Osinbajo lauds CIBN for contribution to banking sector growth

THE Vice President, Yemi Osinbajo, has lauded the Chartered Institute of Bankers of Nigeria for its contribution to the growth of the Nigerian banking sector, the private sector and for the establishment of the Bankers House, Abuja.

Speaking at the commissioning of the new Bankers’ House in Abuja on Thursday, Osinbajo noted that the banking industry contributed about N34.6 trillion to the country’s Gross Domestic Product (GDP) in 2017.

The Vice President added that the industry also contributed N37.8 trillion in 2018, N42.7 trillion in 2019 and N53.3 trillion in 2020. He added that “the CIBN’s role in the private sector cannot be overstated.”

In laying the parameters for professional and ethical conduct, healthy competition, and continuous professional development, it has helped to guide the evolution of a banking industry that has grown to become the envy of the continent.”

The Vice President also said that Nigeria’s fintech startups accounted for 35 per cent of the total of $4 billion capital raised by technology driven businesses across the continent in 2021.

He stated that the country has six unicorn tech companies valued at over $1 billion, noting that all the companies “started after 2015, and have grown between two recessions.”

“In 2021 African tech startups raised over $4 billion in funding, with over 564 startups across the continent, solving critical problems in almost every sector. Nigeria accounted for 35 per cent of this.

“This is why we put such a great premium on the resourcefulness and strength of our private sector.”

In his opening address, CIBN President, Dr Bayo Olugbemi said the new edifice being commissioned represents a captivating story of utmost significance, in that the attainment of this feat is a fulfilment of a dream long conceived.

Going down the memory lane, the CIBN President said when the seat of government moved to Abuja in 1991, the institute became desirous of establishing its presence at the FCT.

“Since then, several attempts were made at acquiring land or landed properties in the FCT but the efforts were frustrated by disputes on the various properties, especially those statutorily allocated to the institute.

“Not discouraged by these challenges, the institute doggedly forged ahead in its quest for a presence in the FCT. The result of the various initiatives that were engaged is what culminated in the purchase and development of the edifice we are commissioning this morning,” Olugbemi said.

According to him, the new Bankers’ House will house The Chartered Institute of Bankers of Nigeria, National Secretariat Annex, Abuja Office and the Permanent Secretariat of the Alliance of African Institute of Bankers (AAIOB), a body which has been in existence for about 25 years; developing and promoting acceptable banking and finance education, examinations and certification standards among its members on the African continent.

He said the building, which would be equipped with state-of-the-art ICT facilities would feature a learning/incubation hub, a banking hall, multi-purpose hall and a training facility sponsored by Nigeria Deposit Insurance Corporation (NDIC) which would be available for use by various organisations for the training of their staff.

“Spaces are available for branding, and I want to call on the banks and other corporate bodies to pick up available spaces to project their brands,” he said.

Olugbemi said on the global space, the institute is taking frontline position in advancing and developing the banking and finance profession with its role in the Global Banking Education Standards Board (GBEStB) where a past president of the institute, Segun Aina, is the pioneer and current chairman of the global body.

Olugbemi said the future belongs to the young generation and that the institute has embarked on a mentoring scheme to help young professionals get career mentorship from more senior and experienced professionals towards ensuring the safety, soundness, and sustainability of the banking industry in Nigeria and beyond.

In his speech, the Chairman, Bankers’ House, Abuja Implementation Committee and Chairman, UBA Plc, Tony Elumelu, said that the inauguration of the building was a “dream come true.”

Elumelu, who was ably represented by Mr Emmanuel Nnorom, Chief Executive Officer, Heirs Holdings, paid N25 million for a branding hall for United Bank for Africa (UBA) in the building.

Group Chief Executive Officer, Nigerian Exchange Group Plc, Mr Oscar Onyema; Director General, Debt Management, Mrs. Patience Oniha and ICAN President, Mrs. Comfort Eyitayo, said that their organisation would continue to collaborate with CIBN to improve the financial system in the country.

The event attracted Chief Executive Officers of various banks, members of the National Assembly and other stakeholders in the financial sector.