Banking System and CIBN Overview

UNIT 3: CHARTERED INSTITUTE OF BANKERS IN NIGERIA

• This is a legal institution created to regulate the ethical conduct of bankers.
• It's established through legislation.
• It organizes the banking profession.

1.0 INTRODUCTION

• The Chartered Institute of Bankers in Nigeria (CIBN) is a professional body for bankers.

2.0 OBJECTIVES

• Students will understand the importance of the institute.
• Students will learn about different committees in the Institute.
• Students will understand the workings of the institute's management.

3.0 MAIN CONTENT

3.1 THE EVOLUTION OF BANKING SYSTEM

• Banking's origins trace back to ancient times.
• Early banking involved goldsmiths safeguarding valuables and issuing receipts.
• This evolved into rudimentary banking practices.
• The use of paper money is a later development in banking history.

3.2 THE BEGINNING OF BANKING IN NIGERIA - AN OVERVIEW

• Colonial banks initiated banking in Nigeria to meet colonial needs.
• The Central Bank of Nigeria regulates the banking system.
• Key milestones in Nigerian banking development are detailed.

3.3 THE REGULATION, MANAGEMENT, CONTROL, AND ACT OF THE BANKING PROFESSION IN NIGERIA

• There's no universally accepted definition of "banking," with relevant legislation detailing the specifics.

3.4 THE REGULATION AND CONTROL OF BANKING PROFESSION IN NIGERIA

• The CIBN and other governmental bodies regulate and control the banking sector.

3.5 THE BANKERS COMMITTEE

• The committee is composed of the Central Bank governor and key banking executives.
• This committee develops banking policies and addresses common challenges.

3.6 THE CLEARING HOUSE COMMITTEE

• Comprised of Central Bank representatives and members from banks.
• This committee manages clearing house operations and rules.

3.7 THE INSTITUTION OF BANKERS

• Founded in 1963, this institution promotes banking education and ethics/professionalism in Nigeria.
• It provides training, seminars and professional examinations.

3.8 MEMBERSHIP OF CIBN

• The institute has both corporate and individual members.
• Details of specific membership categories and requirements are provided.

3.9 VISION STATEMENT

• CIBN aims to be a globally recognized institution in banking education and ethics.

#### 3.10 EXECUTIVE MANAGEMENT

• List of key personnel with specific designations and responsibilities.

#### 3.11 MEMBERSHIP SERVICES

• Includes registration, exemptions, and other support offered to members.
• There are various membership dues and fees applicable for different status.

3.11.4 MEMBER STRENGTH

• CIBN's membership has increased significantly over time.
• Categorization of member strength is displayed in a table.

3.11.5 MEMBERSHIP PROGRAMMES - CIBN GRADUATE INDUCTION / PRIZE AWARD DAY

• The CIBN organizes an annual induction/prize event to recognize outstanding members.
• Program objectives focus on professional development, promoting banking ethics.

4.0 SUMMARY

• Key overview and highlights of the previous sections.

5.0 CONCLUSION

• Summarizes the overall function and importance of the topic.

6.0 TUTORED MARKED ASSIGNMENT

• This section includes specific questions for students to answer regarding the topic.

7.0 REFERENCES / FURTHER READING

• Include author(s), title(s), and publication/publisher(s) details of referenced material.