The Nigerian Banking system has remained a very high impact segment of the nation’s economy, responsible for financial intermediation and stimulating economic growth, among others. The FITC’s inaugural Thought Leadership Discussion Series themed “Strengthening the Banking System and Facilitating Sustained Economic Growth: Roles of the Regulators, Operators and the Banking Public” held on the 24th of May, 2018 at the Four Points by Sheraton, Victoria Island, Lagos. The event was strictly by invitation and had in attendance, top executives from industry players, regulatory and supervisory institutions, such as the CBN, NDIC, PENCOM, SEC, NAICOM; high-ranking professionals from the Financial and Non-financial Services Sector within and outside Nigeria, as well as key policy makers in governmental agencies and other selected interest groups. There was a total of select eighty-two (82) attendees.
Some of the notable guests at the event were;
Director, Risk Management, Central Bank of Nigeria (CBN), Mrs. Folake Fatogbe, who represented the Special Guest of Honour, Mr Godwin Emefiele, CON, Governor, Central Bank of Nigeria; and the Chief Host, Mrs. Aishah Ahmad, CFA, Deputy Governor, FSS, Central Bank of Nigeria and Chairman, FITC Board. The Case Study Presenter was Mr. Patrick Chisanga, Corporate Governance Consultant and Chairman, Zambia Multifacility Economic Zone. Chairman, Panel of Discussion was Mr. Tunde Lemo Former Deputy Governor, CBN and Former Chairman, FITC Board. He handed over the Chairman’s responsibility to Prince Erediauwa Agbhatise, ED, Operations, Nigeria Deposit Insurance Corporation.
Members of the discussion panel included:
- Prince Erediauwa Agbhatise, ED, Operations, Nigeria Deposit Insurance Corporation, representative of Alhaji Umaru Ibrahim, mni, MD/CEO, Nigeria Deposit Insurance Corporation;
- Segun Ajibola, FCIB, Immediate Past President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN);
- Abubakar Suleiman, MD/CEO, Sterling Bank Plc;
- Hamda Ambah, MD/CEO, FSDH Merchant Bank;
- Yinka Adegboye, FCCA, Group Head, Strategy and Corporate Transformation, Bank of Industry (BOI), representative of Mr Olukayode Pitan, MD/CEO, Bank of Industry;
- Niran Ade-Onojobi, Secretary, Finance & Establishment Committee, Manufacturers Association of Nigeria (MAN), representative of Mr. Olusegun Ajayi-Kadir, Director General, MAN; and
- Uju Ogubunka, FCIB, President, Bank Customers Association of Nigeria and former Registrar, CIBN.
In her opening remarks, Dr Lucy Newman, CPT, MD/CEO of FITC gave the back ground thinking that framed the series, as being: a) the industry’s pivotal role in the economy, b) the critical development expectations for Nigeria as the largest economy in Africa with Nigerian banks expanding international subsidiaries, c) stakeholders’ expectations to ensure economic progress and development, d) FITC’s commitment to the Bankers’ Committee in terms of policy advocacy initiatives and e) FITC’s mandate to promote advance knowledge in the practice of banking, finance and related competencies by organising seminars, workshops, lectures and publishing evidence based monographs. She promised that FITC would produce a communique as an extract of the event and recommendations will be made to decision and policy makers of regulatory and supervising agencies, banking operators as well as other stakeholders as represented at the event, in order to further fulfil the objectives of the event and there-in, the mandate of FITC.
The Director, Risk Management, Central Bank of Nigeria (CBN), Mrs. Folake Fatogbe, in her welcome address, on behalf of the DG, FSS CBN, noted the crucial role banks play in ensuring a sustainable economy and the peculiar challenges in their business model. She also presented the goodwill message of the CBN Governor, Mr. Godwin Emefiele, CON, who envisaged a robust deliberation due to the diversity of the participants at the event. The guest speaker, Mr. Patrick Chisanga, in his paper presentation titled: A Case study of National Development: The Zambia Experience and Possibilities for Nigeria, provided the essential impetus for his discussion, focusing on Zambia’s progression in terms of governance at the corporate and sovereign levels, as well as banking reforms. The seasoned and erudite presenter gave highlights of the various unprecedented positive impact the reforms had on resuscitating the nation’s economy over the past 15 years. These include: cessation of capital flight as market forces began to dictate foreign exchange; obliterating of multiple exchange rates; macro-economic stability, as all major economic indicators, such as inflation (at 6.7 per cent), became stabilized; increased and sustainable foreign exchange (now at about XE10.24/$1); and rating of Zambia as one of Africa’s most promising and fastest growing economies.
FITC also launched the following three well researched publications, after the opening segment of the event:
- A Study of the Framework for Credit Management in Banks within Nigeria (in collaboration with NDIC). The book complements FITCs virtual course on Bank Credit Analysis and Management in Nigeria Banks;
- Fraud and Forgery in the Nigerian Banking Industry: Fifteen Years’ Trend Analysis (2001-2015). The book also complements FITCs virtual course on Bank Inspection and Internal Control; and
- The Journal of Banking and Finance Vol. 13 No.2. themed: Determinants of Exchange Rate Fluctuations in A Developing Economy: The Nigerian Experience. Incidentally, Dr Chisanga’s presentation also addressed the subject.
FITC was established over 37 years ago as a special purpose not-for-profit professional services organisation to provide professional services support in training, consulting and research, to the financial services sector and related sectors of the Nigerian economy. Its membership comprises member institutions of the Nigerian Bankers Committee, while FITCs footprint covers the West Africa region, such as Liberia, Uganda and Ghana, among others.