The Chartered Institute of Bankers of Nigeria (CIBN) has given its approval to the construction of mini lecture halls in six Nigerian tertiary institutions’ banking and finance departments.
This was revealed at the company’s 2021 annual general meeting, which took place over the weekend in Lagos.
Dr. Bayo Olugbemi, President/Chairman of the Council of the CIBN, stated at the hybrid meeting that the planned 200-seat halls would be completely furnished with air conditioners and modern multi-media connectivity gadgets and donated as legacy projects of the institute.
He said the Council had also approved the implementation of an internship scheme to introduce students to industry experience in order to improve their employability when they graduate as part of the institute’s linkage program’s efforts to foster young talents.
The Council also authorized the construction of the institute’s landed property in Owerri, Imo State, and Osogbo, Osun State, to serve the institute’s southeast and southwest zones, respectively, according to him. He also stated that the institute would be upgrading its facility in Ilorin, Kwara State, as well as building a permanent secretariat for Lagos State in Lagos.
Despite the problems facing the global economy, Olugbemi urged members and stakeholders to remain steadfast.
The institute’s financial highlights in 2020 were revealed by the National Treasurer, Oladele Alabi, who said the institute finished the fiscal year with an operating surplus of N570.27 million, down 0.6 percent from N535.49 million in 2019.
He said the original authorized net operating surplus budget was N535.49 million, but due to the uncertainty caused by the COVID-19 pandemic, it was reduced to N316.17 million and approved by the Governing Council.
The institute’s external auditors, Moore Stephens RoseWater, said the CIBN’s financial status was in line with the book of account, while the Chairman of the CIBN Audit Committee, Babatunde Oduwaye, reported that the institute’s accounting and reporting procedures were in line with legal standards and ethical practices.