CIBN releases code of conduct for banking sector

The Chartered Institute of Bankers of Nigeria on Tuesday released a new code of conduct to guide banking operations in the country.
The President of the Institute, Dr. Segun Aina, announced the release of the code at a news conference in Lagos.
The new code was entitled: “Professional Code of Ethics and Business Conducts.”
The Bankers Committee had established a Sub-committee on Ethics and Professionalism on December 19, 2000.
Aina said the objective of the code was to instil discipline in the banking profession.
He said: “It has become imperative to combine key factors of three former codes of conduct to produce a single and virile comprehensive code.
“The provisions in the code governs the behaviours of both individual and corporate bodies in the banking industry.
“It applies to all strata and cadres of employee in the industry, including executive directors, mangers, officers and supervisors, whether full-time or part-time.
“It enunciates the guidelines on the handling of reported cases, petitions and complaints
“The code shall be read and implemented in tandem with subsisting statues.”
The Registrar of the CIBN, Dr. Uju Ogubunka, said the Ethics and Professionalism Division of the institute received a total of 113 petitions with petition claims amounting to N185.4 billion in 2013.
According to Ogubunka, 98 cases have been fully resolved with total claims of N5.9 billion.
He said, however, that N2.7 billion had been awarded to petitioners as refunds.
The registrar explained that the sub-committee had received a total of 1,504 petitions with N227.7 billion claims, out of which 1,350 had been resolved and N12.7 billion refunded.
The First Vice-President of the institute, Debola Osibogun, said the code guaranteed that those who had ulterior motives had no hiding place.