CIBN seeks synergy for economic development

The Chartered Institute of Bankers of Nigeria (CIBN) has stressed the need for robust synergy between the money and capital markets to foster sustainable economic development.

Dr Bayo Olugbemi, President/Chairman of Council, CIBN, made the remarks at a closing gong ceremony organised by the Nigerian Exchange (NGX) Ltd., on Tuesday in Lagos.

The closing gong ceremony was to commemorate the one year in office of Olugbemi as the President of the institute.

Olugbemi said that the Nigerian money and capital markets must collaborate for economic growth and development.

He also commended the NGX for many feats achieved in the recent past.

“We want to commend the exchange on the market capitalisation that has increased geometrically from N12.97 trillion in 2019 to N21.06 trillion in 2020,” Olugbemi said.

He also noted that the turnover of shares traded had skyrocketed over the years due to efforts of the board and management of the NGX.

“We commend the exchange on its interventions to cushion the effects of the COVID-19 pandemic on individuals and corporates in the areas of waivers and Corporate Social Responsibility.

“This event is to strengthen the existing relationship between the CIBN and the NGX,” he said.

Olugbemi called for the NGX support on the proposed CIBN Act currently with the National Assembly.

He also called for collaboration with the NGX regulations to promote ethical business practices in the Nigerian capital market conduct and particularly, the listed banks on the exchange.

The president congratulated Mr Oscar Onyema on his appointment as the Group Chairman of the Nigerian Exchange Group Plc.

He also applauded the successful demutualisation of the exchange to support the vision of being Africa’s preferred exchange hub.

Also speaking, Mr Jude Chiemeka, NGX Divisional Head, Trading Business, said the event was to build a deeper synergy between the Nigerian capital market and the money market.

Chiemeka said the ongoing partnership between the X-Academy and the CIBN helped to build capacity across the financial sector.

Alhaji Rasheed Yussuf, doyen of the stockbrokers, assured the CIBN of the support of the stockbroking community.

Yussuf expressed optimistic that closer ties between the banking industry and the capital market would grow the nation’s economy.

He said that Nigeria had not fully exploited the synergy between the two communities but expressed optimism that events such as this would position the financial sector in the right direction.