CIBN President Tasks Banks On Strengthening Cybersecurity

Sunday,December 6, 2020 / 11.00AM / CIBN/Header Image Credit: CIBN

TheChartered Institute of Bankers of Nigeria (CIBN) has urged banks to strengthentheir cybersecurity architecture to protect themselves against attacks byfraudsters

Mr.Bayo Olugbemi, President/Chairman of Council of the Institute made the callwhile delivering his remarks at the 2020 CIBN Fellowship Investiture in Lagos.

TheCIBN at its investiture formally conferred its honorary fellowship awards on 19distinguished bankers in recognition of their contributions to the bankingindustry and the economy; 77 Associates as Elected Fellows while 105 SeniorManagement Staff of banks and the academia became Honorary Senior Members ofthe Institute at the event themed, 'Financial Services in a post-COVID 19Environment: Strategic Imperative'.

Otherswho were conferred with the same award were Dr Adewunmi Adesina, President,African Development Bank; the Governor, Bank of Sierra Leone, Professor KelfalaM. Kallon; the President, West African Bankers Association and PresidentLiberia Bankers Association, Mr.John Davies III; the GMD/CEO, Stanbic IBTCHoldings Dr. Demola Sogunle, HCIB; the MD/CEO, Zenith Bank Plc, Mr. EbenezerOnyeagwu, HCIB, the MD/CEO, WEMA Bank Plc, Mr. Ademola Adebise, HCIB, theMD/CEO, Sterling Bank Plc, Mr. Abubakar Suleiman, HCIB; the MD/CEO,Providus Bank Plc, Mr. Walter Akpani, HCIB, the MD/CEO, Standard Chartered BankLimited; Mr. Lamin Manjang, HCIB, the MD/CEO, Federal Mortgage Bank ofNigeria, Mr Arc Ahmed Musa Dangiwa, HCIB, the Board Member, Lead Capital Groupof Companies, Prince Bimbo Olashore, the Board Member, Oodua Investment CompanyLimited, Otunba Bimbo Ashiru, Former DMD Diamond Bank, Mrs CarolineAnyanwu, and Former Executive Director, Fidelity Bank, Mrs Ugochukwu Chijioke,top the honours list of eminent bankers who will be formally conferred with theprestigious Fellowship of the Institute.

Mr.Olugbemi told over six hundred participants who attended the event physicallyand through different digital conferencing platforms that Nigeria had beenbedevilled by a myriad of challenges this year ranging from a drop in oilprice, COVID-19 pandemic, the recent #EndSARS protests and the attendant pocketof unrests across the country to a recession. The pace of these disruptiveactivities and their attendant effects on the financial service system has beenintense.

Heargued that the banking industry had remained resilient providing succour tobusinesses and millions of individuals across the country.

Olugbemisaid that banks should also continue to reinforce their risk managementframeworks in line with the government's policies and urged banks to considerconducting more market research on how customer needs might change in thePost-COVID era. This would inform product development and process improvements

Mr.Kunle Elebute, Senior Partner, KPMG Nigeria & Chairman, KPMG Africa, whilespeaking on the "New Realities in the Post-COVID World: Strategic Imperatives",told bankers that global CEOs were beginning to acknowledge that the new waveof technological advancement comes with risks that cannot be ignored.

TheKPMG boss said that the effects of COVID-19 will drive new ways of working, newperformance metrics and new ways of connecting with and managing employees,well beyond the "work from home" dimension.

Boardand executive management are also increasingly aware that while they might notbe the expert in the subject of cyber risk, they will be held accountable ifthere is a cyber-attack that disrupts business performance, he said.

Asa result of the pandemic and working in the remote environment, Elebutesuggested that new productivity metrics need to be developed, but without beingperceived as intrusive and maintaining a strong culture is as important as everbut much harder, he said

Inhis contribution, Mr. Ernest Ebi, former Deputy Governor, Central Bank ofNigeria and Chairman of the event maintained that the banking industry mustrealize its role in the economic recovery process, as banks and other financialinstitutions play a significant role in shaping the recovery by supportinghouseholds and businesses to rebuild their financial security and businesshealth.

Tocontinue to fill the enormous credit gap and offer customers greater access toneeded financial services, Mr. Ebi charged bankers to look beyond the immediatethreat of the coronavirus pandemic and refocus on understanding theircustomers' 'new normal' needs. He said banks, therefore, need to adopt newoperating models that support rapid and stronger recovery, as well as ensureefficiency and resilience.

"Iam honoured like other honourees to be conferred with this fellowship, theresponsibility is for us to conduct ourselves both in our personal andprofessional life (locally and globally) to these high standards, to be rolemodels and mentors to other professionals in the banking industry and also tosupport the Institute in its broad activities in terms of building the capacityof bankers and their professionalism", Adesina, President, AfDB said.

Mr.Adegboyega Oyetola, Governor, Osun State was the special Guest of Honour whileDr. Ken Opara, 1st Vice President, CIBN, Prof. Deji Olanrewaju, 2nd VicePresident, CIBN, Mr. Dele Alabi, National Treasurer, CIBN, Prof Segun Ajibola,Past President, CIBN; Dr. Uche Olowu, Past President, CIBN, Mr. Seinde Fadeni,Chairman, NAHCO; and other captains of industries were Honourary Guests at theevent.