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 â€œProfessionalism in Banking and Ethical Practiceâ€ 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 â€œfraud triangleâ€ of opportunity,pressure and rationalisation.
The CBN Asaba boss listed jumbo pay and greed amongst other vices as whatÂ affects the level of ethics in the industry, stating that â€œthe remuneration of bank staff tend to make them see themselves as millionairesâ€ and they do everything possible to remain affluent and flamboyant.
While expressing regret that the Bankerâ€™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 â€œsending young girls to the street to look for deposit through whatever meansâ€, adding that we should celebrate high morality and decency.