CIBN President Tasks Banks On Strengthening Cybersecurity

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Sunday, December 6, 2020 / 11.00AM / CIBN/Header Image Credit: CIBN


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The Chartered Institute of Bankers of Nigeria (CIBN) has urged banks to strengthen their cybersecurity architecture to protect themselves against attacks by fraudsters 

 

Mr. Bayo Olugbemi, President/Chairman of Council of the Institute made the call while delivering his remarks at the 2020 CIBN Fellowship Investiture in Lagos.

 

The CIBN at its investiture formally conferred its honorary fellowship awards on 19 distinguished bankers in recognition of their contributions to the banking industry and the economy; 77 Associates as Elected Fellows while 105 Senior Management Staff of banks and the academia became Honorary Senior Members of the Institute at the event themed, 'Financial Services in a post-COVID 19 Environment: Strategic Imperative'.

 

Others who were conferred with the same award were Dr Adewunmi Adesina, President, African Development Bank; the Governor, Bank of Sierra Leone, Professor Kelfala M. Kallon;  the President, West African Bankers Association and President Liberia Bankers Association, Mr.John Davies III; the GMD/CEO, Stanbic IBTC Holdings Dr. Demola Sogunle, HCIB; the MD/CEO, Zenith Bank Plc, Mr. Ebenezer Onyeagwu, HCIB, the MD/CEO, WEMA Bank Plc, Mr. Ademola Adebise, HCIB, the MD/CEO, Sterling Bank Plc,  Mr. Abubakar Suleiman, HCIB; the MD/CEO, Providus Bank Plc, Mr. Walter Akpani, HCIB, the MD/CEO, Standard Chartered Bank Limited;  Mr. Lamin Manjang, HCIB, the MD/CEO, Federal Mortgage Bank of Nigeria, Mr Arc Ahmed Musa Dangiwa, HCIB, the Board Member, Lead Capital Group of Companies, Prince Bimbo Olashore, the Board Member, Oodua Investment Company Limited,  Otunba Bimbo Ashiru, Former DMD Diamond Bank, Mrs Caroline Anyanwu, and Former Executive Director, Fidelity Bank, Mrs Ugochukwu Chijioke, top the honours list of eminent bankers who will be formally conferred with the prestigious Fellowship of the Institute.

 

Mr. Olugbemi told over six hundred participants who attended the event physically and through different digital conferencing platforms that Nigeria had been bedevilled by a myriad of challenges this year ranging from a drop in oil price, COVID-19 pandemic, the recent #EndSARS protests and the attendant pocket of unrests across the country to a recession. The pace of these disruptive activities and their attendant effects on the financial service system has been intense. 

 

He argued that the banking industry had remained resilient providing succour to businesses and millions of individuals across the country.

 

Olugbemi said that banks should also continue to reinforce their risk management frameworks in line with the government's policies and urged banks to consider conducting more market research on how customer needs might change in the Post-COVID era. This would inform product development and process improvements

 

Mr. Kunle Elebute, Senior Partner, KPMG Nigeria & Chairman, KPMG Africa, while speaking on the "New Realities in the Post-COVID World: Strategic Imperatives", told bankers that global CEOs were beginning to acknowledge that the new wave of technological advancement comes with risks that cannot be ignored. 

 

The KPMG boss said that the effects of COVID-19 will drive new ways of working, new performance metrics and new ways of connecting with and managing employees, well beyond the "work from home" dimension.

 

Board and executive management are also increasingly aware that while they might not be the expert in the subject of cyber risk, they will be held accountable if there is a cyber-attack that disrupts business performance, he said.

 

As a result of the pandemic and working in the remote environment, Elebute suggested that new productivity metrics need to be developed, but without being perceived as intrusive and maintaining a strong culture is as important as ever but much harder, he said 

 

In his contribution, Mr. Ernest Ebi, former Deputy Governor, Central Bank of Nigeria and Chairman of the event maintained that the banking industry must realize its role in the economic recovery process, as banks and other financial institutions play a significant role in shaping the recovery by supporting households and businesses to rebuild their financial security and business health. 

 

To continue to fill the enormous credit gap and offer customers greater access to needed financial services, Mr. Ebi charged bankers to look beyond the immediate threat of the coronavirus pandemic and refocus on understanding their customers' 'new normal' needs. He said banks, therefore, need to adopt new operating models that support rapid and stronger recovery, as well as ensure efficiency and resilience.  

 

"I am honoured like other honourees to be conferred with this fellowship, the responsibility is for us to conduct ourselves both in our personal and professional life (locally and globally) to these high standards, to be role models and mentors to other professionals in the banking industry and also to support the Institute in its broad activities in terms of building the capacity of bankers and their professionalism", Adesina, President, AfDB said.

 

Mr. Adegboyega Oyetola, Governor, Osun State was the special Guest of Honour while Dr. Ken Opara, 1st Vice President, CIBN, Prof. Deji Olanrewaju, 2nd Vice President, CIBN, Mr. Dele Alabi, National Treasurer, CIBN, Prof Segun Ajibola, Past President, CIBN; Dr. Uche Olowu, Past President, CIBN, Mr. Seinde Fadeni, Chairman, NAHCO; and other captains of industries were Honourary Guests at the event.

 

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