CEM REPORT, FINANCE | The Chartered Institute of Bankers Nigeria (CIBN), the umbrella professional body for bankers in the country, has ushered in a new era of leadership. Professor Pius Olanrewaju, FCIB, was recently elected to succeed Ken Opara, FCIB, whose tenure expires in May 2022.
Professor Olanrewaju’s election follows a distinguished career in banking, law, and academia. While an official investiture ceremony will take place in May, he will officially assume the role as President for the 2024-2026 term alongside other elected officers. Following the announcement, Olanrewaju expressed his gratitude to the CIBN leadership and members, pledging to build upon the strong foundation laid by his predecessor, Opara.
Ken Opara’s Legacy of Financial Strength
Opara, who presided over the CIBN’s Annual General Meeting (AGM), praised Olanrewaju’s diligence and support during his own term as President. More importantly, Opara revealed impressive financial results for the institute in 2023. The CIBN achieved a net operating surplus of ₦1.37 billion, a significant increase compared to the previous year. Opara attributed this success to strategic initiatives focusing on Information and Communication Technology (ICT), revenue generation, capacity building, and support for Nigerian economic policy reforms.
Opara highlighted several key financial milestones:
Net Operating Surplus: Surpassed the ₦1 billion target for 2023, reaching ₦1.371 billion, representing a growth of 63.60% compared to 2022.
Total Revenue: Increased from ₦2.065 billion in 2022 to ₦2.782 billion in 2023, reflecting a growth of 34.72%.
Total Assets: Grew from ₦7.821 billion in 2022 to ₦9.119 billion in 2023.
Improved Cost-to-Income Ratio: Decreased to 50.72% at the end of December 2023, down from 59.41% in the previous year.
Opara emphasized that these results demonstrate the CIBN’s resilience in the face of economic challenges. He credited prudent resource management and the diligent execution of strategic plans as key drivers of the institute’s financial progress.
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CIBN on Bank Recapitalization
Opara during his report at the AGM noted that the institute is in talks with the Nigeria Stock Exchange (NGX) to raise new capital for banks who cannot meet the new capital base. He note that CIBN, will continue to seek means to strengthen the nation’s banking sector.
Meet the New President: Professor Pius Olanrewaju, FCIB
Professor Olanrewaju brings a wealth of experience to his new role as CIBN President. Currently, he serves as the Provost/Dean of Law at Babcock University’s School of Law and Security Studies. His extensive career spans over 30 years, encompassing banking, legal consultancy, management, and academia.
Professor Olanrewaju is a highly decorated professional. He holds the prestigious title of Fellow of the Chartered Institute of Bankers of Nigeria (FCIB), along with fellowships from the Institute of Capital Market Registrars, the Institute of Management and Administrative Technology, and the Enterprise Risk Management Professionals. His dedication to the CIBN is evident through his 25 years of continuous service, most recently as the 1st Vice President and Chairman of Capacity Building and Certification.
The Chartered Institute of Bankers Nigeria looks forward to a bright future under Professor Olanrewaju’s leadership. His experience and commitment to the institute’s mission position him well to build upon the financial strength and professional development established by his predecessor.
