For a man who has put in, uninterruptedly, 39 of his 58 years on earth into the banking practice, winning honours and awards now appears a pastime. This year alone, the seasoned banker and administrator, has received several coveted awards from across the country. Early in February, the Federal University of Technology, Owerri (FUTO) honoured him with the honorary Doctor of Management Technology. This was followed by the Award of Sardauna Outstanding CEO Award of the Year by the Sardauna Magazine in April.
The award which honours exceptional Nigerians, who have contributed in no small measure towards nation building and national integration, was instituted in 2006 by the The Sarduana, a fast rising publishing outfit in the North to immortalise the life and times of the Sardauna of Sokoto, Sir Ahmadu Bello, one of Nigeria’s most respected statesmen.

In the same April Dr. Akingbola was named Financial Standard Man of The Year 2007 for successfully steering Intercontinental Bank to become the first Nigerian bank to be listed among the world’s top 500 banks and the first to cross the $1billion capital base.
Dr Akingbola has successfully steered the Intercontinental Bank from its humble background in 1989 as a merchant bank to become one of the largest, most capitalised and diversified financial services institutions in Nigeria today, with thriving interests in banking, insurance, finance, discount house operations and real estate.

Dr Akingbola has employed his vast wealth of knowledge and experience to contribute to spheres of Nigeria’s socio-economic development. His numerous and incisive commentaries on the banking industry and other national economic issues, have won him commendations and awards from leading institutions and professional groups in the public and private sectors including, the Chartered Institute of Bankers of Nigeria, Institute of Chartered Accountants of Nigeria (ICAN), Nigeria Institute of Public Relations, University of Lagos, Institute of Directors, Lagos Business School (LBS) and the Lagos Chamber of Commerce and Industry.

His remarkable leadership skills have also been brought to bear on the Lagos Business School Alumni Association (LBSAA) where he served as President and the Institute of Chartered Secretaries and Administrators of Nigeria, where he also served as president.

In 2001, Dr Akingbola was honoured with the National Merit Award of the Member of The Order of the Niger (MON) by the President of the Federal Republic of Nigeria, as a testimony to his invaluable contributions to the advancement of the Banking profession in the country.

The highly respected banker has been repeatedly honoured by many Universities in the Country. Among such well-deserved laurels are the Honorary Doctor of Science (D.Sc) in Banking and Finance from the University of Calabar (2002); Honorary Doctor of Science (D.Sc) of the University of Benin (2006); Honorary Doctor of Letters (D.Litt) of the Adekunle Ajasin University, Akungba (2007); plus a Distinguished Alumnus Award of the University of Lagos.

Other positive recognitions garnered by Dr. Akingbola include his choice for the Excellence Award of the Institute of Directors (1998), Merit Award of the Chartered Institute of Bankers of Nigeria (1999), Diamond Award of the Nigerian Institute of Public Relations (Ondo State Chapter) (2000); Zik Prize (of the PPRAC) for Leadership in the Banking Industry (2004); Kwame Nkrumah African Leadership Award (2004) and Banker of the Year Award of the Chartered Institute of Bankers (Akure Chapter) (2006).

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This translates to 40 kobo per share compared to 35 kobo paid as interim dividend, bringing the total dividend per share for the year to 75 kobo.

The handsome dividend is the fallout from the sterling performance of the bank in its year end financial result due to be announced formally to its shareholders at the banks Annual General Meeting in Abuja at the end of this month.

The bank last week announced its financial results for the year ended February 2008 which shows a deposit base of N1.05 trillion, up by 126 per cent from N468 billion in the previous year. Total assets plus contingents rose to N1.7 trillion, up by 108 per cent from N823 billion. This has made the bank the first to hit trillion mark in deposit and also giving it number one position in total assets.

The bank also recorded a phenomenal growth in gross earnings which stood at N173.5 billion, an increase of 99 per cent over the N87.4 billion recorded in the previous year. Profit before tax grew by a whopping 102 per cent to N45.6 billion, as against N22.6 billion in 2007, while profit after tax soared by 125 per cent to N34.8billion during the period under review. The capital base also rose to N200 billion from N157 billion.

Analysts posited at the week end that the bank’s dividend payout of N13.5 billion for the year is exceptional but not surprising given the bank’s remarkable growth rate of dividend payout to shareholders over the past six years.

The bank paid N574 million as total dividend in 2001 and paid N1 billion in 2002. The bank’s dividend payout rose to N1.4 billion in 2003 climbing to N1.6 billion in 2005. Then shareholders enjoyed a sharp increment in dividend payout of N4.2 billion 2006 and N9.5 billion last year.

This is indicative of the bank’s management capacity to turn its growing share-holders funds into profitability and higher returns on investment.

With this development market watchers believe the bank’s global intent of being the number one in Nigeria, among top 500 in Africa and top 500 in the world by 2010 is realizable owing to the massive customer and investor support that the Intercontinental Bank brand is attracting in Nigeria and abroad.

Intercontinental bank recently embarked upon a strategic repositioning drive to dominate retail markets across the country, leveraging on its strong corporate finance business and massive market response to the bank’s consistent delivery on its brand promises to make customers happy with excellent banking services.

The Group Chief Executive, Dr. Erastus Akingbola said the exceptional performance of the bank in all financial indices represents a bold step in the bank’s global strategy of benchmarking the best financial institution in the international arena.

Recently, Intercontinental Bank entered into a joint venture with Blue Financial Services Company, the number one micro finance institution in Africa with 171 branches spread across ten African countries to float Blue-Intercontinental Microfinance Bank.

Analysts said the bank’s track record of superlative performance over the years puts it in good stead to achieve this target. Intercontinental Bank was ranked 355 in the world by the Financial Times of London, making it the only Nigerian Bank in the world’s top 500 banks and the second fastest growing in the world in 2007.

Dr. Akingbola said the bank is poised to surpass this record. ‘‘We are encouraged by our drive, vision and capacity to double, year on year, all the performance indicators of the bank. We intend to beat our record and we shall”, he said.

Intercontinental Bank is one of the Nigeria’s strongest brands. Its robust brand equity has been acquired over 18 years and resonates with a reputation for excellent customer service, superb financial performance and track record of exceptionally high returns on investments since inception.

The bank has evolved into one of the largest and most diversified financial services Group in Nigeria with about ten subsidiaries in all sub-sectors of the financial sector. Intercontinental Group is made up the following: Intercontinental Wapic Insurance Plc ( a leader in the insurance industry), Intercontinental Capital Markets Limited (a major player in the investment banking sub-sector), Intercontinental Homes & Savings Limited (a major player in mortgage finance sub-sector), and Intercontinental Properties Limited which is into real estate. It also has EBN Securities Limited and Intercontinental Finance and Investment Limited all involved in stock market business. Others are Intercontinental Trustees Limited, Intercontinental Registrars Limited and a majority stake in Associated Discount House Limited, a major operator in the top-tier money market.

Outside Nigeria the Group operates as Intercontinental Bank Ghana Limited. Intercontinental Bank (UK) Limited is set to start operation by next month.

It also boasts one of the largest branch network spread across the country, linked by cutting-edge IT infrastructure. Currently, it has over 300 branches nation-wide.

Intercontinental Bank has the most stable board of directors in the industry with all the founding members of the board still on the board today.

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Intercontinental Bank Plc, has announced its financial results for the year ended      February 2008 which shows a deposit base of N1.05 trillion, up by 126 per cent from N468 billion in the previous year. The total assets plus contingents rose to N1.7 trillion, up by 108 per cent from N823 billion, thus making the bank the first to hit trillion mark in deposit and also giving it number one position in total assets.

Financial analysts attribute the unprecedented growth in the bank’s deposits portfolio to robust customer confidence. The customer base has been on the rise since post consolidation.

The bank also recorded a phenomenal growth in gross earnings which stood at N173.5 billion, an increase of 99 per cent over the N87.4 billion recorded in the previous year. Profit before tax grew by a whopping 102 per cent to N45.6 billion, as against N22.6 billion in 2007, while profit after tax soared by 125 per cent to N34.8billion during the period under review. The capital base also rose to N200 billion from N157 billion.

The sterling performance is due largely to the effective delivery of its business model introduced in 2006 to drive its businesses across geographical and sectoral divergence of the banking public.

Intercontinental bank recently embarked upon a strategic repositioning drive to dominate retail markets across the country, leverage on its strong corporate finance business and massive market response to the bank’s consistent delivery on its brand promises to make customers happy with excellent banking services.

The Group Chief Executive, Dr. Erastus Akingbola said the exceptional performance represents a bold step in the bank’s global strategy of benchmarking the best financial institution in the international arena while positioning to become the number one bank in Nigeria among top five in Africa and top 100 in the world by 2010.

Recently, Intercontinental Bank entered into a joint venture with Blue Financial Services Company, the number one micro finance institution in Africa with 171 branches spread across ten African countries to float Blue-Intercontinental Microfinance Bank.

Analysts said the bank’s track record of superlative performance over the years puts it in good stead to achieve this target. Intercontinental Bank was ranked 355 in the world by the Financial Times of London, making it the only Nigerian Bank in the world’s top 500 banks and the second fastest growing in the world in 2007.

Dr. Akingbola said the bank is poised to surpass this record. ‘‘We are encouraged by our drive, vision and capacity to double, year on year, all the performance indicators of the bank. We intend to beat our record and we shall”, he said.

Intercontinental Bank is one of the Nigeria’s strongest brands. Its robust brand equity has been acquired over 18 years and resonates with a reputation for excellent customer service, superb financial performance and track record of exceptionally high returns on investments since inception.

The bank has evolved into one of the largest and most diversified financial services Group in Nigeria with about ten subsidiaries in all sub-sectors of the financial sector. Intercontinental Group is made up the following: Intercontinental Wapic Insurance Plc ( a leader in the insurance industry), Intercontinental Capital Markets Limited (a major player in the investment banking sub-sector), Intercontinental Homes & Savings Limited (a major player in mortgage finance sub-sector), and Intercontinental Properties Limited which is into real estate. It also has EBN Securities Limited and Intercontinental Finance and Investment Limited all involved in stock market business. Others are Intercontinental Trustees Limited, Intercontinental Registrars Limited and a majority stake in Associated Discount House Limited, a major operator in the top-tier money market.

Outside Nigeria the Group operates as Intercontinental Bank Ghana Limited. Intercontinental Bank (UK) Limited is set to start operation by next month.

It also boasts one of the largest branch network spread across the country, linked by cutting-edge IT infrastructure. Currently, it has over 300 branches nation-wide.

Intercontinental Bank has the most stable board of directors in the industry with all the founding members of the board still on the board today.

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DR. ERASTUS B. O. AKINGBOLA, MON

GROUP CHIEF EXECUTIVE, INTERCONTINENTAL BANK PLC

AT

HIS INVESTITURE AS PRESIDENT/CHAIRMAN OF COUNCIL

OF THE CHARTERED INSTITUTE OF BANKERS OF NIGERIA
 

 MAY 3, 2008

The Immediate Past President of the Chartered Institute of Bankers of Nigeria, Mrs. Juliet Madubueze, OON, FCIB

The Founding Fathers of the Institute

The Past Presidents of the Institute

Members of the Council of the Institute

Fellows of the Institute

Honorary Senior Members of the Institute

Associates of the Institute

Other Members of the Institute

Ladies and Gentlemen 

Today, I stand here before this galaxy of distinguished leaders in banking, business and government among other personalities, in this hallowed hall of our great Institute to deliver my acceptance speech. It is indeed a great privilege and honour. I am deeply humbled that the members of our great Institute consider me worthy to be elected as the President/Chairman of the Council to pilot the affairs of our great Institute for the next two years. I thank you for giving me the opportunity to serve.

Thirty-seven years ago, on January 2, 1971, I joined the banking profession at a very young age and at the clerical grade. I was encouraged to take up banking as a career by sitting for the professional examinations which I completed in 1975. Today, I have cause to thank God for bringing me to this height. This should be a signal and a reassurance to every young Nigerian that with the help of God, hard-work, patience and integrity, you can rise to the pinnacle of your profession.

To the founding fathers and mothers, all past presidents, council members and all of our members - I thank you for this honour bestowed on me. It is an honour to step into the shoes once worn by such great personalities like Pa Ijewere, Pa Otiti, Professor (Eze) Nwankwo, etc and until a few minutes ago, Mrs. Madubueze. It is very intimidating to step into the shoes of Mrs. Madubueze. Her shoes are too big for me but I will stuff it with old papers until I grow into it.

Let me say straightaway that I do understand that this is a call to duty. Both I and incoming office holders do appreciate the enormity of the task before us. I must say that I am passionate about the Institute and therefore intend to, within the two year period of my presidency, build upon the foundations which our past Presidents and Council had constructed over the years. This cannot be a solo effort but will require the combined efforts of all of us and I am certain that I can always count on your support to make the CIBN a priced jewel for the banking industry in general.

At this point, I crave your indulgence to allow me recount briefly, the history and aspirations of our Institute. Forty-five years ago this year, in 1963 the seed of this Institute was planted. Some 120 bankers met at the famous Randle Hall, in Surulere, Lagos to pass a resolution for the establishment of a local centre of the Institute of Bankers of London, in Nigeria.

Thirteen years later, in 1976, the local Centre was registered as the Nigerian Institute of Bankers, a company limited by Guarantee. Another 14 years after, the Institute attained its historic Chartered status by way of Act 12 of May, 1990. Thus the Chartered Institute of Bankers of Nigeria was born.  The Act of 1990 was repealed after 17 years and the Chartered Institute of Bankers of Nigeria Act 2007 was re- enacted to strengthen the Institute’s control of membership and practice of the banking profession in Nigeria. This is indeed a new page and a fresh agenda for the Institute. I want to commend all past Presidents for this achievement, especially Mrs. J. A. Madubueze, for getting our Act passed by the House and signed by Mr. President.

Allow me to specially commend the contributions of Mrs. Madubueze, the 14^th and first female President of the Institute. A thorough bred professional, she brought her wealth of experience to bear on the positive development of the Institute and the banking sector. From restructuring the Council and its committees to expanding the revenue base of the Institute and from obtaining the new CIBN Enabling Act to enhancing the Institute’s man power training and development, her giant strides as President will remain indelible. Looking at her contributions and that of the past Presidents and Members of Council, I must say that I am standing on the shoulders of giants to reach the next level. Much has been achieved by these men and women, who dedicated their energy, time, intellect and drive to grow the Institute and the banking profession on various fronts from research to manpower development to shaping the nation’s monetary policies.

It is also of particular significance that one of the driving motives for establishing the Institute is the promotion of high ethical standards in the banking industry. The founding fathers of the Institute sought to “jealously guard, preserve and positively project the noble profession of banking, based on the principle of Trust and Honesty.” Also, those 120 bankers from a handful of banks who met to fashion out this Institute have left a legacy - a great display of strong esprit-de-corps among professional bankers.

If esprit-de-corps among bankers remains as strong as it was in 1963, then a meeting called by the Institute today ought to attract thousands of bankers considering that over 100,000 people are currently employed by banks today. If we all actively support the Institute, the CIBN should be the most vibrant organization in Nigeria and a world-class Institute comparable to any other around the world in terms of membership, facilities, influence, visibility and support.

Acceptance

It is therefore with this keen sense of our history as an Institute, deep acknowledgement of the achievements of past Presidents and clear appreciation of the challenges facing us as an industry that I accept today, with a great sense of responsibility and humility, to be the 15^th President and Chairman of Council of the Chartered Institute of Bankers of Nigeria. I thank God Almighty and you, all of my colleagues for electing me into this exalted position.

OUR STRATEGIC PLAN

We must dare to dream big dreams and strive to translate our dreams into reality. We must build that world class Institute which we desire, one that we are proud to associate with, one that impacts positively on our career growth, one that sets the agenda for the banking industry, for business and the economy and one that bankers from across the world, Europe, America, Asia will scramble to associate with. To build this world class organization we will need ideas from all of us but we start the process with several initiatives bunched under the following:

• Widen Membership Base

We have the task of implementing the new CIBN Act 2007 towards bringing all bank workers into registered and financial membership of the Institute. We shall encourage banks and allied financial Institutions to be corporate members and shall give CIBN number to every bank worker.

We intend to strengthen the drive to bring all bankers - whether professionally qualified or not under the umbrella of our Institute. The barriers that discourage new members will be removed so that all bankers old and young, past and present have a sense of belonging. The area of the CIBN Act prescribed for qualified bankers, we shall give some period of grace - and just register those with on the job experience for now. But progressively in collaboration with the CBN we shall insist on professional qualification before officers can head some sensitive departments.

We shall encourage all qualified members whether still employed in banking or not to apply to become Fellows of the Institute. We shall enhance the status and respect of Fellows just like that of the SAN of the Bar Association. The test of this is that every banker will strive to add FCIB after their names in official or private communication, to demonstrate that they belong to the special class.

• Strengthening the Acceptance of ACIB Qualification in Public & Private Enterprises

We shall be vigorous in the pursuit of the final gazetting of the ACIB qualification in government scheme of service while driving for the acceptance of the ACIB as a prime qualification by employers in the banking industry. The Institute will play a leading role at the AAIOB and promote the acceptance of ACIB certificates within the AAIOB member countries and beyond. Banks will also be encouraged to engage ACIB holders who lost their jobs during and since the consolidation as a way of bringing experienced hands back to the industry. At Intercontinental I have directed that all ACIB graduates must be employed on the same grade as ACA graduates.

• Banking Education and Value-adding Career Support

I am passionate about education and value added career support. Hence, a key aspect of our strategic plan is to focus on continous skill development and education of members even as we expand our membership base. We want members to see the Institute as very relevant to their career development as bankers. We shall continue to stand for the defense and promotion of banking education and professionalism in Nigeria.

Our education and training plans will be extended in various ways to all our stakeholders. For instance, we shall start certifying CIBN trainers to accelerate training of our younger generations. We shall encourage all our retired members either join hands together to set up schools or lecture in one. It is the only way to ensure that 20 years from today one of such students will have an Institute to preside over.

We do not intend to be CIBN of Lagos but CIBN of both Southern and Northern Nigeria. We shall create incentives including financial support to reinvigorate weak zones and grow new ones. We shall this month visit all our subsidiaries as well as facilities to see their level of operational efficiency and necessary assistance they may require. We will also pursue the accreditation of more universities with a target of 20 during our tenure and encourage all faculties to sit for CIBN examinations.

• Review of Curriculum and Courses

We shall review the current Examinations Curriculum with a view to adding and strengthening courses in Risk Management, Leadership Development, Corporate Governance and Management Accounting. Our members must distinguish themselves by their ability to manage for results.  

We shall introduce courses that will include M.SC in Financial Planning in collaboration with the University of Lagos for a start and Certificate in Risk Management among others. The Institute in collaboration with the Lagos Business School (at reduced fee and flexible time) shall encourage members to take courses such as the Senior Management Programme and Advanced Management Programme as a way of getting them ready for executive responsibility in the industry.

• Library Development

Where there is a good library, continuous education is sure. We will as a matter of urgency, uplift the present library to the highest international standards with online links to reputable libraries and research centers around the world while organizing e-learning for students and members. We expect the library to be the foremost source of the most up to date books, research works and information on banking and finance at a touch of a botton. We will focus on cutting edge technology to deliver library and research services to members of the industry.

• Increased Application of Technology

One of the greatest challenges of the Institute today is that members are unable to interact with the Institute using technology. We shall as a matter of priority work on this and ask for support from banks that are technologically advanced. Our members must be able to relate with the Institute from all over the world either for membership, examination or enquiries.

We shall redesign our website to make more it more interactive, more informative and linked to all corporate members. The website is the Institute’s window to the world and it must be effectively branded to reflect the seriousness and professionalism of bankers in Nigeria.

We intend also to create a job bank or employment portal where vacancies can be listed while our website will become a one stop data center on, for instance, the latest report of each bank, CBN reports and circulars etc We will start sending e-mail news to our financial members on happenings in the industry and the economy generally.

• CIBN Chapters In Banks

We shall continue to encourage the CIBN chapters in banks and other allied services in order to relate closely with our members and feel their pulse. We shall soon publish online the list of banks and bankers within one year.

• Self Regulation, Self Check

We shall safeguard the Institute’s maxim to “jealously guard, preserve and positively project the noble profession of banking, based on the principle of Trust and Honesty.” We will drive for self regulation and self check because it is the character of the man not just official regulation or laws that makes for probity and accountability. Bankers must be the embodiment of discipline and integrity.

• World Class Image & Brand Visibility

If the CIBN is the embodiment of banking in Nigeria which today is wearing the unmistakable toga of globalisation, then the Institute must be in consonance with best global practices in feel and look as well as in its operations.  We need to rebrand, reorganize and reinvigorate the Institute. We must be seen to matter in the scheme of things in Nigeria.

• The Bankers House

We shall give our building a face lift both in and out to make our members proud to belong. In this light, the ambience and façade of the Institute’s building will be significantly up-scaled in line with the best in corporate design and engaging atmosphere. Each member bank will be encouraged to participate.

We shall refocus our directorates to be sure they are goal oriented just like the banks they serve. We shall also create strong public awareness of our vision, mission, values and achievements so that the name CIBN immediately evokes images of class and competence in standards setting for bankers and agenda-setting for national economic growth. We will create a television programme called: You and Your Banker advising the public on the principles and practice of banking.

• Advert Sponsorship of Banking & Ethical Standards

What do people know about banking and bankers? Or how much do bankers worry about the economy or the society? There is need to sensitize the public and solicit understanding. We intend to call on Banks to sponsor adverts on banking, ethics and education while the CIBN will do radio adverts on how to be a member of the Institute and the required qualifications. Such adverts will provide public education on elements of the banking business such as Bills of Exchange, Bills of Lading, Letters of Credit etc

• Visit to Schools

I will utilize the services, help and assistance of our Bank Chief Executives to encourage students to write our examinations. We shall attract the brightest and the best young people to banking by office holders and Bank CEOs visiting universities and polytechnics to give career talk to students.  We plan to organize career days and fairs for job seekers in different universities to be led by Council members and management. We shall get more universities into the linkage programme that enables students to take the Institute’s examination and qualify while still in school.

• Land at Abuja

The Institute needs to have a strong presence in Abuja. We shall therefore follow up strongly on the reclamation of the revoked CIBN plot of land at Abuja so that its development as offices can begin as soon as possible.

• The CIBN Press

With the heightened operations and publications that we foresee for the Institute, it will be imperative to retool the CIBN press to make meet the demands of the Institute as well as make it profitable. There is no reason why members including banks and associate companies should not patronize the CIBN press. However the press must have capacity and top printing quality.

• Stronger Ties and Networking

The CIBN Act provides that all Banks shall cause their staff to register with the institute, but we intend to go beyond registration to build networking platforms on which members will enjoy the benefits of stronger ties and closer interactions. The Institute has several established events which we intend to enhance and build upon as veritable meeting points for bankers.

I for instance, as President, intend to lead the Council on regular and formal visits to corporate members for cross fertilization of ideas on the development of the CIBN and the banking industry. The idea of an Annual Bank CEOs’ Summit or Chairman’s Dinner is also on our agenda.

The strengthening of the union between bankers will extend beyond those in current employment. We shall propose to the Council the licensing of experienced and untainted retired bankers who are Fellows as Financial Planners and Advisers. We believe once a banker always a banker so all our members must have a way of exercising their skills even when outside formal banking employment.

• Awards & Recognition

We intend to recognize and introduce awards for corporate and individual members at ceremonies designed not only to reward excellence but boost camaraderie among bankers.

We plan also to institute Life time Achievement Awards for old and retired bankers, Presidents and Registrars. We must accord respect and recognition for life-long contributions to the development of our Institute and our industry.

• Strengthen Relationship with Regulatory & Professional Bodies

We shall strengthen the relationship between the Institute and regulatory bodies such as the CBN, NDIC, EFCC as well as other professional bodies including the Institute of Chartered Accountants of Nigeria, Chartered Institute of Taxation, Chartered Institute of Personnel management, Institute of Chartered Secretaries and Administrators of Nigeria, the Nigerian Bar Association, Nigeria Insurers Association among others.

We shall also organize lectures and conferences for regulatory bodies in collaboration with the CBN, NDIC, NSE, SEC, FIRS. A strong relationship with these bodies will not only ensure greater communication and understanding of issues in banking but will increase capacity to contribute to growth of the national economy.

• Certification of Micro-Finance Practitioners

We shall seek the certification of micro finance practitioners’ examination to ensure professionalism in the sector. This is one sector where banks will play increasingly bigger roles with some banks already in various forms of relationships with micro finance institutions. This will help build confidence and the Institute must be seen to help the sector grow.

• National Policy Setting Agenda

As bankers to both the public and private sectors, our role as financial intermediaries cannot be overemphasized. We play a key role in national economic development and we should be more in the forefront in shaping not just monetary policies but be seen to participate actively and positively in national socio-economic policy formulation and execution.

The CIBN will work towards the appointment of one of its members on the boards of finance and bank related agencies and commissions one of which is the Microfinance Board to represent bankers on issues such as the 5% funding expected from the banking industry.

• Visit to the National Assembly

CIBN publics extend beyond regulatory bodies to leadership institutions such as the Presidency and National Assembly.  The Institute will establish a National Assembly Liaison office to strengthen relationship and boost communication between bankers and the Senate and House of Representatives. The same will be extended to the Presidency and State Governors. The benefits from such relationships are best imagined in terms of understanding and contributions to national economic development.

The New Deal

These initiatives are not exhaustive but reflect the spirit of the New Deal (due respect to the American President, Franklin Delano Roosevelt), which promises a powerful brand that exudes strong support for individual, corporate and national development, one of integrity, of class and global aspirations. It is a new deal that unites and attracts all bankers, one that all bankers will be tremendously proud of. It is a new deal that will enhance our career development and one that will take our influence to the portals of political, social and economic institutions locally and globally.

But let me re-emphasize that it can only be a new deal if the entire banking industry - corporate and individual, stand with us and be with us. We must also not lose sight of the financing challenges that the New Deal will entail. We do not expect our Institute to be perpetually spoon-fed. We shall work in the first year to ensure we have a surplus equal to all the banking subventions. In the second year we shall work towards doubling this surplus. The Institute will start investing its funds, with a view to generating a robust stand-alone income in future that can guarantee long term autonomy.

We will be glad to have contributions from all of you, my colleagues and friends. Fellow members, the time has come when we must stop asking - How relevant is the Institute to me? We must now in good conscience ask - How relevant am I to my Institute?

Conclusion

Ladies and Gentlemen, this is not a period of armchair membership. It is a period when we must contribute even as individuals to the development of our Institute and industry. We must build a strong positive image and brand for banks and bankers. The question I want to leave with you all is - How did society view bankers when you joined the profession? How is society viewing bankers today? It all depends on character.

I therefore make a rallying call to all members, on you my colleagues, my friends and my associates to come together to build a much greater Institute than our illustrious forebears have delivered to us. We must pull in the same direction. I know we will. I know we can. United we stand and united we shall never fail.

Once again, I thank you for electing me the President/Chairman of Council of our great Institute and for the tremendous confidence you reposed on me. I will continue to rely on your support.

Thank you and God bless you.

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The banking icon took over the reign of leadership from Mrs. Juliet Madubueze, the 14^th and first female president of the institute in an elaborate ceremony which attracted the leading lights of the industry.

Dr Akingbola in his acceptance speech promised to initiate strategies to make CIBN a world class institute comparable to any other around the world in terms of membership, facilities, influence, visibility and support.

“We must build that world class Institute which we desire, one that we are proud to associate with, one that impacts positively on our career growth, one that sets the agenda for the banking industry, for business and the economy and one that bankers from across the world, Europe, America, Asia will scramble to associate with”, he said

To achieve this laudable goal, Dr. Akingbola said the institute would have to quickly emplace initiatives that will not only galvanise its members but stimulate both professional and institutional growth.

Akingbola a consummate banker and seasoned administrator is hoping to turnaround the fortunes of the institute through a 20-point agenda which he has christened the new deal.

Prominent among the strategic agenda is his plan to strengthen the acceptance of ACIB qualification in public and private enterprises. He said the Institute will now play a leading role in promoting the acceptance of ACIB certificates within the AAIOB members countries and beyond.  Most importantly, he said banks will be encouraged to engage ACIB holders who lost their jobs during and since the consolidation as a way of bringing experienced hands back to the industry.

“We shall be vigorous in the pursuit of the final gazetting of the ACIB qualification in government scheme of service while driving for the acceptance of the ACIB as a prime qualification by employers in the banking industry”, he said.

Other measures lined up to position the institute as a world class organization, include the continuous skill development and education of members, review of the institute’s curriculum and courses and certification of microfinance practitioners.

Dr. Akingbola said the CIBN will now play a significant role in national economic development by contributing not just to shaping monetary policies but also participating actively and positively in national socio-economic policy formulation and execution.

he said the CIBN will expand its relationship with regulatory bodies to leadership institutions such as the Presidency and national Assembly.

“The Institute will establish a National Assembly Liaison office to strengthen relationship and boost communication between bankers and the Senate and House of Representatives. The same will be extended to the Presidency and State Governors. The benefits from such relationships are best imagined in terms of understanding and contributions to national economic development”, he said.

Dr Akingbola is expected to add panache to the office and use his wealth of experience and influence to reposition the institution.

EMEKA ANAETO

HEAD, CORPORATE COMMUNICATIONS

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