Breaking News
Translate

Banking: Jumbo pay, greed bane of professionalism – CBN chief

By Emma Arubi

WARRI – JUMBO pay and greed have been identified as some of the major factors militating against professionalism in banking and ethical practice in the finance service industry in Nigeria.

The branch Controller of the Central Bank of Nigeria (CBN), Asaba, Delta State, Dame Elizabeth Oyibo Agu made this revelation in a paper entitled “Professionalism in Banking and Ethical Practice” presented at the 2010 annual luncheon of the Warri branch of the Chartered Institute of Bankers held at the Chevron Recreation Centre in Warri, Saturday.

She said the sweeping bank reforms by the CBN Governor reveals that bank managers freely engages in high degree of professional misconduct that has become worrisome to industry watchers, saying that they have succumb to the pressure of “fraud triangle” of opportunity,pressure and rationalisation.

The CBN Asaba boss listed jumbo pay and greed amongst other vices as what  affects the level of ethics in the industry, stating that “the remuneration of bank staff tend to make them see themselves as millionaires” and they do everything possible to remain affluent and flamboyant.

While expressing regret that the Banker’s Committee Code of Ethics and Professionalism have been honoured only in the breach, she charged regulatory authorities and monitoring units to wake up to their responsibilities and do their jobs without fear or favour, noting that there must be a paradigm shift.

She condemned the celebration success emanating from sharp practices and unethical behaviour, even as she urged bankers to desist from “sending young girls to the street to look for deposit through whatever means”, adding that we should celebrate high morality and decency.


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.