CIBN awards practice licenses to 14 banking professionals

The Chartered Institute of Bankers of Nigeria (CIBN) has awarded practice licence to 14 deserving members who met all the requirements for issuance of the licence.

It was reported that the public presentation of the license was done at a two-pronged event organised by the institute, on Wednesday in Lagos.

The event has the theme, “Building a Sustainable Enterprise: The Role of Environmental, Social, and Governance (ESG)’’.

The President/Chairman of Council, CIBN, Dr Ken Opara, said that candidates who were granted the licence went through an extensive screening process, which in part required meeting preset requirements.

“While the Entrepreneurship Programme is aimed at sharpening the entrepreneurial skills of our professional members and empowering them to successfully run their own businesses, the public presentation of practice licence enables the holders to consult and render services in banking, finance, and allied matters to clients except for financial intermediation services.

“This year,  we are proud to award the practice licence to 14 deserving members who have met all the requirements for issuance of the licence,’’ he said.

Opara said that the theme for the event, which was carefully chosen, gave the various factors involved in sustaining a business in the 21 st Century.

According to him, sustainable enterprise helps to recognise that success is not measured solely by financial gains but also by the positive impact made in one’s environment, society, and during corporate governance.

The CIBN boss stressed that considerations for the environment, society, and good governance (ESG) was fundamental to how businesses operate in the modern world.

He said, “in recent times, environmental, social, and governance principles have become the bedrock of modern business practices.

“Among other things, it helps businesses identify and manage social risks that can impact their operations and reputation.

“It also gives businesses a competitive advantage, this is because investors and other key stakeholders are more likely to prioritise support for organisations that have displayed a commitment towards maintaining ESG standards.’’

Dr Bankole Allibay, Consultant, Social Safeguards, World Bank Group, urged every organisation to adopt ESG in business operations.

According to him, every business, to varying degrees, has environmental and social impact on the society and their environment as well as risks associated with their operations.

“To manage these risks and impacts, every organisation needs to adopt ESG in their business operations.

“The three major pillars of ESG are key factors that affect an organisation’s reputation and long term success.

He said that some of the benefits of ESG to business were to provide competitive advantage, attract and retain top talent, attract investors and lenders, and improve the health of the living ecosystem, among others.

He said that low employee commitment, investors apathy, litigation, bad public reputation, among others were some of the cost of not adopting ESG.