The Managing Director/Chief Executive Officer of Sterling Bank, Abubakar Suleiman, has warned newly-inducted members of the Chartered Institute of Bankers of Nigeria that being a professional banker is not the route to becoming a billionaire.
Suleiman said this on Saturday at the 2024 Stream 1 graduate
induction and prizegiving day of the CIBN held in Lagos, themed ‘Ethics and
Professionalism: A Prerequisite for Building Sustainable Career and
Institution.’
CIBN inducted 485 graduates, comprising 18 from the CBMBA
route, four from the MSc/ACIB route, 33 from the collaboration with Lagos
Business School on the Chartered Bankers route, 281 from the regular
examination route, and 149 candidates as Microfinance Certified Bankers.
Speaking to the gathering, which included former presidents
of the institute, Lagos Commissioner of Finance, Abayomi Oluyomi and other
stakeholders, Suleiman urged the inductees to examine their reasons for being
in the profession.
He said, “If your purpose is wealth and I will say this with
all sense of responsibility, if you find a banker, a professional banker, not
an owner, not an owner-manager, not an entrepreneur in banking but a
professional and he says he’s wealthy, look at the person and ask how?
“By virtue of being a professional in employee status, that
is not the road map to ‘billionaireship’ unless you are a thief and you are
not. Otherwise, you wouldn’t be bothered becoming certified, taking your
professional career so seriously, if all you are interested in is to make
money.
“If you are looking for a purpose, banking will offer you a
purpose. And there is a lot that banking can offer you if you are looking for a
higher level of service. But if you are looking for wealth and to ride private
jets, your ambition has already denied you the ability to be ethical.”
He urged the inductees to hold the institution in the
highest possible esteem, adding that the only thing that is traded in banking
is trust, and without trust, there is no banking.
Sharing his personal experience of banking as a development
tool, Suleiman spoke about bonds raised by two subnationals in the South-West
and the steps he took.
He said, “One of the things that I brag about and probably
don’t say in public enough was when two states, Lagos and Osun, issued their
first set of bonds. There was a development bond issued by Lagos State, and the
yield was roughly 10 per cent. It was below market; it was not profitable.
“I was one of those who insisted that the institution where
I was treasurer invest a significant amount in that bond. I knew that money was
just going to be spent; it was money that would be invested and create
opportunity for all of us.
“The second one was when Osun State issued a sukuk for
education. It had never been done before. People were reluctant to invest, but
I knew that putting money into something that would improve education, even if
it was not the most profitable decision, was the right decision because my
purpose was beyond making a profit and getting a bonus. I wanted to be part of
the nation-building exercise. So, I urge you to have clarity of purpose.”
In his opening remarks, the President/Chairman of the
Council of the CIBN, Ken Opara, highlighted the need for ethics and
professionalism, listing some of the initiatives of the institute to drive
them.
He said, “In recent years, the financial services industry
has faced numerous challenges and controversies that have underscored the
critical need for a renewed focus on ethics and professionalism.
“Instances of unethical behaviour, regulatory violations,
and breaches of trust have tainted the reputation of the industry and weakened
public confidence. High-profile cases of misconduct and infractions have not
only resulted in financial losses but have also injured the reputation of
financial institutions and professionals.
“In response to this challenge, the institute has
implemented a mandatory annual Ethics Compliance Certification Programme, which
is being deployed through the CIBN e-Learning platform for staff of banks.”
According to Opara, the purpose of the certification is not
only to address specific cases of misconduct but also to ensure that the
practice of banking in Nigeria aligns with global standards as prescribed by
the Global Banking Education Standards Board.
“By fostering a culture of ethical conduct and continuous
learning, we can uphold the integrity of our profession and enhance trust and
confidence in the financial services sector.
“Another critical initiative of the institute, which will
help drive this crusade, is the human capital development project, which will
culminate in the establishment of a banking school, which will, among other
things, harp on entrenching ethics and professionalism among practitioners. The
governing council will, in the days ahead, constitute the board of that banking
school to superintend on the project,” he declared.
The Lagos commissioner, who was the special guest of honour
at the induction, enjoined the inductees to “uphold the lofty ideals of this
great institution by being of good character and resisting all temptations to
compromise on the ethical standards laid out by the institute”.
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