By Michael Eboh
Mr. Bayo Olugbemi, Chairman of the Chartered Institute of Bankers of Nigeria (CIBN), Lagos State Chapter, has called for concerted efforts by stakeholders in the Nigerian capital market to address the anomalies in the market and help revive the fortune of the market.
Speaking in Lagos, after his re-election as the Chairman of the CIBN, Lagos State Chapter, Olugbemi, who is also the Managing Director/Chief Executive Officer, First Registrars Limited, blamed the crisis in the capital market and the Nigerian financial system in general on the lack of proper monitoring and regulation by the authorities.
According to him, we have learnt our lessons, both the banks, capital market operators and other stakeholders in the market.
“Banks in Nigeria and their counterparts abroad”, he said, “abandoned professionalism and adopted entrepreneurship banking, a factor which led to the crisis that affected the entire financial system, even the capital market.
“However, things have improved over the years and things are improving for the better. We have learnt within the last two years to do things right in the financial sector. Today, people are still making money, However, it depends on where they invest.
Olugbemi, who was elected for the second term, reiterated the determination of the CIBN to re-orientate microfinance banks operator in the country to strictly adhere to the principles of microfinance banking, focusing on small scale business owners and low-income individuals.
According to him, the activities of Primary Mortgage Institutions (PMIs) and Microfinance Banks are major challenge confronting the Institute in its aim of ensuring professionalism in the banking sector.
He, however, noted that over the years, it has started to impact positively on the activities of operators in these sectors, adding that it intends to concentrate majority of its efforts in the next two years of its tenure to training a vast majority of operators in these sectors.
Olugbemi further explained that on assumption of office during his first tenure at the helms of affairs of the Institute, two years ago, he set a 13-point agenda, out of which his administration was only able to achieve nine.
He insists that he will focus on the achievement of the remaining four agenda, which includes the erection of a befitting secretariat for the Lagos State Chapter of the Institute among others.
He also noted that the Institute will soon begin the implementation of the Act which forbids non-members of the CIBN from holding certain positions in banks in the country.