The Chartered Institute of Bankers of Nigeria, CIBN, has elected Prof. Pius Olanrewaju as its new President for the 2024-2026 tenure, along with other elected officers.
The election, conducted through electronic voting at Bankers House in Lagos and announced by Mrs. Caroline Anyanwu, Chairperson of the CIBN Election Committee, saw Prof. Olanrewaju, the immediate past First Vice President of the institute, emerge as the president-elect. In his acceptance speech, Prof. Olanrewaju praised the outgoing president for his leadership and pledged to build on the institute’s progress under his predecessor’s tenure. He expressed gratitude to the institute’s leadership and members and promised to unveil his agenda during his inauguration at an investiture program scheduled for May.
Earlier, the outgoing President of CIBN, Ken Opara, who assumed leadership in May 2022, presented the 2023 annual report and accounts.
He announced plans for a roadshow to kick off the collaboration with Pan-African Payment and Settlement System on April 25 in Lagos to promote exports.
Opara, also the Chairman of the Council, CIBN, outlined youth engagement initiatives aimed at curbing the mass migration of young Nigerian professionals to other advanced economies.
He highlighted his achievements in ICT, revenue generation, capacity building, legacy projects, and support for ongoing economic policy reforms in Nigeria during his tenure.
READ ALSO: Governor Sanwo-Olu distributes food palliatives across Lagos State
“I am pleased that our Institute has continued to grow financially, despite economic challenges in 2023. It’s noteworthy that our Institute surpassed the one billion Naira mark for the first time, achieving a Net Operating Surplus of N1.371 billion in 2023 compared to N837.943 million in 2022, representing a growth of 63.60 percent.”
“Similarly, total revenue grew from N2.065 billion recorded in 2022 to N2.782 billion in 2023, representing 34.72 per cent growth, while total assets grew from N7.821 billion in 2022 to N9.119 billion in 2023.
“The cost-to-income ratio for the year ended December 31, 2023, stood at 50.72 per cent, down from 59.41 per cent in the corresponding period in 2022. This ratio is way below the approved Governing Council threshold of 61 per cent for the 2023 financial year.
“I am persuaded that with prudent and efficient management of resources, as well as diligent execution of our strategic plan, our Institute will sustain this northward trajectory.
Some guests during the CIBN AGM in Lagos.Opara explained how his administration, through teamwork, left indelible marks in the banking industry in an era characterised by disruptions, volatility in the economy, and other turbulence.
Opara thanked CIBN members, stakeholders, family and friends for their support that ensured the success of his tenure.
The National Treasurer of the Institute, Mrs Mojisola Bakare-Asieru, represented by Mr Dele Alabi, second Vice President, presented the 2023 audited financial statements.
The external auditors, Rosewater Partners, after the presentation of facts and figures, affirmed that the financial position of the CIBN was in agreement with the book of accounts.
The Chairman of the CIBN Audit Committee also affirmed that the accounting and reporting policies of the institute were in accordance with legal requirements and ethical practices.
Credible news.ng
