THE Chartered Institute of Bankers of Nigeria (CIBN) says it has accredited 21 bank academies and closed the year 2021 with a net operating surplus of N800.14 million.
The outgoing 21st President/Chairman of Council CIBN, Dr Bayo Olugbemi, disclosed this on Saturday during the 2022 Annual General Meeting of the institute held at Bankers House, Council Chambers, Lagos.
Olugbemi said the Institute continues to stand tall as a vanguard for the promotion of banking education and professionalism in Nigeria in line with its agenda.
According to him, as part of activities to create a steady pipeline of student members who would transit to chartered bankers after writing and passing the prescribed examinations, several engagement were held with the heads of Human Resources and bank academies to ensure that the staff of banks continue to acquire knowledge, skills and competencies required for each job role in the industry.
“To this end, 21 banks academies have been accredited to date in line with the competency framework. The banks have been informed of the revised syllabus of the institute and are been engaged to align their curricular to the new syllabus.
“Permit me to register my unreserved thanks to the governor of the Central Bank of Nigeria, Mr Godwin Emefiele, and the Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation, Mr Hassan Bello, for the magnificent support to the institute, ensuring that CIBN continues to discharge its statutory roles and responsibilities,” Olugbemi stated.
He further disclosed that the CIBN recorded an improved Internally Generated Revenue of N1.766 billion in 2021 from N1.468 billion recorded in 2020. This represents a growth of 20.3 per cent and is an indication that the institute was strategically moving towards its aspiration of becoming financially independent.
In the same vein, the year closed with a net operating surplus of N800.14 million in 2021 and this reflects a 40.31 per cent increase from N570.26 million recorded in 2020.
Giving further breakdown of the institute’s financial results, the National Treasurer, CIBN, Mr Dele Alabi, said that despite the economic uncertainties experienced during the previous year, arising from the coronavirus pandemic, the institute’s financial position remained strong in the fiscal year 2021.
The achievements, he explained, were as a result of prudent management of the available funds through the implementation of the revised investment policy, cost control mechanisms, passion for innovation and creativity in the execution of the institute’s programmes, productive collaborations and strategic alliances with relevant institutions, as well as enhanced visibility and brand of the institute.
He emphasised that the financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) and other subsisting accounting standards in tamdem with global best practices.
According to him, the net assets amounted to N6.21 billion as at December 31, 2021 resulting in a 10.36 per cent increase from prior year figure of N5.63billion. The cash and cash equivalents at the end of the year was N2.77 billion, a decline of 15 per cent compared to the prior year balance of N3.30 billion.
This decline was attributed to the more efficient deployment of the institute’s liquidity into higher yielding assets, in line with the revised investment policy.
Meanwhile, Dr Ken Opara has been elected the 22nd President/Chairman of Council of the Chartered Institute of Bankers of Nigeria.
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