leadership 64
Corporate Financial Management 69
CHARTERED BANKER LEVEL

(a) Core Subjects (Compulsory)
Banking Law, Ethics and Corporate Governance 78
Bank Lending and Credit Administration 84
Management of Financial Institutions 89
Practice of Banking 94
(b) Electives (candidate to choose any one)

Financial Planning and Control 100
Treasury Management 105
Human Capital Management 110
Banking Regulation and Supervision 116
Principles and Practice of Risk Management 121
SOME USEFUL HINTS ABOUT STUDYING 126
CIBN ANNEX, ZONAL OFFICES AND BRANCHES 129

LIST OF ACCREDITED INSTITUTIONS 136
LIST OF LINKAGE INSTITUTIONS 137
DIRECTORY OF CIBN ACCREDITED TUITION CENTRES 138
LIST OF CERTIFICATION PROGRAMMES 140
v
REGULATIONS & SYLLABUS STRUCTURE
1.0 INTRODUCTION
The history of the Chartered Institute of Bankers of Nigeria dates back to 28th November, 1963 as
a Lagos Local Centre of the Chartered Institute of Bankers of London. It was incorporated as a
company limited by guarantee in 1976 and attained a Chartered status on 18th May, 1990 with the
Federal Government Decree No. 12 of 1990, which was re-enacted as Act No. 5 of 2007.
The Statutory Responsibilities of the Institute are:

 To determine the standards of knowledge and skills to be attained by persons seeking to
become members of the banking profession;
 To secure, in accordance with the provisions of the 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
Fellows and Fellows of the Institute, and a register of Corporate Members;
 To conduct professional examinations leading to the award of certificates as may be
prescribed by the Institute;
 To ensure the furtherance, maintenance and observance of ethical standards and
professionalism among practitioners of the banking profession in Nigeria.
2.0 OBJECTIVES
 To enhance the quality of competencies through accreditation, certification and continuous
professional development.
 To be the preferred professional body for career development and progression opportunities.
 To enunciate and ensure adherence to best practices and strong commitment to ethical
behaviour.
 To strengthen our internal capacities of people, processes and technology to achieve
operational excellence.
 To be the preferred choice in research and intellectual discourse.
 To improve our relevance through strategic partnerships with regulators, operators and other
relevant bodies.
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3.0 VISION
To be the global reference point for professionalism and ethics in the banking and finance
industry through thought leadership and capacity building.
4.0 VALUES
Excellence
Professionalism
Integrity
Commitment
Ethics
Transparency
5.0 SYLLABUS STRUCTURE

The Governing Council of the Institute reviews the syllabus and structure of the Institute’s
Professional Examination periodically so that the contents can reflect the dynamic changes taking
place within the financial services industry. It is in this spirit that the syllabus and structure of the
Institute’s professional Examination had been recently reviewed.
The new Regulations and Syllabus structure will take effect from January, 2014. Linkages between
subjects have been included in the structure of the syllabus to enable candidates identify subjects
that are related and to develop adequate background knowledge for each level of the examination.
The new Regulations and Syllabus is divided into three levels, Diploma, Intermediate Professional and
Chartered Banker Levels.
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The table below shows the structure of the new syllabus compared with the old syllabus.
viii
6.0 DIPLOMA EXAMINATION
The new Diploma Examination consists of the following eight subjects: Elements of Banking, Basic
Economics, Accounting and Business Finance, Business Law, Fundamentals of Marketing,
Information and Communication Technology, Quantitative Techniques and Business
Communication Skills.
The objectives of the examination at the Diploma level include:

 To develop and expand the understanding of the Financial Service Environment
 To ensure a steady stream of Industry ready technical level professionals.
 To equip candidates with requisite knowledge and expose them to modern banking practice
and processes that will enable them fit in properly into the banking system from day one of
their employment.
7.0 INTERMEDIATE PROFESSIONAL LEVEL

The Intermediate Professional level consists of the following six subjects: Financial Economics,
Financial and Management Accounting, Marketing of Financial Services, International Trade and
Finance, Strategic Management, and Leadership and Corporate Financial Management.
The objective of this level of the examination is to provide candidates with the professional
knowledge and skills required to take up middle management role in the banking and finance
industry.
8.0 CHARTERED BANKER LEVEL

The Chartered Banker level consists of four core subjects and five electives (a candidate is
expected to select only one elective subject out of the five available subjects). Core subjects in this
level include: Banking Law, Ethics and Corporate Governance, Bank Lending and Credit
Administration, Management of Financial Institutions and Practice of Banking.
The objective of this level of the examination is to provide candidates with the professional
knowledge and skills required to take up senior management and leadership role in the banking
and finance industry.
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Electives
The elective subjects are as follows:
 Financial Planning and Control
 Treasury Management
 Human Capital Management
 Banking Regulation and Supervision
 Principles and Practice of Risk Management
9.0 TRANSITION PERIOD

A transition period of one year (i.e. 2 examination diets) commencing from January 2014 will be
allowed. In other words, the old Regulations and Syllabus and the new Regulations and Syllabus
will run concurrently for one year (2014) i.e. both will be used for April 2014 and October 2014
Professional Examinations. The new syllabus will thereafter constitute the only basis for the
Examination from the April 2015 diet. Subjects hitherto passed in the Old Syllabus will be carried
as passed in the New Syllabus.
10.0 GENERAL REGULATIONS

(i) Application for Membership
Application forms for membership registration are obtainable from the Institute’s website
(www.cibng.org), the National Secretariat, Lagos, National Secretariat Annex, Abuja, Eastern
Zonal Office, Owerri and branches nationwide. Prospective members are encouraged to
register on-line.
(ii) Annual Membership Subscription

Annual membership subscription fees are due by 1st January of each year.
(iii) Registration for Examination

Registration for examination is mandatory, candidates are expected to register for
examinations per diet.
(iv) Payments
Payments may be made in Bank Drafts or Bank Cheques in favour of The Chartered Institute
of Bankers of Nigeria, Lagos while on-line payments can be effected using ATM Cards, e-
Tranzact Cards, CIBN e-Tranzact, or Interswitch Debit/Cash Cards, instruments obtainable
from the branches of most banks.
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(v) Eligibility
Candidature is open to all individuals from all disciplines and all sectors of the economy who
are interested in becoming professional/chartered bankers, provided they meet the minimum
qualification requirements approved by the Governing Council, from time to time.
(vi) Entry Qualification for Examinations

 Diploma Examination: The minimum qualification for the Diploma level is Senior
Secondary School Certificate (Minimum of 5 credits, including English and Mathematics)
 Professional Examination: The minimum qualification for Intermediate Professional and

Chartered Levels could be any of the following: CIBN Diploma, Higher National Diploma,
First Degree, equivalent professional qualification recognised by the Institute, or any other
equivalent qualification from a recognised institution.
(vii) The approved minimum pass mark for all subjects is 50%
(viii) Exemption Forms

Exemption Application Forms are obtainable on-line or from the National Secretariat, Lagos,
National Secretariat Annex, Abuja, Eastern Zonal Office, Owerri and branches.
(ix) Examinations
(a) Membership Registration: Candidates for the examinations must have registered as
student members before the intended examinations. Membership registration numbers
obtained will be used as the examination numbers.
(b) Examination Diets and Entry Forms: The examinations shall be held bi-annually.
Candidates are expected to register for the examinations on-line or via manual forms as
may be specified in the Examination advertisement from time to time.
(c) Conduct of the Examinations

 The packets of question papers shall be opened by an accredited Examination
Superintendent in the presence of the candidates at the time of the examination.
 Candidates must endeavour to quote their correct examination numbers on their
answer scripts and adhere strictly to the examination rules and regulations.
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(d) Results: Results shall be released on-line soon after each examination but not later
than six (6) weeks.
(e) Fees: Examination entry forms must be accompanied by the appropriate fees.
(f) Payments: Payments may be made in Bank Drafts or Bank Cheques in favour of The
Chartered Institute of Bankers of Nigeria, while on-line payments can be effected using
ATM Cards, e-Tranzact Cards, CIBN e-Tranzact, or Interswitch Debit/Cash Cards,
instruments obtainable from the branches of most banks.
(g) Refund of Fees: Once an entry has been accepted, there will be no refund of fees.
However, fees can, on request, be carried forward to the next examination diet only.
Any request for deferment must be made at least one month to the examination date.
(h) Closing Dates: Examination entry forms with appropriate fees must be received by the
Institute not later than the advertised closing dates.
(i) Examination Centres: Examination Centres are as listed on the Institute’s website and
examination application form.
(j) Change of Centre: Change of examination centre is allowed only as a result of a

transfer from one location to another. Request for change of centre should be in writing
and must be received by the National Secretariat at least 3 weeks to the examinations.
(k) Correspondence: In all correspondence with the Institute concerning examinations,

candidates should please quote their membership numbers.
(i) Discipline: Disciplinary actions as prescribed by the Governing Council shall be taken
against any candidate found guilty of examination misconduct. Such disciplinary actions
are as stated below:
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11.0 EXAMINATION RESULTS APPEAL PROCESS
This process provides a guide on the steps of actions to be taken by anyone seeking a review of
his/her examination results:
1. Application for appeal must be made in writing, addressed to the Group Head, Capacity
Building & Certification Division. Such application must be received within one (1) month of
the release of result and must be accompanied with an evidence of payment of the
prescribed Appeal Processing Fee.
2. The Capacity Building &Certification division shall arrange for the paper(s) to be reviewed
by competent Examiner(s).
3. Candidate would be notified of the result of the review in writing not later than one month
from the date of receipt of the application.
4. Any candidate not satisfied with the response received shall make a formal appeal in writing
to the Registrar/Chief Executive.
5. The Registrar/Chief Executive shall review the case and revert to the candidate
6. A candidate who is not satisfied with the feedback from the Registrar’s Office may appeal to
the Institute’s Governing Council.
7. The Governing Council’s Secretariat shall refer such an appeal to the Capacity Building
&Certification Committee for consideration
8. The Capacity Building & Certification Committee would consider the appeal and make
recommendation to the Governing Council.
9. The Governing Council will take a position on the matter and the Capacity Building &
Certification division will convey Council’s decision to the candidate.
Appeal Processing Fee

Candidates making an appeal will be required to pay a non-refundable fee as may be prescribed
by CIBN from time to time. The fee is currently put at Thirty Five Thousand Naira only (₦35,000.00)
Penalties for Default

Any candidate who fails to follow the due process as stipulated in this Appeal Process shall be
made to face the Investigating Panel of the Institute after which the matter will be referred to the
Disciplinary Committee for appropriate sanctions.
xiii
NB
Please note that the Governing Council’s decision on the matter shall be final and no action shall
lie against the Institute and/or its officers.
12.0 EXEMPTIONS
Exemptions are subject to review from time to time. Currently, they are as follows:
(a) Exemptions for Diploma Examination
S/N Qualification Exemptions Applicable Subjects to be Examined

1 ND/NCE  All subjects at Diploma level  Quantitative Techniques
ND/NCE (Banking and EXCEPT Quantitative
Finance) or (Financial Techniques.
Studies) from Institutions
on Linkage Programme
2 CIBN-Accredited  All subjects at Diploma level  Information and Communication
Institutions EXCEPT Quantitative Technology
ND/NCE (Banking and Techniques and Information &  Quantitative Techniques
Finance) Communication Technology
3. Non-Accredited  Subject for subjects based on  Information and Communication
ND/NCE Official Transcript. Technology.
ND/NCE (Banking and  Quantitative Techniques
Finance) or (Business-  Elements of Banking**
related Courses)  Basic Economics**
 Accounting and Business Finance**
 Business Law**
 Fundamentals of Marketing**
 Business Communication Skills**
4 Other qualifications  Subject for subjects based on  Information and Communication
accepted by the Institute Official Transcript. Technology
 Quantitative Techniques
 Elements of Banking**
 Basic Economics**
 Accounting and Business Finance**
 Business Law**
 Fundamentals of Marketing**
** Exemption to be based on transcript(s)
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(b) Exemptions for ACIB Professional Examination

1. ACIB Degree/HND  All subjects at Intermediate Intermediate Professional Level
Linkage Professional level EXCEPT  International Trade and Finance
B.Sc./HND(Banking & International Trade and Finance.
Finance) from Chartered Banker Level
Institutions on the  Banking Law, Ethics and Corporate
Linkage Programme  Management of Financial Governance
Institutions at Chartered Banker  Bank Lending and Credit
level based on transcript Administration
 Practice of Banking
Plus one Elective from the following:

 Principles and Practice of Risk
Management
2. CIBN-Accredited  At Intermediate Professional Intermediate Professional Level
Institutions level, exemptions granted  International Trade and Finance
B.Sc./HND (Banking & include: Financial Economics,  Strategic Management and
Finance) from Financial & Management Leadership
Institutions accredited Accounting, Marketing of  Corporate Financial Management **
by CIBN Financial Services
Chartered Banker Level
 Banking Law, Ethics and Corporate
Governance
 Bank Lending and Credit
 None at Chartered Banker
Administration
Level
 Management of Financial Institutions

Management
xv
3. Non-Accredited  At Intermediate Professional level Intermediate Professional Level
Institutions exemptions granted include:  International Trade and Finance
B.Sc./HND (Banking & Financial Economics.  Strategic Management and
Finance) from Leadership
Institutions not  Financial and Management
accredited by CIBN Accounting
 Corporate Financial Management
 Marketing of Financial Services

 None at Chartered Banker Governance
Level  Bank Lending and Credit
Administration

Management
4. Related Disciplines  Subject for subject exemption at Intermediate Professional Level
B.Sc./HND in related Intermediate Professional level  International Trade and Finance
disciplines, e.g. with the EXCEPTION of  Financial Economics**
Business International Trade and Finance.  Financial and Management
Administration, Accounting**
Economics,  Strategic Management and
Accountancy, etc. Leadership**
 Corporate Financial Management**
 Marketing of Financial Services**

Governance
Administration
xvi
 None at Chartered Banker  Management of Financial Institutions
Level  Practice of Banking

Management
5 Other Related  Subject for subject exemption at Intermediate Professional Level
Professional Intermediate Professional level  International Trade and Finance
Qualifications with the EXCEPTION of  Financial Economics**
Holders of International Trade and Finance  Strategic Management and
Professional Leadership**
Qualifications e.g.  Corporate Financial Management**
ACA, ACCA, ACIS,  Marketing of Financial Services**
ACTI, ACS  Financial and Management
Accounting**
 None at Chartered Banker Chartered Banker Level
Level  Banking Law, Ethics and Corporate
Governance
Administration
Plus one Elective from the following
Management
6 ACIB/ M.Sc. Banking  All subjects at Intermediate Intermediate Professional Level
& Finance, MBF, Professional level EXCEPT  International Trade and Finance
MBA (Finance International Trade and Finance.
option) Linkage Chartered Banker Level
 Management of Financial
Governance
Institutions at Chartered Banker
level based on transcript
Administration
xvii
 Practice of Banking,

Management
7 M.Sc. Banking &  Subject for subject exemption at Intermediate Professional Level
Finance, MBF, MBA Intermediate Professional level  International Trade and Finance
(Finance option) based on Official Transcript with  Financial Economics**
the EXCEPTION of International  Financial and Management
Trade and Finance. Accounting**
 Marketing of Financial Services.**
 Strategic Management and
Leadership**
 Management of Financial Chartered Banker Level
Institutions at Chartered Banker  Banking Law, Ethics and Corporate
Governance
level based on transcript.
Administration
 Management of Financial
Institutions**
Management
8 MBA, M.Sc., Ph. D.,  Subject for subject exemption at Intermediate Professional Level
in Social and Intermediate Professional level  International Trade and Finance
Management Sciences with the EXCEPTION of  Financial Economics**
International Trade and Finance  Strategic Management and
Leadership**
 Financial and Management
Accounting**
xviii
 None at Chartered Banker Governance
Level  Bank Lending and Credit
Administration

Management
9 All Other  Subject for subject exemption at Diploma Level
Degrees/HND and Diploma and Intermediate  Elements of Banking**
Professional Professional levels with the  Basic Economics**
qualifications .e.g EXCEPTION of International  Accounting and Business Finance**
ACIPM,ANIM,ANIPR Trade and Finance  Business Law**
etc  Fundamentals of Marketing**
 Information and Communication
Technology**
 Quantitative Techniques**
Intermediate Professional Level

 International Trade and Finance
 Financial Economics**
Leadership**
Accounting**
xix
Governance
 None at Chartered Banker Administration
Level  Management of Financial Institutions

Management
** Exemption to be based on transcript(s)
(c) Exemptions for Practitioners.
Criteria for Eligibility

The criteria for eligibility are as follows
 The prospective candidate must have spent not less than 10 years in the Banking and Finance
Industry.
 He/she must have attained a minimum of manager grade.
 He/she has obtained an academic/professional qualification such as:
 B.Sc/HND in Banking and Finance
 B.Sc/HND in a related discipline like Economics, Business Administration and Accounting.
 ACA, ACIS, ACIPM or any other qualification as may be prescribed by the Governing Council
from time to time.
 Candidate must be registered with the Institute as a student or in any other membership category
except Graduate, Associate and Fellow grades.
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1 B.Sc./HND  All subjects at Intermediate Intermediate Professional
(Banking & Professional level EXCEPT Level
Finance) International Trade and Finance.  International Trade and
Finance
 Management of Financial Institutions Chartered Banker Level

at Chartered Banker level based on  Banking Law, Ethics and
transcript. Corporate Governance
Administration
Institutions**
Plus one Elective from the

following:
 Financial Planning and
Control
 Human Capital
Management
 Banking Regulation and
Supervision
 Principles and Practice of
Risk Management
2 Related  Subject for subject exemption at Intermediate Professional

Disciplines Intermediate Professional level with Level
B.Sc./HND in a the EXCEPTION of International  International Trade and
related discipline, Trade and Finance Finance
e.g. Business  Financial Economics**
xxi
Administration,  Financial and Management
Economics, Accounting**
Accountancy, etc.  Strategic Management and
Leadership**
 Corporate Financial
Management**
 Marketing of Financial
Services**

at Chartered Banker level based on  Practice of Banking,
transcript.  Bank Lending and Credit
Administration
 Banking Law, Ethics and
Corporate Governance
Institutions**

following
Control
 Human Capital
Management
Supervision
Risk Management
3 Other Related  Subject for subject exemption at Intermediate Professional
Professional Intermediate Professional level with Level
Qualifications the EXCEPTION of International  International Trade and
Holders of Trade and Finance Finance
Professional  Financial Economics**
xxii
Qualifications, e.g.  Strategic Management and
ACA, ACCA, Leadership**
ACIS, ACTI, ACS  Corporate Financial
Management**
Services**
Accounting**

Administration
Institutions**

following
Control
 Human Capital
Management
Supervision
Risk Management
4 M.Sc. Banking &  Subject for subject exemption at Intermediate Professional
Finance, MBF, Intermediate Professional level with Level
MBA (Finance the EXCEPTION of International  International Trade and
option) Trade and Finance. Finance
xxiii
 Financial and Management.
Accounting**
Services.**
Leadership**
Management**

Administration
Institutions**
following
Control
 Human Capital
Management
Supervision
Risk Management
5 MBA, M.Sc., Ph.  Subject for subject exemption at Intermediate Professional
D., in Social and Intermediate Professional level with Level
Management the EXCEPTION of International  International Trade and
Sciences Trade and Finance. Finance
xxiv
Leadership**
Management**
Services**
 Management of Financial Institutions Accounting**
at Chartered Banker level based on
transcript. Chartered Banker Level
 Banking Law, Ethics and
Corporate Governance
Administration
Institutions**

following
Control
 Human Capital
Management
Supervision
Risk Management
**Exemption to be based on transcript(s)
xxv
13.0 EXAMINATION MISCONDUCT: OFFENCES AND PENALTIES
S/N OFFENCES PENALTIES
1 Bringing into the Hall  Cancel all papers of the candidate at that particular
materials related to the examination.
examination.  Ban him/her from taking the examination for a minimum of
two years, i.e. four consecutive examination diets.
 Inform candidate’s employers.
2 Bringing materials not  Issue a warning letter to the candidate.
related to the particular
examination into the
Examination Hall.
3 Impersonation (i) Impersonatee
 Cancel all papers of the candidate at that particular
examination.
 Ban the person concerned from taking the Institute’s
examinations for life.
 Report him/her to the Investigating Panel for investigation.
 Inform candidate’s employers
(ii) Impersonator
(a) If a member
 Ban the person concerned from taking the Institute’s
examinations for life.
(b) If not a member
 Hand over the affected person(s) to the police.
4 Assistance by Invigilator. (i) The Invigilator
(a) If a member
 Forfeits invigilation honorarium.
 Ban from future invigilation.
xxvi
(b) If not a member
 Forfeits invigilation honorarium.
 Ban from future invigilation.
(ii) The Person Being Assisted

examination.
 Ban him/her from taking the examination for a minimum of
two years i.e. four consecutive examination diets.
5 Substitution of Prepared (i) The Person Assisting
Answer Script(s). (a) If a member
 Ban from future participation in the Institute’s examinations
 Report him/her to the Investigating Panel for investigation
 Report to his/her employers.
(b) If not a Member
 Ban from future participation in the Institute’s examinations
 Report to his/her employers.
(ii) The Person Being Assisted
examination.
 Ban him/her from taking the Institute’s Examinations for life.
6 Proven cases of spying (i) The Person Spying
or copying from another  Cancel that particular paper.
candidate.  Issue a warning letter to the candidate.
two consecutive examination diets.
(ii) The Person Being Copied
 Issue a warning letter to the candidate.
xxvii
7 Refusal to complete  Cancel all papers of the candidate at that particular
misconduct form. examination diet.
two years i.e. four consecutive examination diets.
8 Assault on examination (a) If a member
officials.  Cancel all papers of the candidate at that particular
examination.
two years, i.e. four consecutive examination diets.
(b) If not a Member
 Hand over the affected person(s) to the Police.
9 Bringing telephone or any  Cancel that particular paper.
other unapproved  Issue a warning letter to the candidate.
Electronic/Information
Communication Technology
gadgets into the
examination hall.
NB: Sanctions against offenders shall be published in the Institute’s website and journals
Important Notices
(a) No exceptions to the regulations can be made on account of entries or correspondence lost or
delayed in transmission. Candidates should therefore send their entries on or before the stipulated
deadline.
(b) Forms should be completed in all respects and with correct information and attachments.
(c) The Governing Council’s decisions in all aspects of the examinations are final and no action shall
lie against the Institute and/or its officers.
xxviii
xxix
1
ELEMENTS OF BANKING
AIMS
The aim of this course is to promote the understanding of basic principles required in banking activities and
operations. Specifically, the course is designed to:
 Increase the knowledge of candidates on the basic principles of the Nigerian financial system;
 Encourage good understanding of practical aspects of banking transactions;
 Enhance candidates’ knowledge of the roles and functions of major institutions and markets;
 Ensure candidates are familiar with contemporary developments in the Nigerian financial system.
LINKAGES
This subject is linked to the following:
 Basic Economics
 Financial Economics
 Banking Law, Ethics and Corporate Governance
 Bank Lending and Credit Administration.
CONTENTS
1. Basic Concept of Money and its Evolution
 Definition, origin, importance, features and functions of money
 Basic concepts of money, types of money and other means of exchange
 Creation of money
 Elementary quantity theory of money
 Concept and practice of cashless economy, i.e. credit and debit cards, Automated Teller
Machine (ATM), e-banking, mobile banking, e-commerce. Advantages and disadvantages to the
users.
2. Evolution and Structure of Nigerian Banking and Non-Banking Financial Institutions

 Types of banking institution: Central Bank of Nigeria, Deposit money banks. State financial
institutions and specialised banks, e.g. Microfinance Banks, Bank of Industry, etc.
 Non-banking financial institutions: Insurance companies, pension and provident funds, mortgage
institutions, finance houses and state finance corporations;
2
 Traditional/ informal finance institutions: thrift and credit societies, Rotatory Savings and Credit
Associations (ROSCAS), e.g. Esusu.
 Contemporary financing schemes: Nigerian Export-Import Bank (NEXIM), Small and Medium
Enterprise Investment Equity Scheme (SMEIES), their distinguishing features, similarities,
differences, importance and functions.
3. Evolution and Structure of Financial Markets in Nigeria

(a) The Capital Market
 Regulator/Participants: The Securities and Exchange Commission (SEC), the Nigerian
Stock Exchange (NSE), Stockbrokers, Pension Fund Administrators, insurance
companies, etc.
 The Securities and Exchange Commission – functions and importance
 Instruments traded: Shares (Equity and Preference), Debenture stocks, Bonds, etc
 Importance and functions of the markets
 Stock exchange, Listing requirements.
 Concept of Over-the-Counter (OTC) and Automated Trading System (ATS)
 Central Securities Clearing System (CSCS)
 Specialised banks, long-term lenders – Bank of Industry; Nigerian Agricultural Bank,
Federal Mortgage Bank, etc.
(b) The Money Market

 Regulator/Supervisor: Central Bank of Nigeria (CBN)
 Deposit Money Banks, Merchant Banks, Microfinance Banks (MFBs), Discount Houses,
etc.
 Instruments: Treasury Bills/Certificate, Call Money, Certificate of Deposit, Commercial
Papers, Bankers’ Acceptances, Cheques, Drafts, etc
 Instruments/Tools of monetary control, i.e. Cash Reserve Ratio, Statutory Liquidity Ratio,
Monetary Policy Rate (MPR), Open Market Operations (OMO)
4. Banking Institution’s Establishment and its Regulations in Nigeria

 The requirements for establishing a bank and regulation of banks in Nigeria
 Regulatory agencies in the banking industry, e.g. CBN, NDIC, etc.
 Essential conditions governing banking business in Nigeria
5. Banker/Customer Relationships
 Definition of Bank/Customer and nature of their relationship
 Duties and Rights of Bankers and Customers
 Various services offered by banks to their customers
3
 Other areas relevant to Banker-Customer Relationship: Bankers’ Opinions, Mandates, Power of
Attorney, etc.
6. Basic Concepts in Banking

 Principles of good lending
 Acceptable securities in lending
 Balance sheet items of the CBN, deposit money banks and merchant banks, etc.
 Liquidity, profitability, solvency, cost, convenience and confidence
 The concept of financial intermediation
 Basic concepts of risks in finance
7. Evolution and Structure of International Banking

 The World Bank Group and its affiliates: International Bank for Reconstruction and Development
(IBRD), International Development Agency (IDA), International Finance Corporation (IFC)
 The International Monetary Fund (IMF)
 Multinational Investment Guarantee Agency (MIGA), Paris Club and London Club.
 Instruments of International Banking Services, including Special Drawing Rights (SDR) and
Eurocurrency.
 Regional Development Banks: African Development Bank (AfDB) and it’s affiliates e.g. Nigerian
Trust Fund
 West African Monetary Agency (WAMA). West African Bankers Association (WABA).
 Instruments used in Regional Banking Transactions: West African Units of Account (WAUA),
West African Travelers’ Cheques
 The Association of African Central Banks
 The Nigerian economy and international financial institutions.
8. Negotiable Instruments
 Definition, types and distinguishing features (Negotiable and Non-Negotiable)
 Principle of negotiability: Cheques and Promissory Notes, etc
 Bills of Exchange
 Cheques
 Promissory Notes.
 Protection for the paying banker and collecting banker.
 Reasons for returning cheques
 The Clearing System: Rules governing its operations, Nigerian Interbank Settlement System
(NIBSS), Real-Time Gross Settlement System (RTGSS).
9. Contemporary Issues in Nigerian Banking

 Banking Habit and its developments: problems and prospects
4
 Bank distress and failures: causes and controls.
 Foreign Exchange Management: Forex bidding, inter-bank rates, Bureau de change and the
parallel market
 Training and Manpower Development; The role of the Chartered Institute of Bankers of Nigeria
(CIBN), the Financial Institutions Training Centre (FITC) and Financial Market Dealers’
Association (FMDA), Bank’s Training Academy/Schools
 Basic concept of financial inclusion
 E-Banking.
EXAMINATION STRUCTURE
Candidates will be required to answer four (4) out of six (6) questions. The questions are in two parts,
namely:
 Section A, which is compulsory consists of Multiple Choice Questions (MCQs) and/or Short Answer
Questions (SAQs), (40 marks).
 Section B contains five (5) essay-type questions from which candidates are to answer three (3).
Each of the questions in Section B carries equal mark (20 marks)
NOTES
 Candidates are expected to broaden the coverage of their studies to include latest editions of all
recommended textbooks, journals, periodicals, bulletins and other related magazines.
 Candidates are also advised to read past and current editions of The Nigerian Banker and The Banker
magazine, particularly to update themselves on contemporary issues in the financial services industry.
 Candidates are expected to update themselves on the latest CBN circulars relating to this subject.
RECOMMENDED TEXTBOOKS
Adekanye, F.(2010). The Elements of Banking in Nigeria, 4th edition, Lagos CIBN Press Ltd.
Adeusi, S. O (2005). Nigerian Monetary and Financial Institutions, Akure, Adeyemo Publishers.
Adeusi, S.O. (2006). An Introduction to Nigerian Domestic Banking Laws and Operations.
Adewunmi, W. (1985). Elements of Banking, Questions and Answers, Lagos, CIBN.
Agene, C.E. (1995). The Principles of Modern Banking, Abuja and Lagos Gene Publications.
Ajayi, L. B. (2006). The Nigerian Banking and Financial Environment, Lagos, Pacesetter Creative
Concept.
Ajayi, O. A. (2001). Elements of Banking, Ibadan, Bash Moses Print Company.
Ajibola, R (2005). Banking Principles and Practice, Lagos: AVL Publishers.
Asuzu, C.C.N.: (1995). Elements of Banking in Nigeria for Tertiary Institutions, Ekwulobia, Theo Onwuka
and Sons Publishers
C . I. B. N. (Various years) Examiners’ Reports.
5
Ekezie, E. S. (1997). The Elements of Banking, Lagos, Africana Publishers
Enyinnaya, C. (1992). Practical Banking Operations, Enugu, Pace Publishers
Enyinnaya, C. (1996). Banking Methods and Processes. Enugu, Hosanna Publications.
Enyinnaya, C.: (1999). Theory and Policy of Money and Banking, Enugu, Hosanna Publications
Nwankwo, G. O.(1980). Nigerian Financial System, Lagos: Macmillan
Odekunle, T. (2005). Essentials of Banking and Monetary System in Nigeria, Lagos, Jaytees. Publishers.
Ogubunka, Uju M. and Omojola, Akin (2002). Elements of Banking, Lagos, Rhema Enterprise.
Ojo, J. A. T. and Adewunmi, W. (1982). Banking and Finance in Nigeria, Graham Burns.
Olabisi. F.: (1995). Introduction to Banking, Ibadan, Evans Brothers.
Omolumo, I.G. (2001). Elements of Banking, Lagos: Omolum Consult.
Onyiriuba, Leo (2010). Dictionary and the Language of Banking, Lagos NFS Data Bureau Ltd.
Perry, F. E.: (1977). The Elements of Banking, London, Methuen.
6
BASIC ECONOMICS
AIMS
The course is designed to expose candidates to basic principles of economics. Specifically, the subject is
designed to enhance candidates’ knowledge and understanding of the:
 Basic concepts and principles of economics
 Structure, functions and operations of the various economic units, institutions and markets.
LINKAGES
 Elements of Banking
 Strategic Management and Leadership
CONTENTS
Generally, the scope of Economics is divided into two, namely, microeconomics and macroeconomics.
However, for the purpose of examinations, the content is divided into four different broad headings namely:
General Nature of Economics, Microeconomics, Macroeconomics and International Economics.
A. GENERAL NATURE OF ECONOMICS
1. Meaning and Scope of Economics

 Definition of economics, methods of economic analysis: inductive and deductive economics;
normative and positive economics
 Concepts of scarcity, choice, scale of preference and opportunity cost
 Distinction between microeconomics and macroeconomics
 Nature and types of resources, resource allocation and utilisation under different economic
systems:
o Free Market Economy
o Centrally Controlled Economy (Communism or Socialism)
o Mixed Economy
7
B. MICRO-ECONOMICS
2. Price Theory
 Laws of demand and supply; determinants of demand and supply
 Concepts of equilibrium in demand and supply; Effects of changes in price on demand and
Supply; Relationships between change in quantity demanded/supplied and change in
demand/supply
 Types of demand/supply: joint, complements, competitive and composite; abnormal demand
and supply
 Elasticity concepts in demand and supply: Price elasticity, income elasticity and cross elasticity
 Factors affecting elasticity of demand and supply
 Application of demand and supply, and their elasticity concepts to consumption, production and
product pricing
3. Introduction to Consumer Behaviour

 The Utility Theory – Ordinal, Cardinal, Marginal
 The Indifference curve analysis
 Consumer surplus
4. Production and Cost Concepts

 Meaning and types of production; production function; production possibility frontier.
 Factors of production and their characteristics: land, labour, capital and entrepreneurship,
division of labour and specialisation.
 The short run production analysis: short run production function – total product, average product
and marginal product, and their relationships; law of diminishing returns. Relationships between
short- and long-run production.
 The long run production analysis: isoquant and isocost curves, concepts of returns to scale –
constant, increasing and decreasing returns, production function, Economies of scale.
 Theory of costs: Short-run and long run costs - Total cost, Total Fixed Cost, Total Variable Cost,
Average Cost, Average Variable Cost and Marginal Cost Concepts. Long-run costs – Average
Costs, Marginal Costs and Total Costs. Demonstration with tables and graphs.
 Concepts of Revenue and Profit: Total revenue, average revenue and marginal revenue; profit
maximisation, conditions for short- and long-run profit maximisation, and Breakeven point.
5. Market Structure and Growth

 The concept and axioms of market and market structure:
- Perfect market and perfect competition
- Imperfect market - monopoly and monopolistic competition, oligopoly, duopoly and
monopsony
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- Price discrimination, control of monopoly power
 Market Pricing, growth and profits: Price determination under perfect market; Price determination
under monopoly; Firm’s growth: horizontal growth, vertical growth, mergers and acquisitions,
sales and profit maximization and growth.
 Issues on privatisation, commercialisation, e-commerce and e-banking.
6. Location of Industry and Forms of Business

 Concepts of firms and industry: definition, nature and features
 Location and localisation (concentration) of industry: Concepts, benefits and problems;
 Factors influencing location/localisation of industry in Nigeria with appropriate examples.
 Forms of business enterprise – small, medium, large scale enterprises; ownership structure -
sole proprietorship, partnership, joint ventures, etc., advantages and disadvantages as well as
financing of these businesses. Problems of distribution of goods in Nigeria and Africa.
C. MACRO-ECONOMICS
7. National Income, Consumption and Investment

 Concepts in National Income: Gross National Product (GNP), Gross Domestic Product (GDP),
Net National Income (NNI), Per Capita Income, injection, withdrawals, etc.
 National income and income determination in closed and open economies
 National income accounting: Measurements
 Uses and limitations of national income estimates
 Consumption and Saving: Determinants, marginal propensity to consume and save
 Investment: The accelerator principles and Keynesian marginal efficiency concepts.
 Determinants of investment in Nigeria.
8. Money and Banking

 Money: Definitions, functions, characteristics and value of money. Trade by barter and counter
trade, near monies
 Motives for demand for money: Transactionary, precautionary and speculative
 Money supply: Definitions, High-powered money, credit creation, factors affecting money
supply.
 The Nigerian financial system: Nature and types of banks and non-bank financial institutions;
money and capital markets.
 Basics of monetary policy and exchange rate.
9. Elements of Public Finance

 Fiscal Policy
9
- Definition
- Instruments
 The concepts in public finance: budget, revenue, expenditure and debts.
 Types of budget: Deficit budget, surplus budget and balanced budget. Budget instruments and
roles of budget on the economy
 Taxation: Principles or canons of taxation, Forms or Types of taxes: Direct and indirect taxes,
PAYE, Poll tax, sales tax, value-added tax, property tax, etc. Concepts of progressive,
proportional and regressive tax
 Public debt: internal and external debts. Implications for the economy
10. Macro-economic Issues

 Inflation: Types, causes, effects and control
 Unemployment: Types, measurement, problems and solutions
 Economic Growth and Economic Development: Concepts and relationships. Roles of finance
and financial institutions, nature and scope of governments and private sector (including NGOs)
intervention in development, including public-private partnership.
D. INTERNATIONAL ECONOMICS
11. International Trade, International Economic Organisations and Regional Groupings

 International Trade: Definition, similarities and differences between international (foreign) trade
and domestic (internal) trade.
 Basis for international trade: Absolute advantage, comparative advantage, and modern
theories;
 Free trade and trade restrictions. Arguments for and against trade restrictions. Advantages of
and obstacles to international trade.
 Trade Organisations and Institutions: World Trade Organisation (WTO), the Doha Agreement,
and African-Caribbean-Pacific (ACP) Agreement, OPEC, UNCTAD, GATT.
 Identification of African regional economic communities and institutions: AU, ECOWAS, EAC,
SADC, COMESA, etc. Economic Commission for Africa (ECA)
 International financial institutions: IMF, World Bank, ADB, OPEC Fund, etc.
12. International Payments System

 Balance of Payments: Definition and Structure/components. Concepts: visible and invisible
trade, imports, exports, balance of trade, current account, capital account
 Balance of payments equilibrium and disequilibrium – implications and corrections
 Exchange rates: Floating, fixed and crawling, peg exchange rates; Exchange rate depreciation,
appreciation and devaluation.
10
Candidates will be required to answer four (4) out of six (6) questions. The questions are in two sections,
namely
 Section A, which is compulsory, consists of Multiple Choice Questions (MCQs) and/or Short Answer
 Section B contains five (5) essay type questions from which candidates are to answer three (3).
Each of the questions in Section B carries equal marks (20 marks)
NOTES
Adebayo, A. (1998). Economics: A Simplified Approach, Volumes 1 & 2, Lagos: African International
Publishing Ltd.
Black, John (2002). Oxford Dictionary of Economics, 2nd Edition, New York: Oxford University Press.
Case, Karl E. and Ray C. Fair (2009). Basic Economics. 9th Edition, Prentice Hall.
Frank, Robert H. and Ben S. Bernanke (2006). Basic Economics, Prentice Hall.
Jhingan, M.L. (2004). Advanced Economic Theory, 12th Edition, Vrinda Publications Ltd.
Lipsey, R.G. and Steiner, P.O. (2000). Economics, Harper & Row.
Oladeji, O. (2000). A-Level Economics Textbook, Ibadan. Onibonoje Publishers.
Ajibola, Rotimi (2004). Economics: Principles and Practice, 2nd Edition, Rosco Associates.
Samuelson, P.A. and Nordhaus, W.D..(2004). Economics, McGraw-Hill Publishing Co.
Sloman, John (2006). Economics, 6th Edition. Prentice Hall.
Truett, L.J. and Truett, D.B., (2000). Economics, Times and Mirror & Mosby College Publishing.
Tella, Sheriffdeen A.and Ogunmuyiwa, Michael S. (1999). Introduction to Macroeconomics, Ago-Iwoye:
Centre for Sandwich Programmes (CESAP), Olabisi Onabanjo University.
Umo, J.U. (2007). Economics: An African Perspective, 2nd Edition. Lagos: Millennium Text Publishers Ltd.

11

ACCOUNTING AND BUSINESS FINANCE
AIMS
To examine the candidates’ knowledge and understanding of:
 Basic theories that govern Financial Accounting, Cost Accounting and Business Finance;
 Processes used in converting economic events into recorded transactions in the books of accounts;
 Preparation of financial statements for sole traders, non-profit organisations, partnerships and
incorporated companies;
 Analysis and interpretation of financial statements both for internal and external users;
 Distinction between accounting functions and finance functions in an organisation and their
importance;
 Sources of finance available to different types of business organisations, the cost implication and
relative merits and demerits of each source;
 Calculation of compound interest and annuity returns on investments;
 Calculation of Accounting Rate of Returns, Payback Period, Net Present Value and Internal Rate of
Returns; and
 Types and effects of risks on investments.
LINKAGES
 Financial and Management Accounting
 Bank Lending and Credit Administration
CONTENTS
SECTION A - FINANCIAL ACCOUNTING
1. Accounting Framework
 The historical development of accounting
 Definition, nature, scope and operations of accounting
 Purpose and roles of accounting in the management of an organisation
12
 Relationship between accounting and other finance disciplines
 Basic elements of Financial Statements
 The users of accounting information and their respective information needs
 Accounting equation
 Accounting bases and accounting policies
 The cost and benefit of accounting information
 The nature and role of bodies which set Accounting Standards (International Accounting
Standards Board and Financial Reporting Council of Nigeria)
2. Accounting Records and Processes

(a) Basic Records of Accounting
 Source documents
 Books of original/prime entry - Journals and Day Books
 Cash book and petty cash book
 General ledger
(b) Recording of Business Transactions

 Definition and nature of financial transactions.
 Basic elements of accounting related business transactions
 Forms and content of accounting records
 The principle of double entry book-keeping and its application
 Recording transactions in books of original entry and general ledger
 Banking transactions and processes.
(c) Extraction of Account Balances

▪ Trial Balance - uses and limitations
▪ Errors and correction of errors
▪ Suspense Accounts
(d) Internal Controls and Self Balancing Ledgers

 Control Accounts
 Bank Reconciliation System
3. Accounting Treatment for Assets and Liabilities

(a) Current Assets
 Stocks (Inventories) including valuation of stocks using First In First Out (FIFO), Last In
First Out (LIFO), and Weighted Average Cost (WAC)
 Debtors (Receivables), including treatment of Bad Debts and Provisions for Doubtful
Debts
 Cash and cash equivalents
13
(b) Non-Current Assets
 Tangible and Intangible assets
 Amortisation: Reasons for and methods of providing for it.
 Distinction and accounting treatments for capital and revenue expenditure
 Accounting for acquisition and disposal of tangible non-current assets
 Asset Register
 Accounting for Depreciation ( including reasons and methods of providing for it)
(c) Current Liabilities

Trade Creditors, Accruals and Other Creditors.
(d) Long-Term Liabilities

Types and nature of long-term liabilities, including the treatment of acquisition, periodic
repayment of principal and interest payment
(e) Shareholders’ Equity

 Capital Account for different types of business
 Reserve Accounts, including Capital Reserves, Share Premium and Profit and Loss
Accounts
 Contingencies and events after the reporting period.
4. Preparation of Final Accounts
(a) Contents and Format of Final Accounts

 Year-end adjustments and provisions, including prepayments, accruals and provisions
 Format of Final Accounts
 Statement of Financial Position (Balance Sheet)
 Statement of Comprehensive Income (Profit and Loss Account)
 Final Accounts of Sole Trader
 Final Accounts of Non-Profit Organisations
 Fundamentals of Incomplete records
 Final Accounts of Manufacturing Enterprises
 Final Accounts of Partnership Business
 Final Accounts of Limited Liability Companies for Internal Use and for Publication.
(b) Miscellaneous Accounts

 Banks and Non-Bank Financial Institutions
 Departmental Accounts
 Branch Accounts
14
 Insurance Companies
 Hire Purchase Transactions and Leasing
 Joint Ventures
 Consignments
 Containers
 Royalties
 Bills of Exchange.
 Investments
 Sinking Fund
 Accounting for Goods on Sale or Return Basis
 Accounting for Insurance on Stocks
(c) Introduction to Accounting Software: Features, Interfacing modules (General Ledger,

Payables, Receivables, etc.); benefits and challenges.
SECTION B - ELEMENTS OF COST ACCOUNTING

5. Definition and Purpose of Cost Accounting
6. Major Terminologies in cost accounting such as: cost unit, cost centre, cost allocation and cost
apportionment
7. Classification of cost by functions, elements, responsibility and behaviour
8. Accounting for Different Elements of Cost

 Accounting for materials: receipt and issue of stock, methods of pricing stock, inventory control
 Accounting for labour: methods of remuneration, incentive schemes, payroll accounting
 Accounting for overhead: allocation, apportionment and absorption
9. Costing Methods and Techniques:

 Costing methods: unit costing, job costing
 Costing techniques: marginal costing, standard costing, absorption costing
 Cash budget
 Budgeting and budgetary control.
SECTION C - BUSINESS FINANCE
10. Nature, Scope and Objectives of Finance

 Concept and scope of finance
15
 Finance functions in modern firms
 The role of the Finance Department
 Financial versus non-financial objectives of modern firms
 Accounting functions and finance functions
11. Sources of Finance

 Sources and types of funds – short term, medium term and long term
 Basic characteristics of funds from each source
 Determinants of choice of funding
 Concept of funding and funding mismatch
 Cost consideration in choice of funds
12. Investment and Investment Decisions

 Concept, nature and types of investment
 Purpose of investment
 Risk and returns on investment
 Investment decisions, including nature, characteristics of investment decision and factors
affecting investment decision
13. Mathematics of Finance: Time value of money, present value, yields on investments.
14. Techniques of Investment Appraisal, including Accounting Rate of Return, Payback Period, Net
Present Value (NPV), Internal Rate of Return (IRR), Profitability Index (PI), Cost-Benefit-Analysis
(CBA).
15. Risks and Uncertainty in Capital Budgeting.
16. Analysis of Financial Statement

 Basis of financial statements analysis
 Ratio analysis: Profitability, activity, liquidity and leverage ratios
16
Candidates will be required to answer five (5) out of seven (7) questions. The questions are in two sections,
namely:
 Section A, which is compulsory, consists of Multiple Choice Questions (MCQs) and/or Short
Answer Questions (SAQs), (40 marks).
 Section B which is allotted 60 marks has three parts. The Section contains six questions from
which candidates will be required to answer any four. Candidates are required to answer at least
one question from each part of the section.
NOTES
magazine, particularly to update themselves on contemporary issues in the financial services Industry.

Akeju, J.B. (2003). Financial Accounting, Volume 1, Lagos: JBA Limited.

Anao, A. R. (2004). An Introduction to Financial Accounting, Benin City: Longman.
Anumaka, Nelson M. (2000). Managerial Accounting and Control: Matik Education Books (MEB).
Asaolu, A.R. (2005). Financial Accounting for Schools and Colleges, Ibadan: Spectrum Books Ltd.
Elliot, Barry and Elliot, Jamie (2010).Financial Accounting and Reporting: Pearson Education Ltd.
Freear, J. (1987). The Management of Business Finance, London: ELBS/Pitman.
Gitman, J. Lawrence, (2005). Principles of Managerial Finance
Gowthorpe, Catherine, (2011). Business Accounting and Finance: Brenden George.
Holmes, Phil (1999). Investment Appraisal: Thomson Business Press
Ifede, D. and Obasesan D. O. O. (1995). Accountancy for Banking Students, Lagos:Achievers’ Group.
Igben, R.O. (2004). Financial Accounting Made Simple, Lagos: R.O.I. Publishers.
Inanga, E. and Ajayi, C. A. (1999). Accountancy for Bankers, Lagos: CIBN Press Ltd.
Isimoya, D. (1988). Business Finance: Lagos, Management Science Publication
Jennings, A. R. (1993). Financial Accounting, London: DP. Publications.
Lucey, T. (1989) . Costing, London: DP Publications Ltd.
Omolehinwa, E. (1996). Foundation of Accounting, Lagos: Punmark Publishers.
Omolumo, I.G. et al (2012). A Practice Guidebook on Finance with Financial Glossary, Lagos. Omolumo
Consult.
Omolumo, I.G. (2012). Fundamentals of Business Finance, Lagos: Omolumo Consult
Pandey, I. M. (2005). Financial Management, Jangpurg: Vikas Publishing House
Pinches, G. E. (1992). Essentials of Financial Management: Harper Collins.
17
Sanni, A. A. (2005). Basic Accounting Course for Beginners and Non-Accountants, Lagos: Femdas
(Nig) Enterprises.
Spicer and Pegler, Paul Gee (Editor) (1998). Book-Keeping and Accounts, Butterworths.
Wood, F. (1996). Business Accounting Volumes 1 & 2, London: Pitman.
Wood, F. and Robinson, S. (2008). Book-Keeping and Accounts: Prentice-Hall.
Wood, F. and Sangster A. (2005). Business Accounting 1, London: Pitman.
FURTHER READING
C.I.B.N (Various years). Examiners’ Reports.

IFRS. Parts A and B, IASB.
NASB (2008/2009). Handbook, Bound Volume, FRC.
18
BUSINESS LAW
AIMS
This course is designed to:
 Provide elementary knowledge of Business Law;
 Provide the basic foundation for further studies in Banking Law;
 Make candidates appreciate the legal implication of business relationship and the relevance of legal
rules to banking business; and
 Expose candidates to the contemporary challenges in the application of Information Technology to
banking transactions generally.
LINKAGES
 Elements of Banking
 Information & Communication Technology
 Banking Law, Ethics and Corporate Governance
CONTENTS
SECTION A
 Sources of Nigerian Law: Statutes law and legislation, Received English Law (Common Law,
Doctrines of Equity, Statutes of General Application), Customary Law, Islamic Law.
 Nigerian Court System: Hierarchical structure, Superior Courts of Record (Both Federal and State)
Inferior Courts, Specialised Courts, etc.
 Electronic Evidence
 ICT and Fraud
 Cyber Crimes and E-Banking.
SECTION B
 Law of Contract
Formation of contract, types of contract, elements of validity, offer and acceptance, consideration,
capacity, intention to create legal relationship, vitiating elements in contract, i.e. mistake,
misrepresentation, illegality, privity of contract, Contract in restraint of trade, restrictive covenant,
doctrine of estoppels, accord and satisfaction, remedies for breach of contract, discharge of contract.
 Agency
19
Types, formation, rights and duties of agents and principals, Termination of Agency
Contracts/Relationships.
 Laws of Business Associations

(a) Partnership: Formation, basic differences between a partnership and a limited liability
company, registration, rights and liabilities of partners, partners as agents, dissolution of
partnership.
(b) Company Law: Types of companies, formation, membership of a company, share capital,
promoters, articles and memorandum of association, organs of a company, meetings and
proceedings of companies, directors and secretaries, protection of minority interest, Annual
Returns and winding up of a company.
 Negotiable Instruments
Characteristics of negotiable instruments, types and principles of negotiable instruments; Bills of
Exchange- nature and types of parties, negotiation, holder for value, holder in due course,
acceptance, discharge. Cheques: nature and types of crossings, countermand order, liability where
there is forgery of customer’s signature. Promissory Notes: definition and types, differences
between a promissory note and other negotiable instruments.
 Insurance Contracts
Nature, types, insurable interest, indemnity, subrogation, Re-insurance, double insurance,
contribution, insurance cover as security.
Candidates will be required to answer five (5) out of eight (8) questions. The questions are in two sections,
namely
 Section A contains three questions out of which candidates are expected to answer two (2) questions.
 Section B contains five questions out of which candidates are expected to answer three (3) questions.
 All questions attract equal marks. (20 marks)
NOTES:
20
Akanki, E. O. (2007). Commercial Law in Nigeria., Lagos; University of Lagos Press.

Bankole, B. (1993). Law of Contract, Lagos; Libriservice.
Bodunde, B. (1995). Company Law.
Dada, T. O. (2010). General Principles of Law, Lagos; Folarin Nigeria Company
Nweze, C. (2006). Bank Frauds Exposed with Cases and Preventive Measures
Obilade, A. O. (1996). Nigerian Legal System
Omojofe, G. O. (1998). Information Technology
FURTHER READING
Adesanya, M. O. and Oloyede, E.O (1984). Business Law in Nigeria

Oduwole, O.A (2009). Policing Cyberspace in Nigeria
Okany, M.C. (1992). Nigerian Commercial Law
Okoro, C.J. (2012). Business Law
CIBN (various years). Chief Examiners’ Reports.
Relevant Legislations
- Federal Government of Nigeria
- Bills of Exchange Act, 1990
- Dishonoured Cheques Act
- Companies & Allied Matters Act
- Advance Fee Fraud and Related Offences Act 1995
- Independent Corrupt Practices and Other Related Offences Commission Act
- Economic and Financial Crime Commission Act
21
FUNDAMENTALS OF MARKETING
AIMS
The major aim of this course is to expose candidates to and develop their knowledge and skills on the
following:
 Meaning and Nature of Marketing
 Marketing Elements
 Marketing Environment
 Organisation of Marketing Functions
 Practical Issues in Marketing
LINKAGES
 Basic Economics
 Marketing of Financial Services
CONTENTS
1. Meaning and Nature of Marketing

 Definition of Marketing
 Evolution of Marketing
 Scope of Marketing
 Differences between Marketing and Selling function in an organisation
 Functions, Role and Relevance of Marketing functions in an Organisation
 Marketing Philosophies and Theories
2. Marketing Elements
 Product: Definition, Role of Product in Marketing, Classes of Products, New Product
Development (NPD), Product Life Cycle (PLC), Packaging and Branding.
 Price: Definition, Role of Price in Marketing, Pricing Objectives, Determination of Price, Pricing
Policies, and Pricing Strategies.
 Promotion: Definition, Role of Promotion in Marketing, Promotional Tools (Advertising, Personal
Selling, Sales Promotion, Public Relations and Publicity), Determinants of Promotional Tools
and Promotional Budget.
22
 Place: Definition, Role of Place In Marketing, Channel Selection Criteria, Channel Strategies,
Types and Functions of Distribution Channels, Physical Distribution System (Transportation,
Warehousing, Order Processing, Material Handling, Customer Service and Inventory
Management),
3. Extended 3Ps In Service Marketing

 Characteristics of Services
 People: Definition, Types and Role of People in Service Marketing.
 Process: Definition and Role of Process in Service Marketing.
 Physical Evidence: Definition, Types and Role of Physical Evidence in Service Marketing
 The Marketing Mix Strategy for Services
4. Marketing Environment
 Definition
 Controllable/Micro/Internal/Minor/Task Environments
 Uncontrollable/External/Macro Environment – Economic, Demographic, Socio-Cultural
 Strengths and Weaknesses in Organisational Resources, Distinctive Competencies, Synergy,
Organisational Capabilities
 Technological, Legal, Political, Competitive and Suppliers
 Marketing Intermediaries and Consumers
 Effect of Marketing Environment on Organisations
5. Marketing Functions
 Marketing Planning: Definition, the Marketing Plan and Process
 Market Segmentation: Definition, Basis, Strategies - Targeting and Positioning
 Consumer Behaviour: Definition, Types of Consumers
 Determinants (Internal determinants such as attitude, perception, learning, motivation,
personality, self-concept, etc.)
 Determinants (External determinants such as groups, culture, social class, etc.)
 Marketing Research: Definition, Scope, Process, report writing and presentation; functions and
relevance in the Banking Industry
 Social Responsibility of Marketing: Definition, Publics, and Activities
 E-marketing, E-banking, Relevance of E-marketing in the Banking Industry
 Customer Values, Customer Satisfaction and Customer Retention
23
Candidates will be required to answer four (4) out of six (6) questions. The questions are in two parts,
namely:
 Section A, which is compulsory, consists of Multiple Choice Questions (MCQs) and/or Short Answer
 Section B contains five (5) essay type questions from which candidates should answer three (3)
questions. Each of the questions in Section B carries equal mark (20 marks).
NOTES:
Armstrong, G and Kotler, P. (2009). “Marketing, An Introduction” Pearson Education New Jersey.
Busari, O.S. Oduwole, W.K. and Taiwo, C.A. (2012). Essentials of Marketing. (Revised Edition), Lagos:
Wadtson Dusme Int’l Ltd.
Enikanselu, S.A (2008). Basic Marketing. Lagos: .Enykron Consults & Publishers.
Etzel, J. Michael., Walker Bruce J., and Stanton, William J. (2001). Marketing. 12th edition, New York:
McGraw-Hill.
Jobber, D. (2007). Principles and Practice of Marketing 5th edition. London: McGraw-Hill International
(UK),.
Kotler, P. (2002). Marketing Management: Analysis, Planning, Implementation and Control.11th Edition
NJ: Prentice Hall.
Kotler, P, Armstrong, Philip and Gary (2010). Fundamentals of Marketing, 13th edition, New Jersey:
Pearson Education Inc.
Onuigbo, O. (2011). The Marketing of Financial Services in Nigeria. Aba, Nigeria: Esquire Press & Books
Co.
Osuagwu, L. and Eniola, V. (1997). Marketing Management- Principles, Strategies and Cases. Lagos:
Malthouse Press Ltd.
Oyedijo, A. (1996). Fundamentals of Marketing. Ibadan: Paramount Books Ltd.
Financial Institutions Training Centre (2004). “Customers’ Choice of Banks in Nigeria – An Assessment
of Determinants”. Research Monograph. Lagos: Financial Institutions Training Centre.
24
INFORMATION AND COMMUNICATION TECHNOLOGY
AIMS
This course is designed to enable candidates:
 Appreciate and gain understanding of Information & Communication Technology required to work
effectively with information systems;
 Perform data processing activities associated with work in banking and finance organisations and
industry;
 Understand the opportunities and risks in the use of IT systems, products and services and strategies
for exploiting the opportunities and mitigating the risks; and
 Acquire information search and self-learning skills necessary for continuous improvement of the
knowledge of emerging information technologies and systems in the banking and finance industry and
society at large.
LINKAGES
 Quantitative Techniques
 Accounting and Business Finance
 Financial Economics
 Financial Planning and Control
 Corporate Financial Management
 Principles and Practice of Risk Management
 Treasury Management
CONTENTS

1. Data and Information & Communication Technology (ICT)
 Information and communication technologies (ICT): Definitions
 Data, information, knowledge, decision-making: Definitions and interrelationships
 Data processing: Evolution and types
 Data processing methods: Batch, real-time, online, interactive; end-user and mobile computing.
 Data processing stages: Definition/specification; capture/input; transformation; output; storage
and retrieval; communication
 Information system: Definition, goals/objectives, activities (input-process-output, feedback,
management and control), sub-systems, resource requirements
2. ICT Hardware
25
 Computer and telecommunication components
 Types of computer, (analog, digital, hybrid), and classes (mainframe, mini, micro).
 Computer hardware components and their functions.
 Computer peripheral devices and their uses
 Electronic data processing (EDP) - centralised, decentralised, distributed.
3. Computer Software
 Definition, types of software, systems, application software; proprietary, free, open source;
productivity, industry and customised
 Programming languages and other tools for developing software
 Personal productivity software
(a) Text Processing Software

 Word processing operations: Creating text, editing text, formatting text, performing other
operations such as spell-checking, online thesaurus, mail merge; saving and printing text
 Desktop publishing
(b) Data Analysis Software

 Spreadsheets: Planning spreadsheets, spreadsheet commands such as copy, move, insert,
delete, format, save, print and built-in functions, what-if analyses
 Graphics software
 Accounting software
 Investment planning and Principles and Practice of Risk Management software
 Treasury management software
 Software for quantitative business data analyses
 Statistical data analysis software - basic functions and uses
(c) Data and Information Presentation, Dissemination and Exchange

 Presentation software
 Electronic mail and file attachment
 Websites: searching and browsing
 Web portals: nature, types, purposes and uses
 Online social networks
4. Data and Communication Networks

 Data communications: Definition and importance
 Data communication/transmission modes: Synchronous, asynchronous, simplex, duplex
26
 Communication media: Twisted pair cable, coaxial cable, optic fibre, electromagnetic waves;
channel capacities and bandwidth, 3G and 4G networks
 Network topologies and architectures: Star, bus, ring, peer-peer, client-server, etc
 Network equipment and devices: Modem, transmitter, receiver, concentrator, multiplexer,
satellite, base station, VSAT; Wifi, Bluetooth; hub, bridge, switch, gateway, router
 Protocols, standards and interconnectivity issues; Open Systems Interconnection (OSI)
 Types of networks and other interconnections: Local Area Network (LAN), Wide Area Network
(WAN), Metropolitan Area Network (MAN)
 Intranet, Extranet and Internet: Nature, interrelationships, importance, uses
 Internet infrastructure, resources and services
5. Data Structures, Storage and Retrieval

 Data management processes: Definition, capture, entry, cleaning, validation, update, protection,
access control, retrieval and use
 Data storage devices and their uses
 Data protection and backup, strategies and processes
 Basic file concepts: Field, record, primary key, transaction file, master file, index file; file access
methods – sequential, direct
 Databases: Definition, characteristics, types
 Relational database concepts
 Database structures: Hierarchical, network, relational, object-oriented
 Database Management Systems (DBMS); types and functions
 Creating and using a database: Tables, forms, queries, reports
 Database administration: Roles and responsibilities
 Data warehousing, data mining, Online Analytical Processing (OLAP)
6. Management Information Systems (MIS)

 MIS: Definition, objectives, types, features, requirements and benefits
 MIS: Management, information and systems dimensions
 Management information: Desirable attributes at strategic, tactical and operational levels
 MIS evolutionary stages in organisations
 MIS components, structure, resources, roles and responsibilities
 MIS input sources and output formats
 Sub-systems of MIS: Transactions processing systems, decision support systems, executive
information systems, office support systems, records/document/content management systems,
work group support systems, inter-organisational information systems, etc
27
7. Information Systems Planning and Development
 Stakeholders: Information Technology Champions or Committees, roles and responsibilities in
systems planning and development
 System development approaches, stages, strategies, processes
 Planning for new Information Technology/Information Systems (IT/IS) – Aligning IT/IS and
business goals; Business Process Re-engineering (BPR)
 Information requirements analysis and specification: Nature and methods; information audit
and system analysis approaches, etc
 System design: Evaluating information technology and information system (IT/IS) possibilities -
technology scans, Request for Information (RFI) and Request for Proposals (RFP); use of
consultants
 MIS plans and project portfolio management
 In-sourcing and out-sourcing approaches to system development: Strengths and weaknesses
 System development methods: Traditional system, development life cycle, prototyping, agile,
Computer Aided Software Engineering (CASE), etc
 System development and implementation processes and strategies: Project teams/ committees,
feasibility studies (technical, economic, organisational, financial aspects); cost-benefit analysis
 Hardware and software evaluation and selection processes
 Human resource skills development for information systems
 Change-over and change management strategies
 Contingency planning and Principles and Practice of Risk Management
8. Information Systems Security

 Information systems security: Definitions
 Information systems security: Data, computer/network and people aspects
 Data security: Types of data and their associated risks; integrity, privacy and other dimensions
 Password and Confidentiality Management
 Computer and network security: Integration, teleprocessing, personnel and management issues
and problems
 Uses and abuses of data and information systems
 Fraud: manipulation of data, fraudulent computer programs, alteration or creation of fictitious
data files, illegal transmission, interception or diversion of transmitted information. Electronic
fraud: Types - detection and prevention measures
 Sabotage; accidental and deliberate misuse of systems: Preventive and detective measures
 Data, computer and network security management: Responsibilities, personnel, policy making
and implementation
 Physical security controls: Special equipment, backup hardware and media; building security
and burglar, fire, flood proofing; environmental hazard controls
28
 Operational and software security controls: access, input, output, program, file integrity, audit;
firewalls, anti-virus, anti-spam, anti-spy and digital forensic software
 Trends in computer and cybercrime legislation and regulations (Banking and Other Financial
Institutions Act, Cybercrime Act, EFCC Act, etc)
 Criminal and civil liability for security breaches and lapses
 Information systems, computer and Internet ethics
9. ICT Trends in the Banking and Finance Industry

 E-banking software for internal operations
 Electronic clearing and settlement systems: MICR/OCR, SWIFT, SWIFTNet systems
 IT equipment and infrastructure for ATM, POS and e-Cash systems, etc
 Telephone banking, Internet/Online banking
 E-commerce: Definitions, nature, benefits, systems and infrastructure
 E-payment systems for e-commerce: Plastic/laser wallet technologies and systems
 Future e-banking developments in Nigeria
namely:
 Section B This Section consists of five (5) questions from which candidates should answer three
(3). Each question carries equal marks (20 marks).
NOTES

29
Adebiyi, K.A. (2002). Computer-Based Accounting System (Concept, Design, Principles and Strategy),
Ibadan: K. A. Adebiyi.
Adewunmi, W. and Akinlade, T. (1990). Data Processing and Management Information Systems, Lagos:
Macmillan Nigeria Publishers Ltd.
Haag, S., Cummings, M. and Dawkins, J. (1998). Management Information Systems for the Information
Age, Boston: Irwin/McGraw-Hill.
Indian Institute of Banking and Finance (2007). Information Technology, Data Communications and
Electronic Banking, Delhi: Macmillan.
Indian Institute of Banking and Finance (2007). Design, Development and Implementation of Information
Systems. Delhi: Macmillan.
Indian Institute of Banking and Finance (2007). Security in Electronic Banking (2nd Edition), Delhi:
Macmillan.
Laudon, Kenneth and Laudon, Jane (2009). Management Information Systems (11th Edition), Pearson,
Laudon, Kenneth and Traver, Carol (2008). E-Commerce: Business, Technology, Society (5th edition),
Prentice Hall.
Johnson, Deborah G. (2009). Computer Ethics (4th edition): Pearson Custom Publishing.
Kedar, Seema (2009). Database Management Systems, Technical Publications, ISBN:
.Microsoft, Inc. (2010). Microsoft Office Excel 2010: Data Analysis and Business Modeling, 3rd edition,
(Paperback), Microsoft Press
Omojefe, G. O. (1998). Information Technology, Lagos: Goddy Stevens Associates.
Peltier, Thomas R. (1991). Policies and Procedures for Data Security: A Complete Manual for Computer
Systems and Networks, Taylor & Francis,
Russo, Marco (2010). Microsoft Excel Power User's Kit: Microsoft Power Pivot for Excel 2010 Microsoft
Press.
SCN Education BV (Editor) (2003). Electronic Banking: The Ultimate Guide to Business and Technology
of Online Banking (2003), Springer. ISBN: 3528057548; ISBN-13: 9783528057541
Stem, Nancy B. and Stem, Robert A. (1996). Computing in the Information Age: Study Guide. 2nd Edition
Tanenbaum, Andrew S. and Wetherall, David J. (2010). Computer Networks. 5th edition Prentice-Hall.
White, Ron and Downs, Timothy (2007). How Computers Work. 9th edition. Que Pub.
Winston, Wayne L. (2010). Microsoft Excel 2010, Microsoft Press.
30
FURTHER READING
Adeniyi, J.O. (1989). Questions and Answers on Data Processing and Management Information System,
Lagos: CIBN Press Ltd.
Hutchinson, S. E. and Sawyer, S. C. (1999). Computers, Communications and information: A User's
Introduction, New York, McGraw-Hill.
Leon, A. and Leon, M. (2009). Fundamentals of Information Technology, 2nd edition, New Delhi, Vikas
Publishing House Pvt Limited
Norton, P. (2006). Introduction to Computers, 6th International Edition, New York, McGraw-Hill.
Oyebanji, O. and Adeniyi, J. O. (1989). Questions and Answers on Data Processing and Management
Information System, Lagos, CIBN Press Ltd.
Sawyer, S. C. and Williams, B. K. (2005). Using Information Technology: A Practical Introduction to
Computer and Communications, 6th edition, McGraw-Hill.
31
QUANTITATIVE TECHNIQUES
AIMS
 To equip prospective bankers and financial managers with analytical and problem-solving skills built
upon a background of statistics, financial mathematics and operations research - guided by logic and
objectivity.
 To assist prospective finance personnel to acquire adequate ability and competencies in quantitative
techniques.
 To equip candidates with the knowledge of basic principles and procedures of data handling and
management.
LINKAGES
 Accounting and Business Finance
 Information and Communication Technology
 Financial and Management Accounting
 Strategic Management and Leadership
CONTENTS
SECTION A: STATISTICS
1. Introduction
 Nature and Scope of Statistics
 Functions of Statistics: Description, Inductive Inference and Deductive Inference
 Uses and importance of Statistics in Business, Management, Banking and Finance
 Nature, Scope and Sources of Banking and Financial Statistics in Nigeria
2. Data Collection Techniques

 Variables and Measurement
 Sample and Population and their characteristics
32
 Sources and Classification of Data: Primary and Secondary, Internal and External
 Data Collection Methods: Extractions, Abstractions from Documents, Reports, Records;
Interviews, Questionnaires. Observations, Surveys and Experiments
 Advantages and Disadvantages of the Methods
3. Data Presentation Techniques

 Tabulation: Principles and Types
 Diagrams and Charts: Pictogram, Line Diagrams. Bar Charts (Simple, Multiple and Component),
Pie Chart
 Frequency Distribution Table: Ungrouped, Grouped; Relative Frequency and Cumulative
Frequency
 Frequency Graphs and Diagrams: Histograms, Polygon, Ogive, Lorenz Curve, Gantt Chart and
Z-chart, Stem-and-Leaf Display
4. Measures of Location
 Means (Arithmetic, Geometric, Harmonic), Median and Mode
 Quantiles: Quartiles, Quintiles, Deciles, Percentiles and other Fractiles
5. Measures of Dispersion and Shape

 Measures of Dispersion: Range-based. Deviation-based, Relative measure
 Range-Based Measures: Range, Mid-Range, Interquartile Range and Semi-Interquartile
Range
 Deviation-Based: Mean Deviation, Standard Deviation, Quartile Deviation; Variance, Analysis
of Variance (ANOVA)
 Relative Measure: Coefficient of Variation
 Measures of Shape: Skewness and Kurtosis; Basic Requirements of Measure of Skewness
and Kurtosis
6. Basic Idea of Sampling

 Basic Concepts: Population, Sample, Sampling Frame, Sampling and Population.
 Types of Sampling: Probability and Non-probability
 Probability Sampling Methods: Simple random, Stratified random, Systematic random, Cluster
random sampling
 Non-probability Sampling Methods: Quota sampling, Judgement, Convenience and Purposive
 Properties of Samples: Representative, Non-representative; Objective, Non-objective.
 Advantages and Disadvantages
33
7. Basic Elements of Probability and Probability Distributions
 Basic Concepts of Probability: Random Experiment, Sample Points, Sample Space and Events
 Permutation and Combination
 Probability Function, Axioms of Probability and Probability Rules
 Probability Distributions: Bernoulli, Binomial, Poisson; Normal
 Normal and Poisson Approximations to the Binomial
 Chi Square Analysis, Test of Hypothesis
8. Regression and Correlation

 Relationship and Association between two variables
 Scatter Diagrams, Trend Lines and Relationship Graphs
 Methods of Fitting Regression Line: Freehand, Least Squares and Semi-Average
 Interpretation and Uses of Regression Parameters
 Coefficients of Correlation: Pearson’s Moment Correlation Coefficient, Spearman’s Rank
Correlation Coefficient and Coefficient of Determination
9. Index Numbers
 Basic Principles of Index Numbers
 Relative Indices: Price, Quantity, Value Indices
 Simple and Aggregative Indices
 Mean Indices: Simple Mean Relative, Weighted Mean Relative
 Weighted Aggregative Indices
 Laspeyre’s and Paasche’s Price and Quantity Indices
 Composite Indices: Fisher’s Ideal Index, Marshall Edgeworth Index
 Common Economic Indices: Consumer Price Index, Production Index, Wage Index, Productivity
Index
 Uses, Limitations, Advantages and Problems
10 Time Series Analysis

 Basic Principles, Definitions and Examples
 Components of Time Series: Trend, Seasonal, Cyclical and Irregular
 Time Series Models: Deterministic and Stochastic; Deterministic Models - Additive and
Multiplicative
 Methods for Estimating Trend Component: Freehand, Semi-average, Moving Average and
Least Square
 Methods for Estimating Seasonal Component: Additive, Multiplicative
 De-trending and De-seasonalisation of Time Series: Methods and Uses
11. Sources, Uses and Limitations of Nigerian Statistics
34
 Official Statistics: Types, Scope, Nature and Sources
 Major Producers of Statistics in Nigeria: National Bureau of Statistics (NBS), Central Bank of
Nigeria (CBN), National Population Commission (NPC) and Research Institutes, e.g National
Institute of Social and Economic Research (NISER), Federal Institute of Industrial Research
Oshodi (FIIRO)
 Problems and Challenges of Nigerian Statistics
SECTION B: BUSINESS MATHEMATICS
12. Functions and Graphs

 Basic Concepts: Sets, Variables, Functions
 Functions: Linear, Quadratic, Polynomial, Exponential, Logarithmic
 Derivatives and Anti-derivatives: Differences, Rates of Change, Sums
 Examples of Functions: Production, Cost, Revenue, Profit/Loss Functions
13. Equations and Inequalities

 Equations: Linear and Quadratic
 Inequalities: Linear and Quadratic
 Methods of Solving Equations: Graphs, Discriminant and Factorisation
 Solution of Linear and Quadratic Inequalities by Graphical Method
 Breakeven Points in terms of Cost, Revenue, Profit or Loss Functions
 Solution of Breakeven Points: Graphical, Factorisation, or Discriminant Methods
 Simultaneous Equations: Linear and Quadratic
 Solution of Simultaneous Equations: Substitution and Graphical Methods
 Translation of Problems into Systems of Equations
14. Differentiation and Integration

 Concept and Meaning of Differentiation
 Principles of Differentiation
 Derivatives of Linear: Quadratic, Cubic, Logarithmic and Exponential Functions
 Rules of Differentiation: Sum, Difference, Product and Quotient of Functions
 Second-Order Derivatives of Quadratic and Cubic Functions: Maxima and Minima Points,
Points of Inflexion
 Applications to Business and Economics: Maximum and Minimum Values, Marginal
Cost, Marginal Revenue, Elasticity, Revenue, Profit and Loss
 Integration, Definite and Indefinite Integrals : Uses in Marginal Analysis and Determination of
Consumer and Producer Surpluses
15. Progression, Compounding, Discounting and Annuities
35
 Series and Sequence: Arithmetic and Geometric Progressions
 Interests and Rates: Simple Interest, Compound Interest, Depreciation and Inflation
 Investment Appraisal: Annuities, Future Value (FV), Present Value (PV) and Net Present Value
(NPV); Amortisation and Sinking Funds, Internal Rate of Return (IRR)
16. Matrices
 Types of Matrices: 2x2, 2x3, 3x2, 3x3; Square Matrix, Transpose Matrix, Symmetric Matrix, Null
Matrix, Identity Matrix; Same-Order Matrices, Conformable Matrices
 Basic Matrix Operations: Addition, Subtraction and Multiplication
 Matrix Multiplication: Scalar Multiplication; Matrix Product, Scalar Product
 Determinants of a Matrix: Minor, Cofactor, Matrix of Factors and Adjoint Matrix
 Properties of Matrix: Singular and Non-singular Matrices
SECTION C: OPERATIONS RESEARCH
17. Introduction
 Definition
 Basic Principles of Operations Research
 Operations Research Objectives and Methodology
 Modelling and Model Characteristics in Operations Research
 Applications in Business, Management, Banking and Finance
18. Linear Programming

 Linear Programming - Structure and Formulation
 Specification and Characteristics of Linear Programming Models: Objective Functions,
Constraints, Assumptions
 Graphical Solution and Algebraic Solution of Linear Programming Models
19. Transportation Model

 Basic Concepts
 Formulation of Transportation Models (TM)
 Structure and Types of Transportation Problem.
 Solution of the Transportation Model – Graphical
20. Network Analysis

 Basic Concepts and Methods
 Programme Evaluation and Review Technique (PERT)
 Essential Steps in the Application of PERT
36
 Specification and Determination of Activity Times: Earliest Start Time (EST), Earliest Finish Time
(EFT), Latest Finish Time (LFT), Latest Start Time (LST); Floats
 Determination of the Critical Path
21. Queue Models

 Basic Concepts
 Types of Queuing Systems
 Basic Structure of Queue Models: Arrival Pattern, Arrival Rate (); Service Discipline, Service
Rate ()
 Characteristics of Single-Channel Poisson Arrival and Exponential Service Rate: Traffic
Intensity, Average Number in the System, Average Number Waiting for Service, Average Time
of an Arrival Spent in the System, Average Waiting Time Spent on the Queue, Average
Length of Non-Empty Queue and Average Waiting Time of an Arrival Who Waits
22. Inventory Control

 Basic Functions of Inventories: Applications in Business and Production
 Inventory Costs: Ordering, Holding, Stock-out
 Basic factors: Reorder Point, Lead Time, Lead Time Demand, Quantity Discount, Safety Stock,
Back Order Stock
 Economic Order Quantity (EOQ): Definition and Interpretation
 Methods of Solving EOQ: Tabular, Graphical and Mathematical
 Replacement models
Candidates will be required to answer five (5) out of eight (8) questions. The questions are in two sections,
namely:
 Section B: This Section consists of seven (7) question out of which the candidate is expected to answer
any four (4). Each question carries equal mark (15 marks)
NOTES
37
Agbadudu, A. B. (1990). Quantitative Techniques for Business. Lagos: Lagos University Press.
Akingbade, Funsho (1996). Basic Operational Research Techniques, Lagos, Panaf Publishing Inc.
Johnson, R.D., and Siskin B.R, (1976). Quantitative Techniques for Business Decisions Englewood
Cliffs, N.J. Prentice Hall Inc.
Levin, L. ((1976). Quantitative Methods for Business Decisions Harcourt Brace, N.Y., Jivanovich Inc.
Lucey.I. (1994). Quantitative Techniques, London: D.P. Publications.
Mojekwu, J. N. (2012). Business Statistics with Solved Examples Somolu Lagos: Easy Print Publications.
Morris, C. (1992). Quantitative Approach in Business Studies, London: Pitman.
Render, B, Stair, R.M., and Hanna, M. E. (2011). Quantitative Techniques for Management (11th edition)
Prentice-Hall.
Shrisvastava, U.K., Shernoy, G.V. and Sharma, S.V. (2011). Quantitative Techniques for Managerial
Decisions (3rd edition). New Age International Publishers.
Uzoeshi, Francis C. (2000). Quantitative Techniques for Modern Business Decisions in the Right Perspective,
Owerri: Springfield Publishers.
Vohra, N. D. (2001). Quantitative Techniques in Management (2nd edition). Tata McGraw-Hill.
Wagner, Harvey M. (1972). Principles of Operations Research, London: Prentice Hall International Inc.
FURTHER READING

C.I.B.N (various years) Examiners’ Reports, Lagos: CIBN Press Ltd.

Daniel, W. and Terrel, J.C (1995). Business Statistics for Management and Economics (7th edition) Boston,
Houghton Mifflin.
Francis. A. (1988). Business Mathematics and Statistics, London: D.P. Publications Ltd.
Harper, W. M. (1988). Statistics, London: Pitman.
Mason, R.D. (1978). Statistical Techniques In Business and Economics, Irwin, Ontario.
Siegel. A. F. (2011). Statistics for Business, (6th edition). Academic Press.
Soyibo, A. (1990). Statistics for Students of Accounting, Banking and Finance. Lagos: F & A Publishers.
Soyibo, A. and Adekanye, F.(1990). Linear Programming for Business, Banking and Finance. Lagos:
Publishers.
38
BUSINESS COMMUNICATION SKILLS
AIMS
The overall aim of this subject is to enhance the candidates’ abilities to communicate effectively, efficiently
and confidently with colleagues, senior and subordinate persons, customers and stakeholders both
formally and informally.
The course is thus designed to assist candidates in:
 Understanding the nature and scope of communication and its role within the organisation.
 Managing communication process effectively, enhancing communication process and improving
interpersonal communication.
 Making effective public speeches/presentations and writing.
 Improving communication with customers.
LINKAGE
This subject is linked to all subjects in the ACIB syllabus
CONTENTS
SECTIONS
1. Introduction
 Communication Theory
 The Communication Process/Model
 Factors in Communication (PRIDE)
 Basic Rules of Communication
 Concept of Effective Communication
 Barriers to Effective Communication and remedies
 The nature, scope, importance, problems, prospects and meaning of communication.
 The role of language, culture and environment in communication
 An overview of the types of communication (Oral, Written, Behavioural); their features
 advantages and disadvantages
 The communication process: Elements, the relationship between them and the proper
management of each process
2. Business Correspondence
 Proposal Writing
 Report Writing
 Internal Communication
39
 External Communication
 Types and features of business letters
 Preparation to write: words, sentences, paragraphs
 The complete letter: structure, forms and essentials
 Good news, bad news and routine letters
 Reports, memos, minutes and other types of letters written in the office
 Mail etiquette
3. Interpersonal Communication
 Interpersonal/Intergroup Communication
 Effective Public Relations
 The importance of interpersonal relations and communication
 Listening: meaning, problems, how to enhance listening skills
 Behavioural (non-verbal) communication: types, features and optimisation
 Communication breakdown: Nature, consequences, cause and remediation
 Ensuring effective communication
4. Public Speaking/Presentation
 Types, circumstance and nature
 Preparatory issues: topic, occasion, purpose audience research, etc
 Writing and organising the paper
 Presentation proper
 Feedback management
 Use and abuse of support materials
 Persuasive presentation
5. Organisational Communications
 Technology, Legal and Ethical Issues in Communication
 Importance and role of communication in organisations
 Types and features of formal communication flows advantages, disadvantages and means of
improvement
 Informal communication flow: Gossips, rumours and the grapevine
 Managing the external audience
 Organisational communication and ICT
 Improving organisational communications
 Management of meetings
 The use of telephone
40
Candidates will be required to answer four (4) out of six (6) questions. The examination question paper
will be divided into two sections.
 Section B: This Section consists of five (5) questions from which candidates should answer three
(3). Each question carries (20) marks, for a total of 60 marks.
NOTES
magazine particularly to update themselves on contemporary issues in the financial services industry.
Adler, R. B. & Elmhorst, J. M.(1996). Communicating at Work (5th edition) New York: McGraw-Hill.
Bel-Molokou, J. (1997). Business Communication Theory and Practice. Lagos. SefPatri Services
Hamilton, C & Parker, C. (2011) Communicating for Results: A Guide for Business and Professions (9thth
edition). Belmont, California: Wadsworth Publishing Company.
Hamilton Gregory (2002). Public Speaking and College and Career. McGraw Hill.
Muo I. K. (2001). Fundamentals of Business Communication: Lagos: Imposed Publishers.
James, S. Ode I. and Soola, O. (1990). Introduction to Business Communication for Business and
Organisations, Ibadan, Spectrum.
Sanni M.B.A. (2002). Business Communication. Lagos: M & B Associates & SERO Ltd.
Ndolo, I. S. (2001). Understanding Business Communication: Lagos, Impressed Press.
41
42
FINANCIAL ECONOMICS
AIMS
This subject is designed to acquaint candidates with basic fundamentals and elements of financial
economics. It aims at facilitating candidates’ understanding of:
 The roles and functions of major financial institutions and markets, with particular reference to Nigeria.
 The domestic and international regulatory environment in which financial institutions in the country
operate.
 The contemporary issues and developments in the Nigerian Financial System.
 The implications of the conduct of monetary policy for the banking and financial sector in particular and
the economy in general.
 The major economic and other factors influencing the structure and determination of interest rates and
exchange rates.
 Recent development in the domestic and global financial environments.
LINKAGES
 Basic Economics
 Elements of Banking
 International Trade and Finance
 Management of Financial Institutions
CONTENTS
1. Introduction
 Overview of the Nigerian Financial System
 The nature, processes and functions of financial intermediaries
 Types of financial intermediaries:
- Bank - Deposit money banks
- Non-bank - Insurance, Mortgage Institutions, Microfinance Banks, Discount houses, etc
2. Liquidity and Portfolio Management

 Concepts in liquidity
 Importance and effects on the economy
 Liquidity management and capital structure in banks
43
 Portfolio management and risk sharing in banks
3. Liquidity and Bank Balance Sheet Management

 Concept of liquidity
 The importance of liquidity and capital
 Balance Sheet management
- Liquidity
- Profitability
- Solvency
- Costs
- Convenience
4. Financial Markets and Institutions

 Concepts and nature of financial markets: money and capital markets; the institutions and
instruments
 Bank and non-bank financial institutions in Nigeria: Central Bank of Nigeria (CBN), Nigerian
Deposit Insurance Corporation (NDIC), National Insurance Commission (NAICOM). Other
financial institutions - Commercial Banks, Discount Houses, Mortgage Institutions, Microfinance
Banks, Insurance Houses, traditional financial institutions, non-interest banking
 Financial market:
- Capital Market: The Securities and Exchange Commission (SEC), The Nigerian Stock
Exchange, Stockbrokers, Issuing Houses, Portfolio Managers, Funds Managers.
- Money Market: Commercial Banks, Discount Houses, Financial Market Dealers’
Association, etc.
 Regulatory and Supervisory Institutions
- Central Bank of Nigeria (CBN) - Regulatory and Supervisory
- Nigeria Deposit Insurance Corporation (NDIC) - Supervisory
- Functions of Central Bank of Nigeria (CBN)
- Functions of Nigeria Deposit Insurance Corporation (NDIC)
 Autonomy of the CBN – meaning, basis and problems
 Roles and functions of The Securities and Exchange Commission as regulators in the capital
market
 Roles and functions of The Nigerian Stock Exchange as supervisors in the capital market
5. Monetary and Fiscal Policies

 Meaning, types and value of money
 Demand and supply of money: Definition and determinants
 Quantity theory of money: Assumptions, postulates and policy implications
44
 Liquidity and liquidity preference
 Rules versus discretion in monetary policy
 Elements of the Hicksian IS-LM Model and macroeconomic policy design
 Economic policies, monetary policies, fiscal policies, exchange rate policies and income policies
 Monetary policies: objectives, instruments and their effectiveness in Nigeria
 Fiscal policies: objectives, instruments and their effectiveness in Nigeria
 The imperative of aligning monetary and fiscal policies for effectiveness in economic
management
6. Interest Rates, Exchange Rates and Inflation

 Real versus nominal Interest rates
 Economic rationale for interest payment
 Theories of interest rate determination: the loanable fund and the liquidity preference theories
 Term structure of interest rate
 Relationship between interest rate, discount rate and bond prices
 Exchange rate: distinction between real and nominal exchange rates and their determinants
 Determination of exchange rate – fixed, freely floating and the managed float exchange rate
regimes
 Exchange rate and price stability
 Relationships between inflation and interest rates, inflation and exchange rate
7. International Financial Institutions

 Roles and functions of the World Bank Group (IBRD, IFC, IDA)
 The roles and functions of International Monetary Fund (IMF), African Development Bank group,
African Development Fund (AfDB), African Finance Corporation (AFC), and Organisation of
Petroleum Exporting Countries (OPEC) Fund
 Economic and Monetary Integration and Theories of Customs Union
 The roles and activities of African Development Bank group, African Development Fund (AfDB)
 Organisational structure, roles and functions of African Finance Corporation (AFC)
 Organisational structure, roles and functions of Organisation of Petroleum Exporting Countries
(OPEC) Fund
 Theories of economic and monetary integration
 Custom unions, e.g. European Union, Economic Community of West African States (ECOWAS)
 Regional Economic and Financial Groupings and Institutions: Economic Community of West
African States (ECOWAS), West African Clearing House (WACH), Association of South-East
Asian Nations (ASEAN), East African Community (EAC) and European Union (EU)
 The African capital market: Participants and instruments:
45
- Abidjan, Morocco, Cairo, Johannesburg, Lagos, Accra, etc
8. International Financial Markets and Transactions

 Eurocurrency market: growth and recent developments, dollarisation, Eurobond, London Inter-
Bank Offer Rate (LIBOR)
 Balance of payments: Definition, concepts, composition and adjustment mechanisms
 Foreign aids, foreign direct investment, capital flight and the economy
 International liquidity: trading and reserve currencies, foreign reserves, gold and Special
Drawing Rights (SDRs)
9. Contemporary Issues
 Competition, Concentration and Consolidation in banking
 Bank distress and failures – causes and remedies
 Reforms in the Nigerian Financial System
- Banking System
- Financial Markets
 Objectives , roles and functions of Asset Management Corporation of Nigeria (AMCON)
 Regulation, Deregulation and Re-regulation in the Nigerian Banking System
 E-payment methods, e-banking, e-business
 Methods and instruments
- Credit cards
- Debit cards
Candidates will be required to answer four (4) out of six (6) questions. The questions are in two Sections,
namely:
 Section B contains five (5) essay type questions from which candidates are to answer three (3). Each
of the questions in Section B carries equal mark (20 marks)
46
NOTES
Afolabi, S. I. (1991). Monetary Economics, Lagos: Innerways Publications.

Ajayi, S.I. and Ojo, O. O. (1981). Money and Banking: Analysis and Policy in Nigeria, London: George Allen
& Unwin.
Anyanwaokoro, M. (1999).Theory and Policy of Money and Banking, Hosanna Publications.
Buhari, A. I. (1995). Monetary Economics, Ilorin: University of Ilorin Press.
CBN, SEC and NSE. Quarterly Reports and Journals
C. I. B. N. (various years).Examiners’ Reports, Lagos: CIBN Press Ltd.
Curgil, T. F. (1977).Money, the Financial System and Monetary Policy, New Jersey: Englewood Cliffs. N.
J: Prentice-Hall.
Mishkin Frederic S and Stanley G. (2002), Financial Markets and Institutions, 6th edition Boston: Addison-
Wesley.
Furness, E. L. (1972). An Introduction to Financial Economics, London: Heinemann.
Nwankwo, G. O. (1985). The Nigerian Financial System, Lagos: Macmillan Publishers.
Odekunle, T. (2005).Essentials of Banking and Monetary System in Nigeria, Lagos: Jaytees Publishers.
Ojo, J.A.T. and Adewunmi, W. (1982). Banking and Finance in Nigeria, Bedfordshire: Graham Burn.
Olufowose, E. A. (1998). Monetary Theory and Investment Practice in Nigeria, Lagos: Kins Investment
Limited.
Onoh, J. k. (2002). Dynamics of Money, Banking and Finance in Nigeria: An Emerging Market, Aba, Enugu,
Lagos: Astrameridian publishers.
Onuigbo, O. (1992). Monetary Economics, Aba: Esquire Press.

47
FINANCIAL AND MANAGEMENT ACCOUNTING
AIMS
To examine candidates’ working knowledge and understanding of:
 Advanced areas of Financial and Management Accounting apart from those already covered under
Accounting and Business Finance.
 Requirements of International Financial Reporting Standards (IFRS) and Generally Accepted
Accounting Practices (GAAPs).
 Analysis and interpretation of financial statements both for internal and external users.
 Major areas of the application of accounting information in other areas of Banking practice.
 Specalised accounting necessary for smooth advancement in related subject at higher level of the
Professional examination of the Institute.
 The use of accounting information for decision-making.
 Calculations relating to Capital Budgeting.
LINKAGES
CONTENTS
SECTION A: FINANCIAL ACCOUNTING
1. Partnership Accounts
 Nature and scope of partnership business
 Accounts for formation of new partnership firm
 Admission of new partner
 Treatment of goodwill
 Retirement of a partner
 Sale of a partnership firm
 Conversion of a partnership to a limited liability company
 Dissolution of partnership
48
2. Overview of International Financial Reporting Standards (IFRS)
 Evolution and global adoption of IFRS, including convergence and harmonisation
 Financial Instruments: Definition, measurement, accounting classification and reporting
requirements under IFRS
3. Companies’ Accounts
 IFRS Financial Statement
- Statement of Financial Position (Balance Sheet)
- Statement of Comprehensive Income (Profit and Loss Account)
- Statement of Changes in Equity
 Review of major IFRSs
 Business Combinations
 Consolidation of separate entities
 Investment in Associates
 Joint Venture
4. Business Reorganisation and Reconstruction, including Capital Reduction
5. Business Performance Review

 Interpretation of accounts using ratio analysis, including profitability, liquidity, activity and
gearing and ratios
 Working capital and liquidity.
 Share and Business Valuation on the basis of: liquidation, going concern, historic cost,
replacement cost, dividend yield, earnings yield, and price earnings ratio
 Statement of cash flow
 Five Year Financial Summary
6. Specialised Accounts
 Banks and Non-Bank Financial Institutions
 Insurance companies
 Farmers’ Accounts
 Hire Purchase Transactions
 Leasing
 Investments
 Sinking Fund
 Pension Fund
 Stock broking Companies
 Accounts for insurance on stocks
49
SECTION B: MANAGEMENT ACCOUNTING
7. Management Accounting
 Relationship between Financial and Management Accounting
 Costing techniques: marginal costing, standard costing, absorption costing
 Contribution margin approach and decision making
 Cost-Volume : Profit analysis, including Breakeven Point
 Pricing Decisions/Policy
 Budgeting and budgetary control
 Cash budget
 Techniques of investment appraisal, including Accounting Rate of Return (ARR), Payback
Period (PBP), Net Present Value (NPV), Internal Rate of Return (IRR), Profitability Index (PI)
and Cost-Benefit-Analysis (CBA).
 Risks and Uncertainty in Capital Budgeting
 Linear Programming
Candidates will be required to answer five (5) out of seven (7) questions. This paper is divided into two
sections:
 Section B, which is allotted 60 marks, is divided into two parts. The Section will contain six questions
from which candidates will be required to answer any four (4). Candidates are required to answer at
least two questions from each part of the section.
NOTES
50
Ajayi, C. A. (2007). Accounts of Banks and Insurance Companies, Lagos: Pumamrk Publishers Ltd.
Akeju, J.B. (2003). Financial Accounting, Volume 1, Lagos: JBA Limited.
Anao, A. R. (2004). An Introduction to Financial Accounting. Benin City: Longman.
Anumaka, Nelson M. (2000). Managerial Accounting and Control: Matik Education Ltd.
Elliot, Barry and Elliot, Jamie (2010). Financial Accounting and Reporting, Pearson Education Limited.
Gowthorpe, Catherine (2011). Business Accounting and Finance, Brenden George.
Holmes, Phil (1999). Investment Appraisal, Thomson Business Press
Ifede, D. and Obasesan, D. O. O. (1995). Accountancy for Banking Students, Lagos: Achievers Group.
Igben, R.O. (2004). Financial Accounting Made Simple, Lagos: R.O.I. Publishers.
Inanga, E. L and Ajayi, C. A. (1999). Accountancy for Bankers, Lagos: CIBN Press Ltd.
Jennings, A. R. (1993). Financial Accounting, London: DP. Publications Ltd.
Lucey, T. (1994). Management Accounting, London: DP Publications Ltd.
Spicer and Pegler, Paul Gee (Editor) (1998). Book-Keeping and Accounts: Butterworths/HFL.
Van Horne, J. C. (2002). Financial Management and Policy, Englewood, N.J.: Prentice-Hall.
Wood, F and Robinson, S. (2008). Book-Keeping and Accounts: Prentice-Hall.
Wood, F. and Sangster, A. (2005). Business Accounting Vol. 2, London: Pitman.
FURTHER READING
C.I.B.N (various years) Examiners’ Reports. Lagos CIBN Press.

IFRS PARTS A & B, IASB.
NASB (2008/2009). Handbook, Bound Volume, FRC.
51
MARKETING OF FINANCIAL SERVICES
AIMS
 To enable candidates appreciate the uniqueness of financial services products and, consequently, the
need for their marketing in a special way.
 To provide candidates with detailed knowledge of marketing concepts, function, techniques, skills and
tools needed as operators in the financial services industry thereby enhancing their knowledge of
effective financial services marketing.
 To enable candidates appreciate the need for audit of the marketing function.
 To enable candidates appreciate the roles and functions of marketing in organisational management.
LINKAGES
 Fundamentals of Marketing
CONTENTS
1. Overview of Marketing of Financial Services

 Marketing concepts and definitions; Marketing versus Sales
 Marketing of services versus the marketing of physical goods
 Characteristics of financial services
 Need for marketing in the financial services industry
 Variables in the financial services marketing environment
 Constraints on the effective marketing of financial services
 Conditions for effective marketing of financial services
2. Financial Services Marketing Strategies

 Definition
 Rationale for marketing strategies
 Formulating marketing strategies
 Elements of creative marketing strategy
 Strategic options in Financial Services:
52
- Corporate target
- Operating emphasis
- Operating mode
- Operating posture
- Operating theatre
- Market segment
- Target priorities
 Relationship between strategy and market planning
 Positioning objectives
 Positioning models
 Categories of strategies:
- Strategies for underdog institutions
- Strategies for dominant institutions
- Probable losing strategies
- Definite losing strategies
 Types of marketing strategies:
- Offensive, defensive and rationalisation strategies.
3. Marketing Planning
 Marketing planning horizon:
- Short term
- Medium term
- Long term
 Objectives of marketing plan
 Process of developing marketing plan
 Benefits of marketing plan
 Elements of marketing plan
 Conditions for successful implementation of marketing plan
 Success factors in marketing plans
 Reasons why marketing plans go wrong
4. Marketing Research
 Objectives
 Scope, types (market-oriented analysis and consumer oriented analysis) and uses of marketing
research
 Procedures/processes of marketing research
 Role of research in marketing of financial services
 Sources of marketing research information
 Characteristics of a good marketing research
53
 Report writing/presentation
 Implementation of marketing research
 Users of marketing research results
 Criteria for evaluating marketing research report
 Benefits of marketing research
 Problems of marketing research in Nigeria
5. Product Development
 Definition, concept and classification of products
 Sources/need of new product ideas
 Product development strategies
 Total product concept
 Process of new product development
 Product quality and value
 Reasons for failure of new products
6. Pricing
 Definitions, types and role of pricing
 Pricing policies, methods and strategies
 Determinants of pricing and modifying factors
 Pricing strategic alternatives
 Components of pricing
7. Consumer Behaviour
 Definition
 Internal influences on consumer behaviour: Attitudes, motivation, personality and self-concept,
learning and perception
 External influences on consumer behaviour: Groups, socio-cultural factors
 Consumer buying process/bank selection process and criteria, and its marketing implications in
the banking industry
 Marketing implications of consumer behaviour in the banking industry
8. Financial Services Delivery System

 Definition
 Factors determining channels of distribution
 Delivery provinces, location considerations
 Constraints to choice of channels
 Types of delivery systems
 Key elements in financial services delivery systems
54
9. Promotional Mix
 Objectives of promotion
 Communication mix
 Determinants of promotion
 Advertising: Definition, media types, basis for selection of media for effectiveness
 Personal selling concepts: Merits and demerits
 Motivating the marketing officers
 Sales promotion: Definition, objectives, factors influencing it, tools, implementation and
evaluation of promotion results
 Publicity: Definition, objectives, implementation of publicity plan
10. Public Relations (PR)

 Definition
 Why PR activities?
 PR activities:
- Performance (i.e. provision of good services)
- Informing
 Objectives of PR activities
 The "publics" of Financial Institutions
 Channels of PR activities
 Gains of successful PR activities
 Ways of achieving good public image
11. Customer Relationship Management

 Basic concept of customer relations
 Principles of Customer Relationship Management
 Framework for Customer Relationship Management
 Implementation of Customer Relationship Management programme
 Customer Relationship Management Strategies
12. Customer Care

 Definition
- An integral part of customer relationship management
 Defining the customer
- Internal customer
- External customer
- Existing customer
- Former customer
- Potential customer
55
- Indirect customer
- Ultimate customer
 Customer management stage analysis
 Why and how customer care fails
 Customer care is people business
 Factors promoting customer care success
13. Marketing Audit

 Definition and objectives
 The process of marketing audit
 Components
- Marketing environment audit
- Marketing strategy audit
- Marketing organisation audit
- Marketing productivity audit
- Marketing functions audit
 Findings of marketing audits
14. Ethics in Marketing

 Ethics in bank marketing:
- Concepts
- Setting and monitoring ethics standards
 Developing and maintaining an ethical organisational environment.
 Empirical examples of unethical practices in marketing and the sanctions
15. Organisation of Marketing Function

 Basic structure and elements of marketing department (retail banking unit, corporate banking
unit, international banking unit)
 Objectives and functions of the marketing department.
 Requirements for successful management of marketing functions - manpower, technology,
facilities.
 Hindrances to effective marketing function
 The roles of the marketing manager/officer
 Evaluation of the performance of the marketing function.
56
namely:
 Section B contains five (5) essay-type questions from which candidates are to answer three (3). Each
of the questions in Section B carries equal mark (20 marks).
NOTES
Achumba, I.C. and Osuagwu, L (2002). Fundamentals of Marketing, Japan: Mcgraw-Hill

Afobunor, S.A.N. (1997). Marketing Management, Lagos: Afro Fam Nigeria Enterprises Ltd.
Aigbiremolen, M. O. et al (2004). Marketing Banking Services in Nigeria, Lagos: CIBN Press Ltd
Channon, D. F. (1986). Bank Strategic Management and Marketing, Chicester (UK): John Wiley Sons.
Cole, A. A. (1997). Basic Fundamentals of Marketing, Ikorodu: Beyus Consult.
Kotler, P. (1986). Fundamentals of Marketing, New Jersey: Prentice-Hall Inter. Books.
Marsh, J. R. (1988). “Managing Financial Services Marketing” London: Pitman Publishing.
Morden, A.R. (1996). Elements of Marketing, London: DPP Publications.
Osuagwu, L and Eniola, V. (1997. Marketing Management: Principles Strategies and Cases. Lagos:
Malthouse Press Ltd.
Onwuchuruba, G. U (1996). Marketing Financial Services in Nigeria. Lagos: Servo Marketing and
Management Services.
Stanton, W.J. Et Al (1994). Fundamentals of Marketing, New York: McGraw-Hill.
FURTHER READING

Bank Marketing Association (1989). Building a Financial Services Marketing Plan, Naperville Illinois:
Financial Source Books.
Berryl, L. and Capaldini, Marketing for the Bank Executive, London: Leviathan House Ltd.
Carla, Furlong (1989). Marketing Money: Excelling in Today’s Financial Services, Toronto, Ontario: Gage
Educational Publishing.
C.I.B.N (various years). Examiners’ Report, Lagos: CIBN Press Ltd.
57
Colin, McIver (1987). The Marketing Mirage: How to make it a Reality, New York: Nichols Publishing
Company.
Christopher, H. Lovelock (1991). Services Marketing, Englewood Cliffs, NJ: Prentice-Hall.
Crose, Howard D. and Hempel, G. H. (1973). Management Policies for Commercial Banks, Englewood
Cliffs, NJ: Prentice-Hall Inc.
Ellen, M. F. and Robert N. G. (1987). The Financial Services Handbook: Executive Insights and Solutions,
New York: John Wiley & Sons.
Eric, R. and Roberts, E. P. (1986). Bank Marketing: A Guide to Strategic Planning, Englewood Cliffs, NJ:
Prentice-Hall.
George, S. Day (1990). Market-Driven Strategy: Processes for Creating Value, New York: The Free Press.
Giles, G. B. (1974). Marketing, London: (The English Language Book Society and MacDonald and Evans
Ltd.).
Hanson, D. G. (1979). Service Banking, London: The Institute of Bankers.
Leonard, L. B. et al (1989). Service Quality: A Profit Strategy for Financial Institutions, Homewood, Illinois:
Dow Jones-Irwin.
Leonard, L. B. et al (1989). Bankers Who Sell: Improving Selling Effectiveness in Banking, Homewood,
Illinois: Dow Jones-Irwin.
Levitt, Theodore (1986). The Marketing Imagination, New York: The Free Press.
Levitt, Theodore (1973). Marketing for Business Growth, New York: McGraw-Hill.
McDonald, M.H.B (1991). The Marketing Audit, London: Butterworth and Heinemann.
McIver, Colin and Naylor Geoffrey (1980). Marketing Financial Services, London: The Institute of
Bankers.
Myers, J. H. (1992). Marketing, New York: McGraw-Hill.
Kotler P. and Gary, Armstrong (1990). Marketing: An Introduction, Englewood Cliffs, NJ: Prentice-Hall.
Porter, M. E. (1985). Competitive Advantage, New York: The Free Press.
Ryan, C. (1996). The Master Marketer, London: Kogan Page.
The Institute of Bankers (1971). The Marketing of Bank Services, London: The Institute of Bankers.
Wilson, Aubrey (1982). Aubrey Wilson’s Marketing Audit Checklists London: McGrawl-Hill Book Company
(U.K) Ltd.
Zemke, Ron & Schaaf, Dick (1989). The Service Edge, New York: New American Library.
58
INTERNATIONAL TRADE AND FINANCE
AIMS
To make candidates understand in detail, the following:
 Basis of international trade and its advantages.
 Exchange rate mechanism, its determination and quotation techniques.
 The framework within which major financial decisions of the multinational company can be analysed
with emphasis on threats, inherent risks and financing procedures.
 Trade documentations and terms.
 Methods of payments to facilitate international transactions and financial facilities for travelers.
 International banking as well as international financial systems and markets.
 Balance of payments and its applications.
LINKAGES
 Banking Regulation and Supervision
CONTENTS
SECTION A: INTERNATIONAL TRADE
1. Basis and Theories of International Trade

 Absolute Advantage
 Theory of Comparative Advantage
 Mercantilist theory
 Heckscher-Ohlin Theory
 The New Trade Theory
 Raymond Vernon’s Product Life Cycle Theory, etc
59
2. Risks of international Trade and How to Mitigate Them
 Exchange rate risk
 Credit risk
 Liquidity risk
 Transportation risk
 Counterparty risk
 Interest rate risk
 Political risk
3. Trade Terms and Documentations

 Old and New International Chamber of Commerce (ICC) Inco-terms.
 Trade Documentations
4. Payment Terms and Systems

 Open Account
 Payment in Advance
 Documentary Letters of Credit
 Single European Payments Area (SEPA)
5. Trade Financing Facilities

 Factoring
 Forfaiting
 Leasing
 Bills Discounting
 Commercial Papers
 Avalising, etc
6. Export and Import Operations: The Processes and Procedures, including Incentives and
Documentation
7. International Trade Organisations and Trade Policies

Trade Policy: World Trade Organisation (WTO), International Standard Organisation (ISO), United
Nations Conference on Trade and Development (UNCTAD), International Chambers of Commerce
(ICC) Tariffs and Structures
8. Nigerian Free Trade Zones
60
9. Public Sector Agencies and Financial Sources for International Trade in Nigeria
 Nigerian Export-import Bank (NEXIM)
 Nigerian Export Promotion Council
SECTION B: FINANCE IN THE GLOBAL MARKET
10. Foreign Exchange Management

 Foreign Exchange Policy and Control in Nigeria.
 Exchange Rate Determination Theories
 Exchange Rate Mechanism
 Types of Exchange Rates
- Spot Rates
- Forward Exchange Rates
- Cross Rates, etc.
 Factors that affect exchange rates
11. Management of Foreign Exchange Exposure

 Forward Contracts
 Currency Netting
 Currency Swap
 Currency Futures and Options
 Foreign Exchange Risk Exposure such as:
- Accounting Exposure or Translation Exposure
- Transaction Exposure
- Economic or Operating or Strategic Exposure
12. International Banking

 Definition
 Correspondent Banking
 International banking facilities
 Multinational banking institutions
 International consortium banking
13. Foreign Exchange Services

 Travel services
 Transfer services
 Documentation services
 Status enquiry
 Other Facilities/Services
61
14. Balance of Payments Theories and Their Applications
15. International and Multilateral Financial Institutions

 Regional Groupings and Institutions - African Development Bank (AfDB), African Development
Fund (ADF), Nigeria Trust Fund, etc.
 Multilateral Institutions
- World Bank Group – International Bank for Reconstruction and Development (IBRD),
- International Development Association (IDA)
- International Finance Corporation (IFC)
- International Monetary Fund (IMF)
- Bank of International Settlements (BIS)
16. Global Financial Markets

 International Money Market – Eurocurrency Market
 International Capital Markets – Eurobond Market
 International Organisation of Securities Commission (IOSCO)
 Global Depository Receipts
 International Project Financing
Candidates will be required to answer five (5) out of seven (7) questions. The paper is divided into two
sections, namely
 Section B, which is allotted 60 marks, will contain six questions from which candidates will be required
to answer any four (4).
NOTES
magazine, particularly to update themselves on contemporary issues in the financial services Industry.
62
Adetifa, S. B. (2003). International Business Finance. Lagos: Amanda Publications

Esezobor, E. A. (2010). International Finance, (2nd Edition). Lagos: CIBN Press Ltd.
Ezike, J. E. (2009). International Business Finance and Management, Lagos: Concept Publications Ltd.
Iromaka, U.R. (2005). International Business Trade and Finance (Theory and Practice). Lagos: CIBN
Press Ltd.
Odekunle, T. (2010). Concepts and Theories of International Finance. Lagos: Jaytees Publishers.
Odekunle, T. (2012). Questions and Answers on International Finance with Notes, Lagos: Jaytees
Publishers.
Okororie, U. H. (2008). New Approach to International Finance, Lagos: CIBN Press Ltd.
Watson, A. (1997). Finance of International Trade, London, Revision by Cowdell, P/Hyde, ifs, London.
FURTHER READING
CIBN (various years). Examiners’ Reports, Lagos; CIBN Press Ltd.

Hammet, M. (2001). Dictionary of International Trade Finance, Kent; Financial World Publishing
Madura Jeff and Fox Roland, (2007). International Financial Management. London: Thomson.
Levi Maurice D; (2010). International Finance (5th Edition) New York, Routledge.
Olukole, R. A. (2002). The Foreign Exchange Market in Nigeria, Lagos; CIBN Press Ltd.
Sercu, Piet (2007). International Finance: Theory into Practice, Princeton, N.J: Princeton University
Press.
63
STRATEGIC MANAGEMENT AND LEADERSHIP
AIMS
The broad aim of this subject is to equip candidates with the knowledge of:
 Concepts, principles and techniques of management.
 Significance of interpersonal relations in organisational performance.
 Practical operational problems affecting organisations in an environment of risks and uncertainties.
 Conceptual, analytical and decision-making skills in managing human and material resources.
 Skills to analyse business cases and proffer viable solutions to rising business problems.
 Professional insights on cost implications of strategy implementations, the control and reduction
measures.
LINKAGES
This subject is linked to all other subjects in the ACIB Professional Syllabus.
CONTENTS
1 Strategic Management Process and Framework

 Understanding organisational stakeholders and their expectations
 Strategic Visioning, mission statements, goals/objectives
 Environmental Scanning and Analysis:, Situation Analysis, Competitors’ Analysis,
Globalisation, Industry, Political, Economic, Social and Technology (GIPEST) Analysis,
Strengths, Weaknesses, Opportunities and Threats (SWOT) Analysis. etc
 Internal Analysis: Resources, capabilities and core competencies, value chain analysis, criteria
for sustainable competitive advantage
 The roles of the board and other stakeholders in the strategic planning process
 Objectives and Target-Setting: The policy issues, viz. the business posture, the business mix,
market share, growth and recovery rate, resource allocation and risk analysis, social issues,
etc
2 Strategic Planning
 Strategic thinking
 Economic and Business Forecasting
 Strategic Planning:
- Vision
- Mission
64
- Objectives/goals
- Identification of resources
- Evaluation and Selection from Strategic Alternatives
- Gap Analysis
- Implementation
- Monitoring
- Control
 Challenges of Strategic Planning
 Strategy and Structure
3 Organisational Management
 Organisational structure and design
 Human resources process, policies, procedure and evaluation
 Human resources functions: Job design, job analysis, job specification and description,
recruitment, selection and training
 Manpower planning and development
 Performance appraisal and compensation
4 Change and Innovation Management

 Change and innovation
 Factors driving environmental shifts/ organisational change and Innovations in the 21st century
 Causes of resistance to change
 Steps for Implementing change and Innovations
 Preparing the ground for positive change
 Communicating change and innovation initiatives to stakeholders
5 Leadership
 Definition and nature of leadership
 Types and philosophies
 Attributes of a good leader
 Leadership traits
 Factors in leadership effectiveness
 Contingency approaches to leadership
 Management versus leadership
 Environmental demands of leadership in the 21st century
 Ethical practices in leadership
65
6 Business Level and Generic Strategies
 Cost level strategy and the competitive risks
 Differentiation strategy and the competitive risks
 Focused strategies and their competitive risks
 Strategy mix for competitive advantage.
7 Corporate Level Strategy and Portfolio Analysis

 Diversification: Rationale, Synergistic versus Conglomerate Diversifications
 Analysing Diversified Companies’ Portfolios
 Merger, Acquisition and Restructuring Strategies
 Social Responsibility and Corporate Strategy
 Management of Social Responsibility
 Strategic Considerations for Profit versus Social Responsibility/Value.
8 International Business Level Strategies

 Exploring International Business Opportunities and Incentives
 International Low Cost, Differentiation and Focus Strategies
 International Corporate Strategies: Global, Multi-domestic and Transnational Strategies
 International Entry Modes: Exporting, Licensing, Strategic Alliance, Cross-Border Acquisition,
Greenfield Venture
 Risks in International Business Environments
9. Co-operative Strategies
 Forms of Co-operative Strategies: Strategic Alliance, Joint Venture...etc.
 Rationale for Corporate Alliance, Competitive Risks and Co-operative Strategies
 Business Level Co-operative Strategies: Complimentary Alliances, Competition Reduction
Alliances, Competition Response Alliances, and Uncertainty Reduction Alliances.
 Corporate Level Strategic Alliances: Motives for Corporate Level Strategies
- Diversifying Alliances
- Synergistic Alliances
- Franchising
 International Co-operative Strategies: The Strategic Intent of Partners, Network Strategies, etc.
10. Project Management Issues

 Project Planning, Scheduling, Sequencing, Resource Loading, Estimation of Project Resource
Requirements, Project Communications, Project Monitoring, Key Performance Indicators and
Project Control.
 Project Life Cycle
 Project Evaluation and Reporting
66
11. Case Analysis in Strategic Management
 Candidates are expected to be grounded in practical case analysis which includes the ability to
identify business problems, proffering viable alternative solutions and being able to determine
the best alternatives in the given circumstances.
 Appreciation of requirements for implementation
 Implications of the outcomes
Candidates will be required to answer five (5) out of seven (7) questions. The Paper is divided into three
Sections:
 Section B will be a compulsory case study question for 20 marks
 Section C will have five (5) questions out of which three (3) would be answered at 20 marks each for
a total of 60 marks
NOTES
Gomez-Mejia, L. R., Balkin, D. B, and Cardy, R. L. (2004). Management: People, Performance, Change,
Irwin: McGraw-Hill.
Drucker, P.F. (1980). Management: Tasks Responsibilities and Practice. London: Heinemann.
Elegido, T. M. (2004). Fundamentals of Business Ethics. Ibadan, Spectrum Books Ltd.
Enikanselu, S. A. (2004). Management: Theory and Process, Lagos: Enykon Consult.
Enikanselu, S. A. (2007). Management: Theory and Philosophy, Lagos: Enykon Consult.
Enikanselu, S. A. (2007). Practice of Management, Lagos: Enykon Consult.
Enikanselu, S. A. and Oyende A.I. (2009). Essentials of Management, Lagos: Enykon Consult.
Enikanselu, S. A. and Oyende A.I. (2009). Introduction to Management, Lagos: Enykon Consult.
Fagbohungbe, O. B. (2009). Psychology of Management: Kotleb Publishers, Shomolu, Lagos.
Fagbohungbe, O. B. (2010). Psychology of Social Change and Development: Kotleb Publishers, Shomolu,
Lagos.
Ituwe, C.E. (1996). Bank Management (Today and Tomorrow), Lagos, Gemini Tech. Ltd.
67
Koontz, H. and Weihrich, H. (1988). Management, London: McGrawHill.
Lawal, A.A. (1993). Management in Focus. Lagos: Abdul Ind. Enterprises.
Muo, Ik. (1999). The Nature, Scope and Challenges of Management Lagos: Impressed Publishers.
Paul, H. and Kenneth, H. B. (1988). Management of Organisational Behaviour: Utilising Human Resources,
New Jersey: Prentice Hall Inc.
Stahl, M.J. (1995). Management: Total Quality in a Global Environment, Oxford, Blackwell Publishers.
FURTHER READING
C.I.B.N (various years). Examiners’ Report, Lagos, CIBN Press Ltd.

Ituwe, C. E. (2005). Strategic Management: Theory and Practice, Lagos, Excel Book House.
J. A. and Robinson, R. B.(Jr), (2003). Strategic Management. New York: McGraw-Hill International.
Koontz H and & Donnel, O. (1988). Principles of Management. New York: McGraw-Hill
Michael, A., Hitt, R., Ireland and Hoskisson Robert E., (2010). Strategic Management, Competitiveness
and Globalisation, 5th edition, Duane USA: Thompson South-Western.
Thompson Arthur A. and Stickland, A.J., (2003). Strategic Management, Concepts and Cases, USA:
McGraw-Hill College.
Thompson, Arthur A., Peteraf, Magret, Gamble, John and Strickland A,J., III, (2011). Crafting and
Executing Strategy: The Quest for Competitiveness: Concepts and Cases, USA: McGraw-Hill
68
CORPORATE FINANCIAL MANAGEMENT
AIMS
To provide all candidates with a working knowledge of the following:
 Theory of finance and its applications.
 Basic analytical techniques applicable to various practical financial management problems.
 Operations and procedures of the financial system and institutions.
 Investment opportunities and practice of corporate finance.
LINKAGES
 Financial and Management Accounting
CONTENTS
SECTION A
1. Introduction: Nature, Scope, and Purpose of Financial Management

 Objectives and scope of Financial Management
 Financial management decisions
 Finance functions in corporate organisations and the role of a finance manager
 The social environment of the firms and corporate social responsibility
 Agency relationship and corporate governance principles
 Financial strategy formulation
2. Mathematics of Finance
 Concept of Time Value of Money
 Compounding and Discounting methods
 Annuities and Perpetuities and their applications in solving investment and financing decision
problems: determination of effective rate of interest, sinking fund, amortisation, leasing, etc
69
3. Sources of Funds
 Sources of short, medium, and long-term finance, their advantages and disadvantages
 Features and Costs of Money Market Financing Instruments: Bankers’ Acceptances, Treasury
Bills, Repurchase Agreements, Commercial Papers, Certificates of Deposit, Overdraft, Term
Loans, Simple Interest Loan, Discounted Loan, Instalment Repayment Loan, Discounted Loan
with Compensating Balance Requirement, Leasing, Hire Purchase, etc
 Lease financing, outright purchase or hire purchase. Merits and demerits of each option
 Different sources and types of long-term fund: Equity, Debenture, Preference Shares, Venture
Capital, Syndicated Loans
 Roles of different financial institutions in fund mobilisation
 Shareholders’ Funds, Ratio Analysis, Closes of Financial Ratios, Uses and Limitations of ratios
4. Investment Appraisal under Conditions of Certainty and Uncertainty

 Evaluation and selection of investments using the Capital Budgeting Techniques
 Accounting Rate of Return, Payback Period, Net Present Value, Internal Rate of Return,
Profitability Index
 Evaluation of Independent projects, mutually exclusive projects, and replacement projects
 Effects of Inflation and Taxation in investment appraisals
 Capital Rationing
 Types of risks and methods of dealing with risk in investment appraisal: Variance, Standard
Deviation, Coefficient of Variation, Discounted Payback Period, Risk-Adjusted Discount Rate,
Certainty Equivalent Coefficient, Sensitivity Analysis, Simulation, Decision Tree.
 Adjusted Net Present Value
5. Cost of Capital
 Concept
 Cost of equity
 Cost of preference share
 Cost of debenture (debt)
 Weighted average cost of capital (WACC)
 Marginal cost of capital (MCC)
 Share valuation theory
6. Financial Statements Analysis

 Uses and Users of Financial Statements Analysis.
 Types of Financial Statements Analysis: Internal, External, Common size, Linear and Time
Series Analyses
70
 Tools of Financial Statements Analysis: Cash flow Statement, Statement of changes in equity
(Shareholders’ Funds), Ratio Analysis, Classes of Financial Ratios, Uses and limitations of
ratios
SECTION B
7. Investment Analysis and Portfolio Management

 Types of Investment (financial and real assets); financial assets (equity, preferred stock, bond,
hybrid, unit trust, mutual fund, insurance policy); real assets (freehold and leasehold property)
 Measurement of risk/return in investment.
 Analysis and selection of securities
 Portfolio theory: Determination of assets covariance, correlation
 Portfolio Analysis, selection and diversification techniques. Measurement of assets return, risk
and relationship
 Capital asset pricing model (CAPM)
 Measurement of portfolio performance: Use of Sharpe, Treynor, and Jensen ratios
 Determination of risk and return of two-and three-asset portfolios
 Capital market line, securities market line, characteristic market line
 Portfolio planning, management and protection
8. Capital Structure Theories and Leverage

 Concepts
- Traditionalist School
- Modigliani and Miller
 Determinants of Capital Structure
 Optimal capital structure of corporate entities
 The concept of leverage: Financial operating, combined leverage and application in financial
decisions.
 EBIT/EPS (Earnings before Interest and Tax/Earning per Share) Analyses
 Arbitrage Theory and Investment Switching
9. Working Capital Management

 The concepts and determinants of working capital
 Basis of working capital requirement
 Tools for working capital management
 Working capital cycle/cash operating cycle
 Cash management: Cash flow forecast (cash budgeting)
 Credit policy and management of debtors
 Inventory management
71
10. Dividend Policy
 Types and implications of Dividend and Dividend Policy
 Determinants of dividend policy
 Dividend theories
 The dividend relevance and irrelevance schools of thought
 Dividend payout practices of corporate entities in Nigeria
11. Business Valuation and Re-engineering

 Business valuation models and specific areas of application, capital reconstruction
 Business Combinations: Mergers, acquisitions, takeovers, leveraged buyouts, management
buyouts and their economic implications
 Project and structured finance
12. Current issues in Corporate Financial management

 Corporate Treasury management
 Financial Derivatives
 Financial re-engineering and strategic financial planning
13. Contemporary Issues in Financial Management

 Ethical Issues in Financial Management.
 Enterprise Risk Management (ERM)
Candidates will be required to answer five (5) out of seven (7) questions. The paper will be divided into
two sections.
to answer any four (4)
NOTES
72
Arnold, Glen (2008). Corporate Financial Management, 4th edition, Pearson Prentice-Hall.
Atrill, Peter (2006). Financial Management for Decision-Makers, 4th edition, Pearson Prentice-Hall.
Brealey, Richard A. Myers, Stewart C.; Marcus, Alan J.(2007). Fundamentals of Corporate Finance,
International Edition, McGraw-Hill.
Ekundayo, Femi (2010). Corporate Finance, Lagos: CIBN Press.
Ezike, J. E. (2002). Essentials of Corporate Financial Management, Lagos, Jaylycent.
Fischer, Donald E. and Jordan, Ronald J. (2005). Security Analysis and Portfolio Management, New Delhi:
Prentice-Hall.
Grinblatt, Mark and Titman, Sheridan (1998). Financial Markets and Corporate Strategy, Irwin/McGraw
Hill.
Nwude, Chuke; (2004). Basic Principles of Financial Management, Enugu: Nwabude Publishers.
Nwude, Chuke; (2003). Mathematics of Finance. Enugu: Nwabude Publishers.
Olowe, R.A. (2011). Financial Management: Concepts, Financial System and Business Finance, Lagos.
Pandey, I. M.(2010). Financial Management, New Delhi: Vikas.
Pandian, Punithavathy (2001). Security Analysis and Portfolio Management. New Delhi: Vikas.
Van Horne, J.C. (2002). Financial Management, and Policy, 11th International Edition, Prentice- Hall.
FURTHER READING
A Handbook of Securities and Exchange Commission (SEC) Guidelines on Administrative Proceedings,

Mergers/Acquisitions and Prospectuses.
CIBN Examiners’ Reports, (Various years). Lagos: CIBN Press Ltd.
Nigerian Stock Exchange(NSE), Rules Governing Listing on the First-Tier of the NSE.
Investment and Securities Act 2007 (as amended).
Securities and Exchange Commission (2008) Code of Corporate Governance for Public Companies in
Nigeria
SEC Bulletin; Sec Rules
73
74
75
76
CORE SUBJECTS
77
BANKING LAW, ETHICS AND CORPORATE GOVERNANCE
AIMS
To enable candidates understand:
 The legal environment and banking.
 The content of the main legislation relevant to the establishment, operations and supervision, and
liquidation of banks in Nigeria.
 Some basic principles of commercial law as relevant to the business of banking.
 The legal and ethical implications of business relationship.
 The basic ethical standards and principles required for the effective management of banks.
 The meaning and value of good corporate governance to the business of banking.
 The dilemma that bank professionals face in the consideration of morality, ethics and law.
LINKAGES
 Practice of Banking
CONTENTS
SECTION A: BANKING LAW
1. Statutes and Regulations: Governing the establishment, supervision and operation of banks,
namely:
 Banks and Other Financial Institutions Act (BOFIA) CAP.B3 LFN 2004.(As amended)
 Companies and Allied Matters Act (CAMA) CAP. C4 LFN 2004
 Central Bank of Nigeria Act CAP. C4 LFN 2004. (As amended)
 Nigeria Deposit Insurance Corporation Act CAP. N101 2004. (As amended)
 Money Laundering (Prohibition) Act CAP.M18 LFN 2004. (As amended)
 Economic and Financial Crimes Commission Act CAP. E1 LFN 2004. (As amended)
 Dishonoured Cheque(Offences) Act CAP. D11 LFN 2004
 Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act CAP. F2 LFN 2004.
 Bills of Exchange Act CAP. B3 LFN 2004
 Asset Management Corporation of Nigeria (AMCON) Act 2010
78
2. Securities Law
 Concept of property, types of property, ownership and possession, etc.
 Relevant laws on land and land ownership in Nigeria. Land and securities, mortgages, Land
Use Act CAP. L5 LFN 2004 statutory right of occupancy, customary right of occupancy,
governor’s powers, consent, revocation and compensation
 Shares as securities, insurance policy as securities
 Hypothecation of goods, bill of sale, trust receipt and negative pledge, commercial letters of
credit
 Guarantees and indemnities. Definition, differences between guarantee and indemnity,
essentials of a contract of guarantee, liability of the guarantor, the principal debtor and co-
guarantor, discharge of a guarantor and determination of a contract of guarantee. Principle of
subrogation as it relates to guarantees
3. Bankruptcy Law
 Meaning, Act of bankruptcy, application, procedure leading to adjudication
 Roles of trustee in bankruptcy
 Consequences of adjudication, disqualification of bankrupt and general legal consequences of
adjudication
SECTION B: ETHICS
4. Nature of Ethics
 Definitions
 Importance of ethics to the financial services industry
 Differences and similarities, ethics/law/religion/conscience
 Factors affecting the level of ethics in the financial services industry
 Ethical issues in banking supervision
5. Basic Issues in Ethics

 Virtues/Vices
 Greed
 Satisfaction
 Freewill
 Utilitarianism
 Altruism
 Confidentiality
 Conflict of interest
 Whistle-blowing
79
 Acceptance of gifts
 Insider dealing
6. Fundamental Principles of Morality

 Principle of Solidarity
 Principle of Rationality
 Principle of Fairness or Impartially
 Principle of Efficiency
 Principle of Accountability/Transparency
 Principle of Responsibility
 Principle of Honesty/Integrity
7. Code of Ethics and Professionalism for Bankers

 Nature and meaning
 Point of emphasis
 Purpose and benefits
 Best practices / unethical practices in the code of ethics
 Procedure for handing reported cases
8. Corporate Social Responsibility (CSR)

 Definitions
 Importance of corporate social responsibility in the banking industry
 Balancing profitability with social responsibility.
SECTION C: CORPORATE GOVERNANCE
9. Corporate Governance
 Nature, meaning and essence
 Principles/pillars of sound corporate governance
 Best practice standards
 The importance of corporate governance for financial institutions
 Code of corporate governance in banks
 Code of corporate governance for public corporations
 OECD Codes of Corporate Governance (2004)
 The legal audit and corporate governance
80
10. National and International Codes of Corporate Governance Relating to Banks
 Cadbury Report on Corporate Governance (1992)
 The Securities and Exchange Commission Code of Corporate Governance (2011)
 The Code for Responsible Investment in South Africa (2010)
 The King III Report (2009)
 The UK Walker Review of Corporate Governance in UK banks and other financial industry
entities (2009)
 The Basel Guidance: “Enhancing Corporate Governance for Banking Organisations (2006)
 Code of Corporate Governance for Banks’ Post Consolidation (2006)
11. The Role of the Board and Shareholders

 The identification of the board’s governance role and responsibilities (to include the role of the
board in value protection and value enhancement)
 The statutory and common law duties of directors
 Classification of boards (to include unitary boards and non-interest banks)
 The board of directors, including company secretary and chief executive officer.
 The chairman
 Board size and balance
 Director selection, appointment and education processes
 Director and senior management remuneration
 Board committees, including audit committee, internal/external auditors
 Board governance audit
 The role of the board in strategic planning, management and stewardship
 The role of the board in annual reports: Framework and non-financial disclosure
 The Shareholders at Annual General Meeting (AGM) and Extraordinary General Meeting
(EGM)
12. Self-Regulatory Mechanism in the Financial Services Industry

 Meaning of self-regulation
 Self-regulatory organs in the financial services industry:
- The Chartered Institute of Bankers of Nigeria (CIBN)
- Chartered Institute of Stockbrokers (CIS)
- Chartered Insurance Institute of Nigeria (CIIN)
- Association of Bureau de, Change
- Financial Market Dealers Association (FMDA)
- Nigerian Stock Exchange (NSE)
- Stock Exchange Commission (SEC), etc.
 The roles and functions of self-regulatory organisations in the financial services industry
81
Candidates are required to answer five (5) out of eight (8) questions. The questions are in three sections,
namely:
 Section A contains three questions out of which candidates are expected to answer two (2)
 Section B contains three questions out of which candidates are expected to answer two (2)
 Section C contains two questions out of which candidates are expected to answer only one (1)
 All questions carry equal marks (20 marks)
NOTES
Adeniji, O.A.(1995). Law and Practice of Banking in Nigeria. Ile-Ife: University, of Ife Press.
Adeniji, O.A. (1997). Laws Relating to Banking. Lagos: CIBN Press Ltd.
Adewunmi, W. (1988). Ethics in the Financial Services Business. Lagos: CIBN Press Ltd
Afolabi, L (1990). Law and Practice of Banking. Lagos: Top Golden Nigeria Ltd.
Ajayi, O.A. (2002). Law and Practice of Banking. Ibadan: Bash-Moses Printing Co
Ajayi, O.A. (2007). Banking: Law and Ethics, Ibadan: Bash – Moses Printing Co.
Akanki, E.O. (2007). Commercial Law in Nigeria, Lagos: University of Lagos.
Alo, O. (2003). Issues in Corporate Governance, Lagos: Financial Institutions Training Centre.
Balasupramanian N (2010). Corporate Governance and Stewardship, New Delhi, CFM/TMH.
Bernstein, A (2010). The Case for Business In Developing Economics. Johannesburg: Penguin.
Chorley, L. (1977). Leading Cases in the Law of Banking, London: Sweet & Maxwel.
CIBN (2004). Nigerian Banks and Corporate Social Responsibility. Lagos: The CIBN Press Limited
Cowdell, P.(1996). Law and Practice, London: CIN.
Elegido, T.M. (1996). Fundamentals of Business Ethics, Ibadan: Spectrum Books Ltd
Enyinnaya, C. (1992). Practical Banking Operations, Lagos: Pace Publishers.
Ferrell, O. C., Fraedrich, J., and Ferrell L. (2010). Business Ethics, Ethical Decision Making and Cases,
8th Edition, Boston, MA Prentice-Hall.
Federal Government of Nigeria. Companies and Allied Matters Act 1990, Lagos: Federal Ministry of
Information.
Goergen, M. (2012). International Corporate Governance, London, Pearson.
Ikotun, T. (2005). Law and Ethics of Banking, Osogbo: Taikot Publications.
82
King, M. (2007). Corporate Citizenship. Johannesburg: Penguin.
Mallin, C. (2007). Corporate Governance. Oxford: OUP.
Mckendrick, E.(2010). (ed.) Code on Commercial Law, 4th Edition: Penguin Books.
Monks, and Winow, (2011). Corporate Governance, 5th Edition: John Woley & Sons Ltd.
Ogubunka, N.M. (2002). Risk and Internal Control Management in Financial Institutions. CIBN Press Ltd
Lagos.
Roberts, G. (2001). Laws Relating to Financial Services, Canterbury: Financial World Publishing
Unegbu, O.C.K. (2004). Corporate Governance in Banking and Other Financial Institutions: Law, Issues
and Ethics, Lagos: CIBN Press Ltd.
Van. Zyl E. (2009). Leadership in the African Context. Cape Town, Juta.
FURTHER READING
Adekanye, F.(1984). Elements of Banking, London: Graham Burns.

C.I.B.N (various years). Examiners’ Reports, Lagos: CIBN Press Ltd.
John, E.O. and Adeniji, O.A (1988). Questions and Answers in Laws Relating to Banking, Lagos: CIBN
Press Ltd.
Nwaze, C. (2006). Bank Frauds Exposed with Cases and Preventive Measures, Lagos: Control and
Surveillance Associate Ltd.
The Laws of the Bills of Exchange Act Cap. 35 LFN 1990 and Dishonoured Cheques
Federation of Nigeria Offences) Act, Cap 102.

83
BANK LENDING AND CREDIT ADMINISTRATION
AIMS
To enable candidates have an understanding of the intricacies of credit risk management and how to apply
such knowledge in managing credit risk exposure in banks. This, more specifically, means:
 Understanding the peculiar challenges (human and environmental) of lending in developing countries.
 Understanding credit underwriting principles, policies and procedures.
 Appreciating credit administration principles and procedures.
 Identifying bank lending criteria and the decision-making process.
 Developing skills in the presentation, analysis and interpretation of financial statements for taking
lending decisions.
 Understanding credit portfolio management and reporting as well as problem loans resolution.
LINKAGES
 Marketing of Financial Services
 Banking Law, Ethics and Corporate Governance
 Risk Management

CONTENTS
SECTION A

1. Introduction to Lending
 Balanced management of bank’s liquidity, profitability, solvency, costs and convenience
 The environment (global, political, economic, social, regulatory, institutional and technological)
and its impact on lending business in Nigeria
 Lending policies
 Lending concepts, principles and practices

84
 Credit culture and credit standards
 Marketing of bank credit
SECTION B
2. Credit Analysis
 Introduction - Credit investigation process
2.1. Financial Statement Analysis

The interpretation and critique of financial statements (profit and loss account, balance sheet, cash
flow statements) – ratio analysis; common size financial analysis; trend/peer group and industry
analysis. Distinguishing what the customer wants and needs in terms of credit.
 Use of financial ratios to forecast the financial conditions of prospective borrowers
 Weaknesses/limitations of financial ratios
 Estimating working capital requirements, using cash budgets
 Identifying and testing assumptions underlying forecasts made by borrowing customers
 The use of non-quantitative data, such as chairman’s statement, directors’ and auditor’s reports
as well as notes to the accounts to aid lending decision
 Importance of macroeconomic factors in lending
 Single Obligor Limits (SOL)
 Concentration limits
2.2. Credit Risk Management

 Basic Principles, Policies and Processes (identification, measurement and control)
 Preconditions for Effective Credit Risk Management
 CBN credit risk management framework
 Credit Bureaux (CRMS and Credit Registries)
 Rating Agencies (e.g. Agusto & Co, Fitch, Standard & Poor’s)
 Internal Risk Rating Methodology – Status Enquiry
 Credit Scoring/Rating
 Credit Risk in Basel II Accord
 Special Lending Risk
- Lending to Public Sector Institutions
- Lending to Small- and Medium-Scale Entrepreneurs
- Lending to Sole Proprietors
- Lending to Partnerships
2.3 Financing Options

85
 Overdraft
 Loans – Short, medium, and long-term
 Bridging Loans
 Equipment Leasing
 Factoring
 Project Finance
 Hire Purchase
3. Miscellaneous Credit Issues

 Feasibility Analysis
 Loan Pricing
 Loan Syndication and International Club Lending
- Paris Club
- London Club
 Remedial Management and Credit Recovery Strategies/Tactics
 Environmental and Social Risk Issues
- Overview of international standards, principles and sector Guidelines- (Equator Principles,
Performance Standards, Environmental, Health and Safety Guidelines)
- Environmental and Social Risks appraisal, monitoring and reporting tools
- Product and lending specific Environmental and Social Risks (micro finance, trade finance
SME lending, corporate/project finance), and understanding Financial Institution (FI)
portfolio exposure
- Sector-specific Environmental and Social Risks (E&S) and impacts
- Key E&S laws and regulations in Nigeria
- Nigerian Sustainable Banking Principles
SECTION C

4. Credit Frauds
 Major sources/types of frauds in lending and their mitigants
 Impact of credit frauds on banks, e.g. capital; reputation (domestic and international);
stakeholder’s perception
 Credit fraud prevention – strategies and tactics
5. Credit Report Writing and Presentation
 Developing methods and sequence of presentation
 Key Success Factors – i.e. communication skill, articulation of facts
 Effective use of audio-visual aids in report presentation
6. Credit Administration
86
 Organisation and control of the credit function, including credit committees
 Documentation, including archiving and filing
 Communication of credit approvals - terms and conditions
 Monitoring and controlling of credit
 Reviewing the bank’s loans portfolio
- Bank Inspection Report
- CBN Examiners’ Report
- NDIC Examiners’ Report
- External Auditors’ Report
- Internal Auditors’ Report
7. Management of Non-Performing Credit Assets

 Definition, causes and identification of problem loans
 Early warning signals
 Remedial management strategies - loan workout, rescheduling
 Stages/Steps in recovering of bad debts
 International Financial Reporting Standard (IFRS) requirements for loan loss provisioning
Candidates will be required to answer five (5) out of eight (8) questions. The questions are in three
Sections, namely:
 Section A contains three (3) questions out of which candidates are expected to answer two (2)
 Section B contains three (3) questions out of which candidates are expected to answer two (2)
 Section C contains two (2) questions out of which candidates will answer one (1).
All questions carry equal marks (20 marks).
NOTES
87
Arinde, A.A.A. (2001). Bank Lending and Services. Offa, Kwara State: Bestway Nigeria Ltd.
Doyle, E. (1972). Practice of Banking. London: Macdonald & Evans Ltd.
Enyinnaya C. (1992). Practical Banking Operations, Lagos: Pace Publishers.
Enyinnaya C.(1997). Practice of Banking II for Tertiary Institutions, Aba: Model Academic Publishers.
Institute of Financial Services (1997). Lending(London: The Chartered Institute of Bankers, U.K).
Olusemore, G. Alaba (2009). Lending Principles and Practice 2nd edition. Lagos: CIBN Press Ltd.
Rouse, C.N. (2002). The Bankers Lending Techniques. London: Financial World Publishing, The
Chartered Institute of Bankers.
Talabi, S.A. and Onanuga, A.T. (1998). Lending Principles and Practice, Ago-Iwoye: CESAP, Ogun State
University.
FURTHER READING

Central Bank of Nigeria. Monetary and Credit Policy Guidelines.

Central Bank of Nigeria ((July 1, 2010). Prudential Guidelines for Deposit Money Banks in Nigeria).
Crosse, Howard D. and Hempel, George H. (1973). Management Policies of Commercial Banks. (Latest
Edition) .Englewood, Cliffs, N.J.: Prentice–Hall, Inc.
Federal Govt. of Nigeria. Banks and Other Financial Institutions Act 1991 (As amended), Federal
Ministry of Information, Govt. Press.
Federal Govt. of Nigeria. Bills of Exchange Act Cap 35 LFN 1990 and Dishonoured Cheques (Offences)
Act, Cap 102, Lagos: Federal Ministry of Information.
Federal Govt. of Nigeria (1990). Companies and Allied Matters Act 1990, (As subsequently amended),
Lagos: Federal Ministry of Information.
Ikotun, T. (2004). Questions and Answers on Practice of Banking (including Tutorial Notes), Osogbo:
Taikot Publications.
Oluyinka, ‘D (2004). Practice of Banking Securities Acceptable for Bank Advances, Lagos.
Osayameh, R. (1986). Practice of Banking Vol. 2, Lagos: F&A Publishers (Collins/CIBN).
Robichek, Alexander A., Coleman, Alan B. and Hempel, George H. (1976). Management of Financial
Institutions. Latest Edition. Hinsdale, III: Dryden Press.
Sinkey Jr., Joseph F. Commercial Bank Financial Management in the Financial Services Industry. (Latest
Edition). New York: Macmillan Publishing Company.
The Laws of the Federation of Nigeria (2004). CAP. B3. Banks and Other Financial Institutions Act, Volume
2,
88
MANAGEMENT OF FINANCIAL INSTITUTIONS
AIMS
 To analyse, discuss and critique, at current state and at decision-making levels - senior
management/board - major issues (micro as well as macro) in the management of financial institutions.
 To enable candidates fully appreciate the dimensions and diversity of management problems and
constraints in the day-to-day as well as in the future of their organizations.
 To enable candidates appreciate the multidisciplinary nature of the decision processes in banks and
other financial institutions, including human and technology elements, the regulatory and
environment’s imperatives, the psychological and sociological impact/effects of management decision-
making.
 To assist candidates in developing competencies in the application of the knowledge of theory/concept
to real life decision-making situations in banks and other financial institutions.
 To help candidates understand the central role of finance to the economic and social development of
nearly all countries of the world today; an appreciation that should influence and drive managers of
banks and other financial institutions in their operations/decision-making functions.
LINKAGES
This subject is linked to all other subjects of the examination.
CONTENTS
SECTION A: MACRO ISSUES
1. The Role of Finance in Economic Development

 The Relevance/Irrelevance Debate
 The Roles of finance in economic development
 Appraisal of the roles
2. Overview of Regulatory, Supervisory and Institutional Environments

 Regulatory Environment - Institutions and Functions
 Supervisory Environment - Institutions and Functions
 Institutional Environment - Institutions and the Role Relationship
89
3. Corporate Financial Planning
 Concept and Imperatives of Planning
 Defining the Vision and Mission
 Setting Objectives
 Defining Policies, Strategies and Tactics
 The Process of Planning
 Identifying Planning Gaps
 Constraints to Corporate Planning
 Consequences of Planning vs Planlessness.
4. Bank Distress Management

 Definition of distress – failing banks, technically insolvent banks, failed banks.
 Causes of distress
 Control of distress
- Preventive measures; and
- Corrective measures.
 Distress resolution options
 Distress management experience – global and domestic
 The role of Assets Management Corporation of Nigeria (AMCON)
5. Roles and Responsibilities of Directors

 Definition and classification of directors
 Roles of directors – statutory roles, informal roles
 Responsibilities/liabilities of directors
 Audit committees
 Corporate governance issues in bank management
6. Deposit Insurance
 The Purpose of deposit insurance
 Functions of deposit insurance
 Criticisms of deposit insurance schemes
 Appraisal of Nigeria Deposit Insurance Corporation (NDIC) operations – achievements and
criticisms
7. Ethics in the Financial Services Industry
90
SECTION B – MICRO ISSUES
8. Liquidity Management
 Definition/Types of liquidity
 Measurement of liquidity
 Role of liquidity
 Liquidity planning
 Legal reserve requirements
 Liquidity Risk Management
9. Principles and Practice of Risk Management

 Risk management system
 Identification of risks
 Measurement of risks
 Control of risks
10. Public Relations in Banking

 Rationale for Public Relations
 Public Relations Activities
 Appraisal of Bank Public Relations Activities
11. Training and Manpower Development

 Definition/Types of training and manpower development
 Purposes of training and manpower development
 Training needs analysis
 Manpower Development Activities – manpower planning
 Cost/Benefit Analysis of training/manpower development
12. Fraud
 Definition of frauds and forgeries
 Types of frauds
 Causes of frauds
 Control of frauds
 Fraud and fraud prevention techniques (Cheques and e-payment frauds)
13. Organisational Communications

 Essentials of organisational communication
 Generic communication system
 Types of communication
91
 Inhibitions to effective communications
 Avoiding “NOISE” in the communication process
14. Bank Audit

 Rationale for bank audit
 The processes of bank audit
 Legal and management requirements
15. Capital Adequacy

 Definition of capital
 Measurement of capital
 The role of capital in bank management
 Legal requirements for capital – international prescriptions and management’s requirements.
 Factors that influence banks’ capital adequacy
16. Bank Performance Analysis

 Macro-level measurements
 Micro-level measurements, including:
- Bank profitability measures
- Ratio analysis
- Profitability Vs Solvency (risk-taking propensity)
- Profitability Vs Liquidity
▪ Regulators/Supervisors’ measures of performance
Candidates will be required to answer five (5) out of seven (7) questions. The paper is divided into two
sections, namely
to answer any four (4).
NOTES
92
Aristobulo, DeJuan (1991). Does Bank Insolvency Matter? And what to do about it? EDI. World Bank
Working Papers
Chorafas, Dimnitris N. (1990). Principles and Practice of Risk Management in Financial Institutions.
London: Butterworths
Crosse, Haward D and Hampel, George H (1973). Management Policies for Commercial Banks
Englewood Cliffs, N. J..: Prentice-Hall Inc
Ituwe, C. E. (2010). Management of Banks and Financial Institutions. Lagos: Kenadeb Publishers.
Kelly, M. V. (1993). Financial Institutions in South Africa: Financial Investment and Risk Management
Koch, Timothy W and Scotts, Macdonald (2009). Bank Management. U.S. Thomson/South-Western
Nwankwo, G. O. (1991). Bank Management: Principles and Practice. Lagos: Malthons Press Ltd.
Ogubunka, Uju (2003). Walking Ahead of Bank Distress: The Secrets of Safeguarding Your Money in
Banks. Lagos: Rhemia Enterprises.
Robichek, Alexander A, Coleman, Alan B and Hempel, George H (1976). Management of Financial
Institutions: Nistes and Lases Hinsdal, Illinois: Drydem Press
Rose, Peter S. and Hudgins, Sylvia C. ( 2008). Bank Management and Financial Services: 7th Edition
New York: McGraw-Hill International
Sheng, Andrew (1991). The Art of Bank Restructuring: Issues and Techniques. Washington D.C.:World
Bank Economic Development Institute.
93
PRACTICE OF BANKING
AIMS
To enable candidates have a full understanding of banking principles, procedures and practices, with
particular reference to Nigeria, by further developing the candidates' understanding of:
 The rules governing banker and customer relationships- Different types of accounts and rules
governing their conduct and banking operations;
 The rights and duties of bankers and customers in Nigeria; and
 Other emerging banking practice issues.
LINKAGES
 Bank Lending and Credit Administration
 Risk Management
CONTENTS
SECTION A
1. Banker and Customer Relationships

 General and special relationships between banker and customer
 Customer's rights and duties.
 Banker's rights and duties.
 Protections given to bankers under the Bills of Exchange Act, Cap. 35 of Laws of the Federation
of Nigeria, 1990 and Cheques Act 1990.
 Special relationships and duties arising out of banker’s opinions, indemnities, power of attorney,
mandate, standing order and direct debits and safe custody.
94
2. Determination of The Banker and Customer Relationship
 Actions to be taken on the death, mental disorder and bankruptcy of customers, dissolution of
partnership, winding up of corporate customers, or upon receipt of a garnishee order or court
summons/orders.
 Termination of banker's authority to pay customer's cheques.
3. Types of Account Holders

 Opening and conduct of accounts for all customers:
- Personal customers, including minors, joint account customers.
 Government - Federal, State, Local.
 Incorporated Organisations – Stockbroking (clearing/settlement), partnership, current accounts,
sole proprietors, etc.
 Others - Executors, administrators, trustees (solicitors, estate agents), incorporated trustees,
societies, clubs, religious bodies, NGOs, etc.
- Reasons and the procedures for closing accounts
4. Banking Transactions and Payment Systems

 Payments and collection of cheques and other instruments
 The banker’s clearing systems
 Nigerian Interbank Settlement System (NIBSS)
 Electronic payment systems
5. Negotiable Instruments
 Definition, types and distinguishing features
 Cheques
 Promissory Notes
 Protection for the paying and collecting banker
SECTION B
6. Securities for Bank Lending

 Secured Credit Transactions: Concepts and Law
 Types of Securities
95
Real Assets Securities
- Land and Buildings
- Debentures and charges
- Ships and vessels
- Chattels, e.g. vehicles, trinkets
Financial Securities
- Stocks and shares
- Cash and deposits
- Life policies
Other Types of Securities

- Negative pledge
- Letters of comfort
- Goods and produce
- Book debts
- Guarantees, bonds, indemnities
- Warehouse receipts
- Interest in wills and trusts
- Agricultural charges
- Hypothetication and trust receipts
- Advance payment bond
- Performance bond
- Customs and Excise bond
- Bill of lading indemnity
 Special Type of Secured Credit

- The Agricultural Credit Guarantee Scheme
7. Perfection of Securities
 Appropriate methods of valuation and the procedure for taking securities by first or subsequent
charge
8. Securitisation
96
Candidates will be required to answer five (5) out of eight (8) questions.
 Section A contains three questions, out of which candidates should answer two
 Section B contains five questions, out of which candidates will be expected to answer three.
 All questions carry equal 20 marks.
NOTES
Ajayi, O.A. (2007). Banking: Law and Ethics, Ibadan: Bash-Moses Printing Co.
Asuzu, C.C.N. (1996). Practice of Banking I/Banking Operations for Tertiary Institutions, Awka: J. F.
Publishers.
Badaru, L. O. O. (2011). Practice of Banking and Finance, Yaba, Lagos, Lombard Konsult & Co
Cowdel, P. (1996). Law and Practice. London: CIB.
Enyinnaya, C. (1992). Practical Banking Operations, Lagos: Pace Publishers.
Enyinnaya, C. (1997). Practice of Banking II for Tertiary Institutions. Aba: Model Academic Publishers.
Mather, L.C. (1992). Banker/Customer Relationship and the Accounts of Personal Customers, London:
WaterLoo Limited.
Robert, G. (2001). Law Relating to Financial Services, Canterbury: Financial World Publishing.
Talabi, S.A. and Onanuga, A. T (1998). Lending Principles and Practice, Ago-Iwoye: CESAP, Ogun State
University.
FURTHER READING

C.I.B.N (various years). Examiners’ Report, Lagos: CIBN Press Ltd.

Dada, T. O. (1996). Banking Law, Lagos: Libriservice Ltd.
Esezobor, E. A. (2006). Questions and Answers on Practice of Banking, Lagos: CIBN Press Ltd.
97
Federal Government of Nigeria (1991). Banks and Other Financial Institutions Act (As amended),
Federal Ministry of Information, Government. Press.
Federal Government of Nigeria. Bills of Exchange Act Cap 35 and Dishonoured Cheques (Offences) Act,
Cap 102, Lagos: Federal Ministry of Information.
Federal Military Government (1997). Agricultural Credit Guarantee Scheme Fund, (Decree No 201),
Lagos: Federal Ministry of Information. Government Press.
Federal Government. of Nigeria (1990). Companies and Allied Matters Act 1990, (As subsequently
amended), Lagos: Federal Ministry of Information.
Kazeem, G. and John, O. Oluyinka, ‘D (2003).Negotiable Instruments, Lagos: Chapter Ten Publications
Ltd.
Oluyinka, D (2003). Practice of Banking Volume I, Lagos: Deolu Oluyinka
Sheldon, H. P. (1988). The Practice and Law of Banking, London: Macdonald and Evans.
98
ELECTIVES
99
FINANCIAL PLANNING AND CONTROL
AIMS
To examine the candidates’ knowledge and understanding of the following
 Importance of planning and setting control parameters in finance and financial matters.
 Purposes of financial planning and control in organisations.
 Actual process of planning the finances of organisations and methods appropriate for financial
planning.
 Critical evaluation of the conventional and modern techniques of financial planning, and risk
assessment through internal and external control mechanism and their importance.
 Essence of control mechanism for financial resources.
 Meaningful interpretation and critical analysis of financial and management accounting information
relevant to financial planning and control.
 Key accounting and management principles and models required for business planning and Risk
Management.
 Management of the problems arising from implementing financial control.
 Actions required to reduce risk in financial planning and control.
 Financial planning techniques for both new and existing business enterprises.
LINKAGES
CONTENTS
1. Introduction to Financial Planning and Control

 Review of the Concept of Finance, Planning and Management
 Objectives and Practice of Financial Planning and Control
 Analysis of the Firm’s Financial Resources.
100
2. Nature and Purpose of Financial Planning and Control
 Link to Corporate Strategy and Budget
 Provision of Internal Guidance for Planning, Steering and Monitoring of Value Creation.
 Provision of External Guidance to Assess the Firm’s Economic and Financial Performance.
3. Corporate Strategy, Organisational Goals and Objectives

 Concepts of Corporate Strategy
 Nature and Purpose of Corporate Strategy
 Elements of Effective Corporate Strategy
 Implications of Alternative Theories of the Firm for its Strategies and Policies
 Organisational goals
 Organisational objectives
4. Cost Concepts for Financial Planning and Control

 Cost Behaviour
 Types of Responsibility Centres
 Controllable versus Non-controllable Costs
 Cost-Volume-Profit Analysis
 Break-even Analysis
 Cost-Volume-Profit Analysis under Conditions of Certainty and Uncertainty.
5. Corporate Financial Planning

 Types of Planning (Strategic, Short-term and Long-term)
 Elements of Planning and Procedures for Efficient Planning
 Financial Forecasting
 Sensitivity Analysis.
 Decision Trees and Simulation
6. Budgeting and Budgetary Control

 Objectives of Budgeting (Profit Planning)
 Types of Budgets (Operating, Financial and Capital Budgets)
 Financial Planning Models
 Budget Preparation and Administration: Advantages and Problems
 Responsibility Accounting
 Fixed versus Flexible Budgets: Implications for Control
 Gap Analysis
 Behavioural Implications of Budgeting and Budgetary Control.
101
7. Impact of Organisational Structure on Financial Decision-Making
 Types of Organisational Structure
 Organisational Management Policy - Decentralisation, Centralisation and Divisionalisation
 Divisional Performance Management
 Transfer Pricing.
8. Financial Resources Management

 Working Capital Management
- Cash Management
- Liquidity Management
- Inventory Management
- Current Liabilities Management
- Accounts Payable and Receivable Management
- Credit Management.
9. Financial Control Mechanism

 Financial Control Systems and Policy
 Internal Controls
 Financial Auditing
 Operational System Auditing
 Internal Audit Systems
 External Audit Systems
10. Financial Reporting Systems

 Purposes of Financial Statements
 Accounting Policies and Procedures
 Financial Reporting Systems
 Framework for Financial Reporting
11. Techniques used for Financial Planning and Control

 Statistical Techniques – Sensitivity Analysis, Simulation and Decision Tree
 Procurement and Outsourcing Techniques
 Financial Modelling
12. Assessment of Financial Performance in Firms

 Financial Statement Analysis
- Financial Ratios
- Statement of Cash Flow
102
 Measures of Cost Control
 Activity-Based Costing
 Balanced Scorecard
 Investment Performance Rating
13. Financial Principles and Practice of Risk Management

 Concept and Types of Risk
 Evaluation of Risk Management Strategies, e.g. Diversification, etc
 Application of Risk Management Techniques in Business
14. Financial Policy and Strategy

 Credit Planning and Policy
 Lease Financing
 Factoring
 Venture Capital
 Dividend Policy and Planning.
 Capital Structure Policy
15. Business Tax Planning Systems

 Concepts and Principles of Taxation
 Nature and Types of Tax Systems
 Components of Tax Liability
 Management of Tax Liability
16. Contemporary Issues in Financial Planning and Control

 Financial (Economic) Crisis and its Indicators
 Current Trends in Financial Planning and Control
 Ethical Issues in Financial Planning and Control
The candidate will be required to answer five (5) out of seven (7) questions. The paper will be divided into
TWO sections.
 Section B, which is allotted 60 marks, will contain six (6) questions from which candidates will be
required to answer any four (4).
103
NOTES
Ahuchaogu, K. C. (2002). Contemporary Issues in Financial Management, Lagos: Knowwroch

Investments Ltd.
Akinselure, O. (2011). Financial Management, 7th edition, Lagos, Nigeria, Ceemol Nigeria Ltd.
Anao, A.R., Osaze, B.E. and Ekundayo, J.O. (1993). Investment: Analysis and Management, Lagos: CIBN
Press Ltd.
Ashamu, S. O. (2009). Financial Investment and Management Analysis. Lagos: Molofin Nominees Ltd.
Ezike, J. Emeka (2002). Essentials of Corporate Financial Management. Lagos, Jaylycent
Communications.
Greenwood, R. P. (2002). Handbook of Financial Planning and Control, 3rd edtion. East London, U. K:
Ashgate Publishing Ltd.
Ibenta, S. N. (2005). Investment Analysis and Financial Management Strategy, Enugu: Institute for
Development Studies.
Nash, J. F. and Bartell, H. R. (1999). Cases in Corporate Financial Planning and Control. New Jersey:
Dame Publishing.
Nwude, Chuke (2004). Basic Principles of Financial Management. Enugu: Chuke Nwabude Nigeria.
Olowe, R. A. (1998). Financial Management, Lagos: Briery Jones Nigeria Ltd.
Pandey, I. M. (2009). Financial Management, New Delhi: Vikas Publishing.
Pocock, M. A. and Taylor, A. H. (2002). Handbook of Financial Planning and Control, 3rd edition. U. K.:
Gower Publishing Ltd.
Tarantino, A. (2011). Governance, Risk and Compliance Handbook. New York: Wiley Publishers.
Uremadu, S. O. (2004). Financial Management: Concept, Analysis and Applications. Enugu, Nigeria:
Precision Publishers Limited.
Van Horne, J. C. (1998). Financial Management and Policy, New Delhi: Prentice-Hall.
Weston, J. F. and Copeland, T. (2009). Managerial Finance. N.Y.: Dryden Press.
FURTHER READING
C.I.B.N (various years) Examiners’ Reports (Financial Management and Corporate Finance), Lagos: CIBN
Press Ltd.
104
TREASURY MANAGEMENT
AIMS
The course is designed to ensure a good understanding of:
 The theory and practice of treasury activities, including operations in a typical financial institution.
 Micro and Macro-economics and their impacts on treasury management in financial institutions and
markets.
 The linkages amongst various financial and economic analyses and subsequent funding and
investment decisions in specific institutions based on the dictates of the domestic and international
financial markets.
LINKAGES
The subject is linked to the following:
CONTENTS
1. Basics and Concepts in Treasury Management

 Meaning and Scope of Treasury Management
 The Economic Environment: Financial Market; Instruments; Institutional Arrangement; Statutory
and Self-Regulatory Institutions
 Liquidity versus Profitability Dilemma
 Fiscal and Monetary Policies
 Micro- and Macro-economic Perspectives
 Role and Functions of the Treasury
 Organisation of the Treasury Function
2. Mathematics of Treasury
 Interest Rates: Nominal and Real: Fixed and Floating; Monetary Policy Rate and Nigerian Inter-
Bank Offered Rate (NIBOR)
105
 Interest and Discount Income
 Cost of Funds (Determination, Cost of Funds versus Cost of Doing Business)
 Yields Computation
 Yield Curve Concept
 Book Yield Maximisation
 Interest Spread/Margins
 Cost/Benefit Analysis
 Closing Case
 Foreign Exchange Rate Mathematics
3. Financial Market
 Money Market: Definition and Characteristics
- Key Players (Local and Foreign)
 Capital Market
- Key Players (Local and Foreign)
4. Treasury Planning and Control

 Objectives and Functions
 Components of Liquidity
 Cash and Liquidity Management (Balance Sheet Analysis, Clearing Settlements, Floats and
Real-Time Gross Settlement (RTGS)
 Balance Sheet Analysis and Funding
 Cost Centre and Profit Centre
 Asset and Liability Management (Nature, Benefits, Strategies, Liquidity and Profitability
Management
 Break-even Period
 Gap and Duration Analysis
 Value at Risk
 Risks: Types; Management; Measure and Control; Use of Limits; Day-to-Day Control of
Exposures
 Transfer Pricing
 Long-Term Funding Strategies
5. Factors in Treasury Management

 Determination of Costs of Funds
 Evaluating Cost of Bank Funds
 Marginal Cost Concept
106
 Funding Costs and Banks’ Risks
 Controlling Non-Interest Expense
 Cash Management
 Funding Management
 Liquidity/Profitability Management
 Spread Management
- Exposure Management
- Interest Rate Forecasting
- Position Management
6. Treasury Instruments and Markets

 Local Currency Denominated Instruments in Money and Capital Markets
 Foreign Currency Denominated Instruments in Money and Capital Markets
 Primary Issues and Secondary Market Trading (Outright Transactions, Repos and Reverse
Repos)
 Derivative Products – Options, Swaps
 Trading Portfolio
 Risk Mitigation, including Derivatives and Hedging Techniques
7. Foreign Exchange Management

 Economics of Foreign Exchange and Inter-relationships with Other Markets
 Factors Affecting Exchange Rates
 Technical Analysis
 Forex Risk and Exposure
 Forex Rate Calculations
 Cross Currency Rates and Arbitrage
 Forward Contracts
 Forex Swaps
 Currency Baskets
 The Importance of Traders’ Book, e.g. Blotters
8. The Human Side of Treasury Management

 The Dealer
 Building Dealing Team
 Making Teams Work: Motivation, Training, Reward System and Empowerment.
 Corporate culture, organisational goals and individual interest
 Qualities of a Good Treasurer
 Organogram of an Effective Treasury Department
107
9. Financial Risk Management
 The Futures Market: Currency; Interests; Pricing and Settlement; etc
 Forward Rate Agreements (FRAs): Rationale; Settlement Calculation and Documentation;
Hedging; Trading and Accounting
 Interest Rate Swaps
 OPTIONS: Strategies and Pricing Models
 SWAPS: Strategies and Tactics
10. Marketing of Treasury Products

 Pricing of Instruments
 New Products Development
 Sustainability of Products
 Financial Market Information Gathering And Analysis
 Communication in a Multi-focused Environment
 Competitive Edge in Product Developments
 Customer Relationship Management/Service Excellence
11. Treasury Dealing Ethics

 Dealing Room Ethics
 Access Control in the Dealing Room
 Confidentiality/Insider Trading/Personal Favour
 Full Compliance/Limits (Position/Liquidity)
 Good Conduct
 Dispute Resolution
Candidates will be required to answer four (4) out of six (6) questions. The paper is structured into three
sections as follows:
 Section B: Consists of four (4) questions, out of which candidates will be required to answer two (2),
each of which carries 20 marks. Forty (40) marks will be allocated in all in this section.
 Section C: One compulsory case study which carries 20 marks
108
NOTES
Baritsch, Vincent (2006). Bank Treasury Management, London Institute of Financial Services (IFS).
Bragg, Steran M. (2010). Treasury Management: The Practitioner’s Guide. Hoboken, N.J. John Wiley &
Sons, Inc.
Collier, P.A. Cooke, T.E. and Glynn, J.J. (1988). Financial and Treasury Management. Heinemann
Professional Books. In Association with CIMA
Horcher, K. A. (2006). Essentials of Managing Treasury, Hoboken, N.J John Wiley and Sons, Inc.
Indian Institute of Banking and Finance (2010). Treasury Management. Macmillan Publishers India Ltd
Oilvie, J. C. (1999). Treasury Management – Tools and Techniques for Countering Financial Risks;
Kogan Page Ltd.
Ritter, L.S. and Silber, W.L. (1991). Principles of Money, Banking and Financial Markets, 7th edition.
N.Y. Basic Books
Rose, Peter S. and. Hudgins Sylvia C, (2008). Bank Management and Financial Services 8th edition.
Irwin McGraw Hill
Ross, Derek (1996) International Treasury Management. Euro money Institutional Investor Plc
Steiner, Robert (1997). Mastering Financial Calculations: A Step-by-Step Guide to the Mathematics of
the Market, Market edition. FT. Pitman Publishing.
Stigum, Macia (1981). Money Market Calculations. Richard D. Irwin Inc.
109
HUMAN CAPITAL MANAGEMENT
AIMS
The broad aim of this subject is to enable candidates acquire in-depth knowledge and practical application
of the following Human Capital Management Concepts:
 Fundamentals of Human Resource (HR) Management Practice.
 Paradigm shift from Personnel Management to Human Capital Management and the distinguishing
features.
 Contemporary Human Resource concepts, nature of people and how to effectively engage them.
 Functional roles and responsibilities in the achievement of corporate objectives.
 Core competencies in human resource management and what makes human resource management
critical.
 Emerging information technology systems in effective management of people-related issues in the
workplace.
 Group/Union management relationships and how to achieve peaceful and industrial harmony in the
workplace.
 Use of contemporary tools, methods and technology to facilitate efficient and effective human
performance in the workplace.
 Design of staffing and organisational development programmes.
LINKAGES
CONTENTS
1. Overview of Human Capital Management

 Definition, Concepts and Theories
 Historical Review of Personnel Management vs. Human Resource Management
 Human Capital Management vs. Human Resource Management
 Human Resource in this Millennium:
- Role of the Human Resource Function
110
- Role of the Human Resource Practitioner
- Role of the Front-line Manager
 Human Capital Management Architecture
2. Human Resource Management Processes

 Defining Corporate Human Capital Management: Vision, Mission and Core Values
 Developing and Implementing Human Resource Strategies
 Human Resource Management Policies and Procedures; Employee Handbook and Manual
 Competency-based Human Resource Management and Knowledge Management
3. People Resourcing and Employment Process

 Human Resource and Budgeting
 Tools and Techniques for Planning and Budgeting
 Recruitment, Selection and Placement
 Talent Sourcing Strategies
 Employee On-boarding, Orientation and Assimilation
 Emerging Trends, Tools and Techniques
 Reference Checks and Validity issues
4. Organisation and Job Designs

 Organisation Design Structure and Reporting Relationships
 Communication and Interpersonal Skills
 Job Design, Job Specifications, Job Descriptions, Job Analysis, Job Enlargement, Job
Enrichment, Job Evaluations and Grading Structures
5. Employee Performance Management

 The Performance Management Cycle
 Performance Planning, Performance Contracts
 Setting Specific Measurable, Achievable, Realistic and Time Bound Objectives
 Execution, Review, Evaluation, Recognition, Reward and Celebration
 Performance Appraisal Process
 Performance Improvement
 Line Managers’ Role in Employee Performance Management
6. Talent Development/Nurturing
 The Changing Face of Talent Development – from ‘Training’ to ‘Learning’
 Learning and Development Strategies and Methodologies
 Strategic Human Resource Development
 Organisational Learning and the Learning Organisation
111
 Learning and Development
 E-Learning
 Manpower Development
 Formulating and Implementing Learning and Development Strategies and Policies
 Succession/Career Planning and Management
 The Role of Line Managers in Talent Nurturing/Development
 Training Needs Analysis
7. Reward Management and Compensation

 The Concept of Total Rewards, Compensation and Benefit Strategies and Philosophies
 The Concept of Pay for Performance (PfP)
 Compensation Structures in Banks
 Strategic Reward
 Market Rate Analysis
 Employee Compensation Survey
 Grade and Pay Structures
 Contingent Pay, Employee Benefits, Pensions and Allowances
 Managing Reward Systems
 Theories of Compensation (Role of Financial Compensation, Money as a Motivator, Models of
Pay Satisfaction, Consequences of Pay Dissatisfaction, Equity Theory of Pay).
8. The Legal Context: Employment Laws and Contract in Nigeria

 The Nigerian Labour Law
 The Concept of Employment Contract
 New Workmen’s Compensation Act
 International Labour Organisation (ILO) Conventions and HR Practices
 Rights and Obligations, Cessation/Determination of Contract
9. Industrial and Employee Relations

 Theories of Industrial Relations
 Trade Unions, Employers’ Associations
 The Framework of Industrial Relations in the Nigerian Banking Industry
 Negotiating and Bargaining
 Labour Disputes and Resolutions
 Employers’ and Employees’ Rights and Responsibilities
 Disciplinary and Grievance Procedures
 Employee Welfare
 Industrial Conflict Resolution in the Nigerian Banking Industry
- Industrial Arbitration Court (IAC)
- Industrial Arbitration Panel (IAP)
112
10. Organisational Behaviour in Human Resource Management
 Leadership, Team Building and Group Dynamics
 Communication and Interpersonal Skills
 Functions, Systems and Employee Behaviour Alignment with Corporate and Business Strategy
 Managing Workforce Ethics and Professionalism
 Corporate Politics
11. Organisational Development, Health, Safety and Environment

 Organisational Development
 Change and Transformation
 Health, Safety and Environment
 Work-Life Balance
12. The ‘Business Partner’ Concept of HR and Employee Engagement

 Human Resource Business Partnering in Practice
 Contemporary Human Resource Organisation Structures and Service Delivery Models in
Banking
 Gender Issues
 Diversity
 Human Resource Analytics/Metrics – Covering various reports from Human Resource to
Training.
 Employee Voice:
- Understanding Employee Engagement
- Practical Engagement Strategies
- Employee Representation at the Board
 Employee Motivation and Retention
 The Line Managers’ Role in Employee Engagement
13. Globalisation and Contemporary Human Resource Management

 Globalisation and Contemporary Challenges of Human Resource Management
 International Human Resource Management and Applied Human Resource Management
113
Candidates will be required to answer four (4) out of six (6) questions. The paper will be divided into three
sections:
 Section B will consist of a compulsory case study for 20 marks.
 Section C will have four (4) questions, out of which two (2) are expected to be answered at 20 marks
each for a total of 40 marks.
NOTES
Armstrong Michael, (2006). Handbook of Human Resource Management Practice

Avolio, B.J (1999). First Leadership Development. London: Sage Publications.
Elegido, T. M. (2004). Fundamentals of Business Ethics. Ibadan: Spectrum Books Ltd.
Enikanselu, S. A. (2004). Management: Theory and Process, Lagos: Enykon Consult.
Fagbohungbe, O. B. (2009). Personnel or Human Resource Management: The Repository for Human
Resource Utilization: Ola Publishers, Olorunsogo, Mushin, Lagos.
Fajana, ‘Sola (2002). Human Resources Management: An Introduction. Lagos: Labofin and Co.
Garry, D. (1999). Human Resources Management. New Jersey: Prentice-Hall Inc.
Gomer Mejia, L. R. and Sote, Gbade (1999). Developing Management Leadership in Nigeria. Lagos:
Ogbinaka Publishers.
Michael, W.D. and Stan, K. (1998). The Human Side of Organisation. Menlo Park, California: Addison
Wesley Longman Inc.
Ojo, F.(1998). Personnel Management. Lagos: Panaf Co.
Sote, Gbade (1999). Recruitment, Selection and Placement of Workers in Nigeria. Ikeja: Xcel Publishers.
Sote, G.A. (Ed) (1999). Coping with Retirement. Lagos: Regy-Five.
Pilbeam Stephen and Corbridge Marjorie, (2006). People Resourcing: HRM in Practice.
Subba, P.R. and Rao, V.S.P. (1997). Personnel/Human Resources Management. Delhi, India: Komark
Publishers PVT Ltd.
Taiwo, K. (2001). “The Role of Training in Change Management” Human Resources Management: Journal
of the Institute of Personnel Management of Nigeria. Vol. 10, No. 7, Pp. 24-31.
114
FURTHER READING
Agomo,Chioma Kanu (2011). The Nigerian Employment and Labour Relations Law and Practice
Akinwale, Abiodun E.J. (2000). Human Resources Management: An Overview
Alo, Oladimeji (1999). Results Human Resource Management in Nigeria
CIPM Study/Certification Materials.
Kleiman, Lawrence S. (1997). Human Resource Management: A Tool for Competitive Advantage
Ulrich, Dave (1996). Human Resource Champions: The Next Agenda for Adding Value and Delivering.
Harvard Business Review Press.
115
BANKING REGULATION AND SUPERVISION
AIMS
At the end of the course, the student is expected to understand the following:
 Origin and purpose of bank regulation and supervision
 Legal framework for banking regulation and supervision in Nigeria
 Major supervisory tools and approaches employed in Nigeria
 Levels of co-operation and collaboration in supervision in Nigeria
 The link between effective banking supervision and financial stability
 The role of the BASEL Committee in promoting financial system stability
 Self-regulation and the role of the CIBN
 Role of rating agencies in banking supervision
 Consumer protection
 Contemporary issues in banking regulation and supervision
LINKAGES
The course is linked to the following subjects:
CONTENTS
1. Banking Regulations and Supervision:

 Meaning
 Purpose
 Regulation and Supervision
2. History and Development of Banking Regulation and Supervision in Nigeria

 Regulatory eras in Nigeria
 Bank regulatory and supervisory authorities in Nigeria
 Objectives of the Central Bank of Nigeria (CBN)
 Organisation and structure of the CBN
 Supervisory departments of the CBN
 Objectives of the NDIC
116
 Organisation and structure of the NDIC
 Supervisory departments of the NDIC
3. Legal Framework
 Central Bank of Nigeria Act CAP. C4 LFN 2004 (As amended)
 Banks and Other Financial Institutions Act (BOFIA) CAP. B3 LFN 2004 (As amended)
 Nigeria Deposit Insurance Corporation Act CAP N101 2004 (As amended)
 Financial Reporting Council of Nigeria Act (2011)
 Investment and Security Act 2007 (ISA)
 Companies and Allied Matters Act (CAMA) CAP. C4 LFN 2004
 Chartered Institute of Bankers of Nigeria Act No 5 of 2007
4. Major Regulatory Tools

 Circulars
 Guidelines
 Letters
 Examination
 Credit Bureaux
 Macro-prudential Analysis
 Prudential Ratios and Statistics
5. Supervisory Approaches
 Risk-Based Supervision
 Target Examination
 Onsite Examination
 Offsite Surveillance
 Special Examination/Investigation
 Compliance
 Solo and Consolidated Supervision
6. Returns Rendition by Regulated Entities

 Monthly Bank Returns
 Quarterly Bank Returns
 Audited Financial Statements
 Semi-Annual Returns
 Electronic Financial Analysis and Surveillance System (e-FASS)
 Ad Hoc Returns
117
7. Co-operation and Collaboration by Regulators and Supervisors
 Interagency Co-operation through the Financial Services Regulation and Co-ordination
Committee (FSRCC)
 CBN/NDIC Technical and Executive Committees on Supervision
 Bankers’ Committee
 CBN and NDIC Forum with External Auditors of Banks
 Forum of Chief Compliance Officers of Banks in Nigeria
 Forum of Chief Inspectors of Banks in Nigeria
 The Role of the Nigerian Financial Intelligence Unit in Anti-Money Laundering/Counter
terrorism Financing Regulations
8. Regulatory Requirements on Designated Assets and Liabilities

 Concept of Free Funds
 Cash Reserve Requirement
 Cap on Insider-Related Loans
 Cap on Exposure to Government
 Open Position Limit
 Single Obligor Limit
9. Prudential Ratios (Banks’ Financial Soundness and Health Indicators)

 Computation of Capital Adequacy Ratio
 Liquidity Ratio
 Asset Quality Ratio
 Earnings Ratio
 Volatile Assets Dependency Ratio
 Role of Ratios in Prudential and Banking Regulation
 Quality of Management
 CAMELS
- Capital Adequacy
- Asset Quality
- Management Efficiency
- Earnings
- Liquidity
- Sensitivity to Market Risk
10. Issues in Financial Consumer Protection

 Need for Protection
 How to Ensure Protection
 Role of the Ombudsman
118
11. Self Regulation
 Meaning
 Role of Bankers’ Committee
 Role of the CIBN
12. Bank Distress and Resolution Mechanism

 Reasons for Failure (Internal and External)
 Early Warning Signals
 Resolution Options
13. Overview of Global Banking

 Regulatory Issues
- Basel Commission
 Supervisory Issues
- European Union Commission Regulation on Banking
- International Monetary Fund
- College of Supervisors for West African Monetary Zone
14. Deregulation and Re-Regulation

 Rationale for Deregulation
- Approaches to Deregulation
 Re-regulation
- Approaches to Re-regulation
namely:
 Section B contains five essay-type questions, including case study from which candidates are to
answer three questions.
 Each of the questions in Section B carries equal mark. (20 marks).
119
NOTES
Banks and Other Financial Institutions Act, 1991 (as amended)

Basel Committee: Core Principles of Banking Supervision
CBN Act,2007
CBN, 50th Anniversary Publication
CBN: AML/CFT Regulation 2009
CBN Annual Reports
CBN: Code of Corporate Governance
CBN: Guide to Bank Charges
CBN: Monetary, Credit and Trade & Exchange Circulars
CBN/NDIC Study: Distress in The Nigerian Financial Services Industry, 1995
CBN: Prudential Guidelines for Banks in Nigeria, 2010
Chartered Institute of Bankers of Nigeria Act, 2007
Financial Reporting Council of Nigeria Act, 2011
Financial Stability Report, published by the CBN bi-annually
NDIC Annual Reports
Nigeria Deposit Insurance Corporation Act, 2006
Various Policies, Guidelines, Circulars, Communiqué, Letters to Banks issued by the CBN From time to
time
Spong Kenneth, (1990). Banking Regulation: Its Purposes, Implementation and Effects, Federal
Research Bank of Kansas City, USA.
Umoh, P.N. (1997). Bank Deposit Insurance In Nigeria, Lagos: Page Publishers,
Umoh, P.N. (1999). A Decade of Deposit Insurance In Nigeria: Issues and Challenges, Lagos: CSA
Productions,
Umoh, P.N. (2005) Bank Liquidation in Nigeria (1994-2004). Abuja: Tulip Press.
120
PRINCIPLES AND PRACTICE OF RISK MANAGEMENT
AIMS
The course aims, among others:
 To expose candidates to the broad spectrum of issues in risk management.
 To enable candidates identify various types of risks inherent in the financial services industry and the
tools of managing them.
 To enable candidates understand the concept, context and imperatives of Prudential Guidelines for
risk management in the financial services industry.
 To enable candidates have an understanding of critical and contemporary issues in enterprise risk
management, relate same to environmental and social (E&S) risk management.
 To enable candidates appreciate, interpret and apply Basel Accords and their imperatives for sound
risk management in the banking industry.
LINKAGES
 Banking Regulations and Supervision
CONTENTS
1. The Nature and Dynamics of Risk

 Meaning, Philosophy, Policy and Culture
 Types of Risk
- Financial and Non Financial Risks
- Pure and Speculative Risk
- Downside Risk and Upside Risk
- Fundamental and Particular Risk
- Static and Dynamic Risk
121
 Risk and Returns
 Benefits of Risk Management
 The Risk Management Process.
 Critical Requirement for Effective Risk Management
 Risk Appetite/Tolerance Limit
 Risk Matrix and Risk Mapping
 The Risk Management Environment
2. Legal and Regulatory Environment

 Sources and Management of Legal Risk
 Impact of Changing Regulations on Banks’ Risk Management Activities
3. Overview of Enterprise Risk Management (ERM)

 Meaning and Objectives of ERM
 ERM Process (Framework, Philosophy, Governance Structures, etc.)
 Historical Background of Enterprise Risk Management (ERM)
 Risk Recognition and Assessment
 Traditional Risk Management vs. ERM
 Types of ERM Frameworks - Committee of Sponsoring Organisation (COSO) Framework and
Casualty Actuarial Society Framework
 Board’s Responsibility for ERM
 Benefits of ERM
4. Risk Governance
 Oversight Structure
 Role of the Board
 Role of the Chief Risk Officer
 Policies and Procedures
 Role of Internal Audit/Internal Control
5. Risk Management Cycle

 Identification/Analysis (Volatility, Risk Dash Board/Key Risk Indicators)
 Measurement (Valuation Risk Models, etc.)
 Monitoring and Mitigation
 Controlling and Reporting
 Risk Evaluation
122
6. Credit Risk Management
 Meaning and Types of Credit Risk
 Credit Risk Management Framework and Structure
 Fundamentals of Credit Risk Analysis
 The Cs of Credit – (Character, Capacity, Commitment, Collateral and Conditions)
 Principles of Lending
 Credit Risk Management Tools – Securitisation as a Risk Management Tool
 Credit Risk Modelling
 Fundamentals of Credit Risk Capital Measurement
 Capital Treatment of Credit Risk under Basel I, II and III.
7. Market Risk Management

 Definition and Types of Market Risk
 Market Risk Measurement Framework
 Risk Identification Matrix
 Market Risk Management Framework
 Concept of Trading and Book
 Interest Rate Risk
 Introduction to Financial Instruments
 Classification of Financial Instruments
 Market Risk Measurement Techniques
 Introduction to Value at Risk (VaR)
 Limit structures in the Dealing Room
 Capital Treatment of Market Risk under Basel II
8. Operational Risk Management

 Introduction to Operational Risk
 Definition of Operational Risk
 Operational Risk Loss Event Types
 Operational Risk Management Framework/Process
 Operational Risk Measurement
 Operational Risk Management Tools
 Fraud Risk Management
 Business Continuity Management
 Determination of Regulatory Capital Requirements for Operational Risk
 Factors responsible for the frequent changes in the Nature of Operational Risk
 Operational Risk Mitigation and Control Technique
 Benefits of Sound Operational Risk Management
123
9. Environmental and Social (E&S) Risk Management
 Introduction to E&S Risk Management
 The Concept of Sustainable Finance/Banking Principles and Sector Guidelines
 Environmental and Social Risk Management Frameworks
 Identification and Sources of E&S Risks
 Assessment of the Impact of E&S Risks
 Incorporating E&S Risk Management into the Credit Appraisal Process
 Benefits of Sound E&S Risk Management
10. Reputational Risk

 Sources of Reputational Risk and Relationship to other Risk Groups
 Corporate Governance Culture and their role in Managing Reputational Risks
11. The Basel Accords

 History and Evolution of the Basel Committee and its members
 Bank Capital Adequacy and Soundness
 Basel Capital Adequacy Guidelines and Objectives
 Limitation of the 1st Accord
 Structure of the Basel II Capital Accord
 Limitation of the 2nd Accord
 Highlights of Basel III
12. Simulation, Modelling and Stress Testing

 Concepts and Objectives of Simulation Modeling
 Meaning of Stress Testing
 Key Elements of Stress Testing
 Application of Simulation Modeling to Assessment of Stress
 Implementing Stress Testing Results
13. Risk Treatment

 Risk Avoidance
 Risk Reduction
 Risk Retention
 Risk Transfer
14. GLOSSARY OF RISKS
124
Candidates will be required are to answer four (4) out of six (6) questions. The questions are in three
sections, namely:
 Section B: Four (4) questions to answer two (2) (40 marks)
 Section C: Case Study (20 marks)
NOTES
 Candidates are also advised to read past and current editions of The Nigerian Banker, The Banker
magazine particularly to update themselves on contemporary issues in the financial services industry.
Allen, L, Boudoukh, J and Saunders, A (2003). Understanding Market, Credit and Operational Risks.
Willie Blackwell
Alexander, C (2009). Market Risk Analysis :Value-at-Risk Models Volume IV. Wiley; 11th edition
Beaver, W.H. & Parker, G. (1995). Risk Management: Problems and Solutions
Casualty Actuarial Society ERM Committee (2003). Overview of Enterprise Risk Management
Committee of Sponsoring Organisation, Executive Summary (2004). Enterprise Risk Management
Integrated Framework
Global Association of Risk Professionals (2009). Foundations of Banking Risk: An Overview of Banking,
Banking Risks and Risk-based Banking Regulations. John Wiley and Sons Ltd.
Hampton, J.J. (2000). Fundamentals of Enterprise Risk Management: How Top Companies Assess
Risk, Manage Exposure and Seize Opportunity. AMACON.
Hopkin, Paul (2010). Fundamentals of Risk Management: Understanding, Evaluating and Implementing
Effective Risk Management Kogan Page Limited/Institute of Risk Management.
Jackson, P.M``(2012). Reputational Risk Measurement : The Essential Guide to Protecting your
Reputation in Crisis Situation
King, Jack L (2001). Operational Risk: Measurement and Modelling. Wiley; 1st edition
Labatt, S. and White, R. R. (2002). Environmental Finance: A Guide to Environmental Risk Assessment
and Financial Products. Wiley 1st Edition.
Jorion, Philippe (2004). The Value at Risk Approach
Servigny, Arnaud de and Renault, Olivier (2004). Measuring and Managing Credit Risk. McGraw-Hill
Professional.
125
SOME USEFUL HINTS ABOUT STUDYING
A. EFFECTIVE STUDY
Emphasis must be laid on the operating word studying and not just “reading”. The former indicates studying
for any serious assignments, e.g. examinations, while the latter indicates reading for pleasure e.g. novel
newspaper etc.
(i) You must study your textbooks with attention and digest with a sound intelligence.
(ii) You should not hold a textbook to read in bed after a tiring day as this will only amount to prescribing
a book as a “valium” to send you to a sound sleep.
(iii) Study must be accompanied with some intelligent note making without necessarily copying verbatim
from the text, and keep your mind open and critical on issues raised in the text.
(iv) Do not attempt to memorise or cram so many passages; but read to understand so that you can
express what you have read in your own words.
B. STEPS IN PRIVATE STUDY
1. The first thing to do when preparing for an examination is to make available a suitable time for study
by drawing up a study schedule. Do not allow any activity to disrupt your time-table.
2. Get the current syllabus for the purpose of the examination.
3. Buy the books recommended for subject(s) you intend to take in the examination.
4. Thoroughly study and master the relevant sections of the recommended books dealing with the
topic(s) in the relevant syllabus.
5. Make your own notes in your own words on the topic you have studied preferably in a summary form.
6. For quantitative subject(s) such as Accounting, Statistics, etc, you should study carefully the
examples in the text and understand the principles and methods used; then attempt working the
examples yourself and practice as always as possible.
7. Read other relevant books, local and foreign journals, periodicals newspapers, gazettes and current
laws and regulations dealing with different subjects as these will keep you current and up-to-date on
developments in the economy and the profession. The Institute’s Library or any other library will be
useful for this purpose.
8. You should also have time for group studies for clarification of what you have learnt and for solving
problems.
9. Revision: After having prepared for the examination, the next stage is revision. This should start
not later than one month before the examination. Revision is an indispensable and logical follow-up
126
to what has been outlined in the preceding section. The revision stage is not for starting fresh studies
but for going over what you have already done. This is a stage at which you review past questions
partly to understand their nature and pattern and partly to familiarise yourself with the expected level.
You should go through Examiners’ Reports and the respective model answers to enhance self-
confidence and enable you to develop techniques for answering examination questions. As you
work through the questions, try to time yourself within imaginary examination conditions.
C. EXAMINATION TECHNIQUE
Examination technique is the process of organising and utilizing the resources of your mind and intellect
towards achieving desired results in an examination. A candidate who has prepared his work thoroughly
and adopts the following steps is most likely to achieve success in the examination.
(a) Have a good sleep the night before the examination. You will wake up fresh and remain mentally
alert and calm throughout the examination period.
(b) Be at the examination venue not later than one hour before the scheduled time. Make sure you do
not take with you any unauthorised materials when entering the examination hall.
(c) As you settle down, keep calm and carefully read and carry out instructions on the answer booklet
and question paper.
(d) Allocate your time to the required number of question(s) and allow some time for revision of your
work.
(e) As you read through each question, try to understand its meaning fully in order to know what the
examiner wants. Note those questions that are compulsory as failure to answer a compulsory
question will lead to loss of marks. Jot down points on the inside page of your answer booklet.
(f) Always give straight forward answers, instead of circumlocution and long, winding answers.
(g) As much as possible, give practical examples and draw graphs and diagrams when necessary.
(h) Whether or not you are allowed a choice of question, you should always start with the question you
understand best so as to build up confidence.
(i) Plan your answers to each question, arrange and present points logically.
(j) Go over your entire paper and double-check for possible mistakes.
(k) Avoid rote learning (i.e. learning like a parrot).
(l) Do not memorise.
(m) Develop the ability to think for yourself in order to be able to comment intelligently and give your own
opinion on a problem if asked to do so in the examination.
A student who has carried out thorough preparation for the examination along the suggested line, followed
by adequate revision, would have accomplished 75% of the task needed to achieve success.
He/she would be absolutely confident before going in for the examination. It is this confidence that is
needed in the examination hall.
127
D. ORAL TUITION
Coupled with the private hints about study above, it is also imperative for you to enrol for lectures in any of
the Institute’s accredited lecture/tuition centres in various parts of the country. Visit the website for list of
accredited lecture/tuition centres. The list is also provided in this syllabus.
E. EXAMINATION MISCONDUCT
You should note that examination misconduct of any degree earns you serious disciplinary measures
including cancellation of your papers or even prosecution under the Miscellaneous Offences Decree. This
may lead to loss of employment, cancellation of membership with the professional body, etc. Avoid
discussion with any candidate in the examination hall. All your enquiries must be passed to the invigilator.
Avoid bringing in unauthorised material into the hall.
128
CIBN ANNEX, ZONAL OFFICES AND BRANCHES
CIBN Annex & Zonal Office
Annex Office Hajiya Rukayat Yusuf

Group Head,
CIBN National Secretariat Annex Office, Abuja
C/o NEXIM Building
Plot 975, Cadastral Zone AO
Opposite COJA
Central Business District, Abuja
Tel: 08025530890
ozymare@yahoo.com
ifydaddy@yahoo.com
Zonal Office Mr. Alphonsus C. Ikoku

Coordinator
Eastern Zonal Office
Plot 264, Works Layout
Near Madonna School
Owerri, Imo State
Tel.: 08037385602
ikokuc@yahoo.com
nonyeogb@yahoo.co.uk
CIBN Branches in Northern Zone
States Chairmen Secretaries
Adamawa Mr. Ikeghagu H. Chukwudi, ACIB Mr. Ishaq Mohammed

Central Bank of Nigeria c/o Keystone Bank Limited
Galadima Aminu Road 22 Ahmed Abdulkadir Road
Jimeta, Yola, Adamawa State Bauchi
GSM: 08023003871 08053202355, 08181893175
hcikeghagu@yahoo.com
Benue Mr. Ijuwo Amity Agi, ACIB Mr. Ayoola Joseph Okediran
15, Chombu Atume Crescent, New GRA First City Monument Bank Plc
P.O. Box 1766, Makurdi, Benue State 23, Railway By-Pass, Makurdi
GSM: 08057983786, 07030070957 GSM: 08033617720
amityijuwo@yahoo.com ayoola.okediran@firstcitygroup.com
129
FCT Abuja S. O. Q. Giwa, (Esq), FCIB
Principal Partner
S. O. Q. Giwa & Co.
Legal Practitioner & Consultants Abuja
GSM: 08062429419
giwasoq@yahoo.co.uk
Kaduna Mr. E. O. Onyekwere, FCIB

C/o Mold Computers & Communications Ltd
Charlets 9 & 10, 24, Wharf Road
Kaduna
Tel: 062-241946, 062-243334, 062-211118
GSM: 08033278803, 08034912489
mold@skannet.com
Kano Alhaji A. A. Gambo Mr. Ibrahim M. Adamu, ACIB

First Bank of Nigeria Plc First Bank of Nigeria Plc
595 Club Road 595, Club Road
Kano Kano
GSM: 08023158577 Tel: 064 -6350207
GSM: 08053532233 GSM: 08023287026
aagambo2011@gmail.com ibramohadamo1@yahoo.com
Kogi Mrs. Funke O. Esseyin, ACIB Mr. A. U. Kalu, ACIB

United Bank for Africa Plc Union Bank of Nigeria Plc
7A, IBB Way Lokoja
Kaba, Okene Road P. M. B. 1135 Lokoja GSM: 08029820490
GSM: 08037132799
funke.esseyin@ubagroup.com
Niger Mr. M. K. Dangusau (Ag. Chairman)

Central Bank of Nigeria
Paiko Road
P. M. B. 805, Minna, Niger State
Tel: 066/220266, 221182 -2
GSM: 08033207326
mkdangusau@cbn.gov.ng
Plateau Mr. Solomon F. McDul, ACIB Mr. Luka M. Mangut

Department of Accounting & Finance Plateau State Polytechnic
Plateau State Polytechnic Jos
Jos Plateau State GSM: 08035781013
GSM: 08036840902 lukajoyful@yahoo.com
smcdul@yahoo.com
130
Sokoto Mr. Idris Mohammed
Central Bank of Nigeria Sokoto
Sokoto, Sokoto State
08023613007
mlidris@cbn.gov.ng
Taraba Mr. Benjamin M. Ibisu, ACIB Mr. Musa D. Goyo

Khivin Consulting Associates Fidelity Bank Plc Jalingo
P. O. Box 647 Taraba State
Jalingo, Taraba State GSM: 08036015251
GSM: 08032432373, 08077529323 musagoyo@yahoo.com
ben_ibisu@yahoo.com
CIBN Branches in Eastern Zone
Abia Mr. D. C. Nwachukwu, ACIB

Afribank Plc
Umuahia Branch
NO. 12, Library Avenue Umuahia, Abia
GSM: 08037147056
nwachukwuchichidom@yahoo.com
Akwa Ibom Mr. Efiong Akwa, FCIB Mr. Akpan S. Umoh, ACIB
Akwa Savings & Loans Ltd Uniuyo Micro-Finance Bank Ltd
42 Oron Road Uyo, Akwa Ibom State
Uyo, Akwa Ibom State Tel: 08023515342
Tel: 08023258740, 08056626597
efiongakwa@yahoo.com
Anambra Mr. Azubuike Okoro, FCIB Mr. M. C. Onuoha, ACIB

Central Bank of Nigeria First Bank of Nigeria Plc
Akwa, Anambra State Unizik Branch, Banking Plaza
GSM: 08033944075, 08059976966 Unizik, Awka Anambra State
aokoro@cbn.gov.ng GSM: 08053068721,08036726096
maxwell.onuoha@firstbanknigeria.com
Bayelsa Mr. Azebi, Bestman Ayabeke, ACIB

Treasuring Headquarters
Office of the Accountant-General
Yenogoa, Bayelsa State.
GSM: 08069776967
azebibest@yahoo.com
131
Enugu Mr. Victor Agunwah, FCIB Mr. C. O. Ezeagu, ACIB
H. G. & W Consultants Ltd UP MFB Ltd
100, Agbani Road Enugu, Enugu State
Enugu, Enugu State GSM: 07036533885
GSM: 08036704400 coezeagu@yahoo.com
vagunwah@yahoo.com
Delta Mr. Godwin Ununotovo Adolor, FCIB

Branch Chairman
Ecobank Nigeria Plc
P. O. Box 533, Asaba Delta
GSM: 08037441058, 08020523404
godwinadolor@yahoo.com
Imo Dr. (Mrs) Anyanwu Felicia Akujinma

Chairperson CIBN Imo State Branch
Department of Banking & Finance
Federal Polytechnic Nekede
Owerri, Imo State
GSM: 08061110306
akulicia2010@yahoo.com
Rivers Mr. C. Y. Ibi, FCIB Mr. I. C. Nwachukwu, ACIB

C/o Mr. I. C. Nwachukwu, ACIB Union Bank of Nigeria Plc
Union Bank of Nigeria Plc Area Office
Trans Amadi Ind. Layout, Port Harcourt Trans-Amadi Ind. Layout, P/H
GSM: 08056313845 08086003344 GSM 08037066900
ibicy@yahoo.com innochi_ 4god@yahoo.com
CIBN Branches in Western Zone
APWB Mrs. Tinuola Thompson-Ajayi, FCIB Mrs. Tinuke Leye-Ishola, ACIB

Chairperson, APWB 5, Morris Street off Yaba Tech,
5, Morris Street off Yaba Tech Yaba Yaba, Lagos
08023096464 08033301399
Apwbng2007@yahoo.com tinleye@yahoo.com
Edo Mr. Linus O. Ulaa, ACIB Mr. J. R. Otalor, ACIB

First Bank of Nigeria Plc Union Bank of Nigeria Plc
53, Sakponba Road, Benin City 5/7 Mission Road, Benin City
GSM: 08077653077, 07028508888 GSM: 08037403415
Linus.ulaa@firstbanknigeria.com jiotalor@yahoo.com
132
Ekiti Mr. O.M Babalola FCIB Mr. L. A. Ojo
C/o Bursary Department CIBN Ado Ekiti
Afe Babalola University, Ado-Ekiti 38, Ereguru Street
GSM: 08077712863 P. O. Box 419, Ado Ekiti
olusegun6jmo@yahoo.co.uk 08036572474
Kwara Mr. E.O. Akinola, ACIB Mr. Hakeem J. Olayiwola, ACIB

NDIC C/o FABS Mortgage Bank
No 12A, Sulu Gambari Road lIorin, Kwara State
Ilorin, Kwara State hakeemjinadu@yahoo.com
08055243422, 07063873009 08030810554
Frankakinola3@yahoo.com
Lagos Mr. Bolade Agbola, FCIB Mr. Funminiyi A. Adedayo, ACIB

310 M/Muhammed Way 310 M/Muhammed Way
Yaba, Lagos Yaba, Lagos
Tel: 01-2646085 GSM 08033183595, 08023250686
GSM: 08026554407
cibnlagosbranch@yahoo.com
Ogun Mrs. O. A. Oyebolu, FCIB

MAPOLY
Abeokuta
GSM: 08033376416
olasunboabioye@yahoo.com
Ondo Mr. Ayo Ajana, FCIB Enterprise Bank Ltd Mr. Chris Adeniyi, ACIB
5,Bishop Fagun Road, Skye Bank Plc
Post Office Box 203, Akure Oyemekun Road, Akure
GSM: 08034097875 08034302168
ayorindeajana@yahoo.com metise94@yahoo.com
Osun Pastor J.K. Adekunle, ACIB Banking and Mr. Taiwo Adekanye , ACIB
Finance Dept. c/o 18 Obafemi Awolowo Way
Osun State College of Education Beside Boorepo Chemist Osogbo
Esa Oke, Osun state GSM: 08032298345,08033805564
GSM: 08037147592 taiwo_adekanye2009@yahoo.com
adekun lejk2005@yahoo.com
Oyo Mr. Abiola Alii, FCIB Mr. Olusesi Adebiyi, ACIB

C/O FCMB Pic Lecturer, The Polytechnic Ibadan
Moshood Abiola Way Branch Challenge, Ibadan Sango, Ibadan
GSM: 08038039542 08023082994 GSM: 08076284322
abiolaalli@yahoo.com olusesiadebiyi@yahoo.com
133
CIBN International Branches
Mr. Innocent Ikwuosa, ACIB

C/o 11, Elbow Street,
Manchester, United Kingdom, M19 3PX
+447405989615
iokwuosa3@yahoo.co.uk
Mr. Felix Okaka, ACIB

Chairman, CIBN Canada Branch
3-3221 Derry Road West
P.O. Box 13534
Mississauga, ON L5N 8G5
+1 647-497-6025
info@cibncanada.ca; www.cibncanada.ca
CIBN Satellite Branches
Abia Mr. Richard Osadume, ACIB Mr. Samuel Ekwuribe

Satellite Chairman, CIBN Aba Branch 07034694070
C/o Zenith Bank Plc
Port-Harcourt Road Branch, Abia
richdume@yahoo.com
GSM: 08033165560
Akwa Ibom Mr. Agwu Ukoha, ACIB Mrs. Florence Raphael

Satellite Enterprise Bank Limited FCMB Plc
38, EketiOron Road Eket Branch
Eket, Akwa Ibom State Akwa Ibom State
GSM :08023244668, 07032942299 GSM: 08055972594
ukoha.agwu@enterprisebanklimited .com
Anambra Mr. Emmanuel M. Ohazurume Mgboh, FCIB

Satellite C/O Fidelity Bank Plc
27, Park Lane
Nkpor, Onitsha
GSM: 08033273003
emmanuel.mgboh@fidelitybankplc.com
134
Delta Mr. F. D Ikupa, ACIB
Satellite First Bank of Nigeria Plc
15, NNPC Housing Complex Road
Ekpan, Warri
GSM: 08023233025
Friday.ikupa@firstbanknigeria.com
Ogun Mr. J. O. Adegbenle, ACIB Mr. Abiodun Kukoyi, ACIB

Satellite FCMB Plc Tai Solarin University of Education
141. Ijokun, Shagamu Audit Department
GSM: 08037181717 Ijagun Via, Ijebu-Ode
tosincoop@yahoo.com GSM: 08077338933
oluwatosin.adegbenle@firstcitygroup.com hakukoyi2@yahoo.com
Osun Mr. Lanre Mogboyin, FCIB Mr. Yinka Adesoye , ACIB

Satellite C/O Skye Bank Plc Union Bank of Nigeria Plc
Ile-Ife, lIe-lfe Branch
Osun State Iremo Road, lIe-lfe
GSM: 08037062509 08076015474 GSM: 08032936107, 08067275737
omogboyin@skyebankng.com soadesoye@unionbankng.com
Lagos (Ikeja) Mr. Oluyinka Ode, ACIB

Interim Leader, CIBN Ikeja Satellite Branch
C/o Unity Bank Plc
Oba Akran Avenue
Ikeja, Lagos.
08037063607
babatwinsode@yahoo.co.uk
Lagos Mr. Idowu Oshokoya, FCIB

(Ikorodu) C/o Echo MFB Ltd
57, Isawo Road, Owutu, Agric
Ikorodu, Lagos.
08022907220
idowuosh@yahoo.com
Lagos Mr. Benjamin Ifedayo Adekagun, ACIB

(Apapa) Interim Leader, CIBN Apapa Satellite Branch
Ben Ifeade & Associates
55 Ireakari Estate, Isolo, Lagos.
08023185914
benifeade@yahoo.co.uk
135
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137
138
139
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CIBN Syllabus

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CIBN Syllabus

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STITUT

THE CHARTERED INSTITUTE OF

The Chartered Institute of Bankers of Nigeria

‘Uju M. Ogubunka, Ph.D., FCIB

INTERMEDIATE PROFESSIONAL LEVEL

CHARTERED BANKER LEVEL

(b) Electives (candidate to choose any one)

SOME USEFUL HINTS ABOUT STUDYING 126

CIBN ANNEX, ZONAL OFFICES AND BRANCHES 129

The Statutory Responsibilities of the Institute are:

5.0 SYLLABUS STRUCTURE

The objectives of the examination at the Diploma level include:

7.0 INTERMEDIATE PROFESSIONAL LEVEL

8.0 CHARTERED BANKER LEVEL

9.0 TRANSITION PERIOD

10.0 GENERAL REGULATIONS

(ii) Annual Membership Subscription

(iii) Registration for Examination

(vi) Entry Qualification for Examinations

 Professional Examination: The minimum qualification for Intermediate Professional and

(viii) Exemption Forms

(c) Conduct of the Examinations

(j) Change of Centre: Change of examination centre is allowed only as a result of a

(k) Correspondence: In all correspondence with the Institute concerning examinations,

Appeal Processing Fee

Penalties for Default

(a) Exemptions for Diploma Examination

S/N Qualification Exemptions Applicable Subjects to be Examined

S/N Qualification Exemptions Applicable Subjects to be Examined

Plus one Elective from the following:

Plus one Elective from the following:

Chartered Banker Level

Plus one Elective from the following:

Chartered Banker Level

Plus one Elective from the following:

Plus one Elective from the following:

Plus one Elective from the following

Intermediate Professional Level

Plus one Elective from the following

(c) Exemptions for Practitioners.

Criteria for Eligibility

 Management of Financial Institutions Chartered Banker Level

Plus one Elective from the

2 Related  Subject for subject exemption at Intermediate Professional

 Management of Financial Institutions Chartered Banker Level

Plus one Elective from the

 Management of Financial Institutions Chartered Banker Level

Plus one Elective from the

 Management of Financial Institutions Chartered Banker Level

Plus one Elective from the

S/N OFFENCES PENALTIES

(ii) The Person Being Assisted

2. Evolution and Structure of Nigerian Banking and Non-Banking Financial Institutions

3. Evolution and Structure of Financial Markets in Nigeria

(b) The Money Market

4. Banking Institution’s Establishment and its Regulations in Nigeria

6. Basic Concepts in Banking

7. Evolution and Structure of International Banking

9. Contemporary Issues in Nigerian Banking

A. GENERAL NATURE OF ECONOMICS

1. Meaning and Scope of Economics

3. Introduction to Consumer Behaviour

4. Production and Cost Concepts

5. Market Structure and Growth