CBN, Bankers’ Institute to Partner on Cyber Security


Peter Uzoho

The Central Bank of Nigeria (CBN) will be partnering the Chartered Institute of Bankers of Nigeria (CIBN) in the fight against internet fraud and related crimes in the banking industry.

The Deputy Governor, Financial System Stability, CBN, Dr. Okwu Joseph Nnanna, stated this in Lagos in his goodwill message at the investiture of the 20th President/Chairman of Council of the CIBN, Dr. Uche Olowu.

He urged the institute not to relent in bridging the knowledge gap among commercial, microfinance and mortgage banks.

“This is the time banks and the economy are facing cyber insecurity. The CBN will partner CIBN to ensure that financial transactions are secured,” said Nnanna.
He called on Olowu to emulate and sustain good performance of his predecessors.
In his acceptance speech, Olowu promised to instil good corporate governance ethics into the banking system, using the institute’s capacity programmes, and pledged to practice inclusive management system in his administration.

He outlined his administration’s five-point agenda to include: Upholding the Rules and Standards of CIBN; Upgrade Skills and Competencies; Boost Research and Advocacy; Investing in Technology and Resources; and Improving Brand Visibility.

He called on all stakeholders and development partners to join hands with the institute in its quest to uphold the ethics and professionalism of the banking industry.

Also in an interview with journalists, Olowu described his inauguration as a new dawn for the institute.

“I’m elated today that I’m the 20thPresident and Chairman of Council. It is a new dawn because we want to enthrone professionalism. We’re moving to the next level – a level that is cerebral, driven by values. We’re going to try to adjust to emerging trends; we want to remain at the head of the learning curve,’ he said.

He said his administration would give serious focus on Enterprise Risk Management, saying currently the industry lacked the skillset to carry out Enterprise Risk Management functions.

“So, if you’re not good at risk management it means that the resources at your disposal can be frittered away. So, we’re going to do certification that is relevant to the current certification in risk management. Enterprise Risk Management is going to be a serious focus.

“We want to mobilise competent persons that have adequate knowledge for risk management, and that knowledge will spread across the industry. We have our research unit: Center for Financial Studies, all interventions in our institute will follow that body. It’s going to be peopled by competent industry experts. So it’s a new dawn for banking in Nigeria because we’re playing at the global stage as the chairman of the Global Banking Education Standard Board, “he added.