THE NATION WEDNESDAY, AUGUST 28, 2013
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MONEY
Institute to conduct common exam for bankers T
HE Chartered Institute of Bankers of Nigeria (CIBN) is to introduce a common entry examination and certification for bankers, its President, Segun Aina, has said. Aina said the measure would address the dearth skilled manpower in the sector. The policy, he said, would ensure that for a graduate to secure a job, he/she would have taken and passed the entry exams, adding that it would reduce the cost on banks’ conduct of tests. “While allowing banks to concentrate on their core functions, standardisation will also be ensured. This service will be in line with the responsibility of the Institute to determine the standards of knowledge and skills to be attained by persons seeking to become members of the banking profession,” he said. He lamented the poor quality of workforce, saying it is a major challenge in the industry. T h e de si re t o a d d r e s s t h i s anomaly, he said, prompted the Central Bank of Nigeria (CBN) to design a Competency Framework for the industry that is meant to ensure that priority is given to the continuous enhancement of human capital and lifelong learning in the industry.
Stories by Collins Nweze
He said the institute had established the Centre for Financial Studies (CFS) to upgrade the competencies of practitioners. The institute, he said, had also been appointed the sole accreditation and certification agency under the Competency Framework project, adding that it is working on attracting top talents to Nigeria’s financial services industry and develop qualified professionals to meet the Financial Sector Strategy (FSS) 2020 defined standards. CIBN Registrar Dr Uju Ogubunka said the objective of the Banking and Finance Industry Competency Framework (BFICF) established in 2007 is to ensure that there is clarity and standards in the understanding and use of competency to build world class talents to support the banking industry. He said one of the primary objectives towards building and implementing the industry’s competency framework was to support the variety of career
pathways for banking professionals. “A strong and vibrant pathway is important towards the development of a strong talent management which is an essential part of the banking supply chain. This is necessary to ensure that right skills are put in place and also to ensure public trust – a key success factor towards building business confidence,” he said. He said in today’s fast changing world, driven by rapid change in business models, consumer demands, and increased regulation, the industry is not spared from the need to change and align to business realities. Individuals seeking to succeed in the world of banking and finance, he said, must be reskilled to remain relevant to clients and consistently deliver their value propositions successfully. “The industry is one that is diverse and requires different skill sets, aptitudes and competencies. It is also important that bank professionals leverage on their core competencies and clearly define
• From left: Deputy Director, Central Bank of Nigeria (CBN) Abdulkadir Mustapha; Director, State Services Academy (SSA), Douglas J. W. Dogo and Director, CBN Security Services Department, Ibitayo Amu, at a training for new security operatives of the CBN in Lagos.
the service lines across a variety of core competencies they feel they will do best in, be it in credit, operations, sales, risk, compliance, internal audit, or support services,” he said. He said the the BFICF WAs now being used as a tool and resource to provide guidance for those seeking to pursue a career in public practice as well as help bank professionals already in this business arena to keep pace with the developments. “The development of a flourishing banking sector must also be underpinned by a robust professional qualification and training and this guide demonstrates how the banking qualification provides a sound framework that ensures our members are not only fit for business but are also fit for the future,” he said.
AfDB, others advocate coordination on global devt
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HE African Development Bank (AfDB), European Bank for Reconstruction and Development, Inter-American Development Bank, International Monetary Fund, and the World Bank Group, have pledged collaboration for growth in the sector. In a statement, the institutions said there is need for efforts to achieve the Millennium Development Goals (MDGs) by 2015, aimed at ending poverty and hunger, increase access to education and health care, improve gender equality, and ensure environmental sustainability. They said nothing could be more important than ensuring that young people got the right start in life. The lenders pledged support for and collaboration with the United Nations-led process of defining the Post-2015 Development Framework. They supported an approach that integrates concepts of economic, social and environmental sustainability. Noting that gains in social indicators are at risk in the absence of a long term financing plan, leaders pledged to work together to develop options for long term investment to strengthen the foundations of growth. They called for a renewed focus
on financing for development with greater leveraging of official development assistance and private sector investment and better domestic resource mobilisation and management and stronger institutions. They pledged cooperation to build the capacity of governments, to enable its policies, to be deployed in monitoring poverty and inequality, and factoring natural wealth accounting into decision making. “We are at a critical time where working together, we can bend the arc of history - eliminating absolute poverty, boosting shared prosperity, and defining a pattern of growth that demonstrates that we care for our planet and all its people,” Jim Yong Kim, President of the World Bank Group said. “In these tough economic times, we’ll only reach our goals by pulling together. We will work with a wide variety of partners to reach our goals, thoughtfully and creatively. Civil society, business, and government need to think and work together. Our institutions aim to create an atmosphere for open dialogue and imaginative solutions to emerge” Luis Alberto Moreno, President of the InterAmerican Development Bank added.
CBN seeks adherence to environmental, social issues in lending
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• From left: Group Managing Director/Chief Executive Officer, FirstBank of Nigeria Limited, Bisi Onasanya; Chief Executive Officer, Financial Derivatives Company Limited, Bismarck Rewane and Chairman, CIBN, Lagos State Branch, Mr. Bolade Agbola at the Lagos Bankers’ Nite in Lagos.
• Aina
HE Central Bank of Nigeria (CBN) has urged banks to consider environmental and social policies in their decisionmaking and lending processes. This is in line with the Sustainable Banking Practice being promoted by the apex bank. The policy, the CBN said, is aimed at minimising or mitigating the negative impacts of financial institutions’ operations on the environment and local communities in which they operate. It captures the principles in the agricultural, power and the oil and gas sectors. According to the regulator, for the implementation of these principles, the institutions would be required to develop a management approach that balances the environments and social (E&S) risks identified with the opportunities to be exploited through their businesses. “The adoption of the principles will not only help banks in mitigating the E & S risks associated with their business operation and those of their clients, but also help them to achieve greater efficiencies and better position them to take
advantage of opportunities in the global market place where environmental and social issues are becoming increasingly important,” it said. “They will also enjoy higher productivity, higher staff morale, lower turnover and absenteeism due to strong employee relations and workplace practices. The CBN would need to provide the structural mechanism to encourage consistent and widespread implementation of the principles and develop its institutional capacity to support the banks in their implementation of the principles,” it added. Noting that the development of the guidelines has so far been driven by the banks, the apex bank assured that it will create the enabling environment for them to succeed in their implementation. The CBN has also recently set new rules for lending to the agricultural sector of the economy. This resolution stemmed from the reports from banks and discount house, which indicated that lending to the subsector remains a highrisk, which should be followed with caution.