CIBN Applauds CBN’s Banking Reforms

The Chartered Institute of Bankers of Nigeria (CIBN) has expressed commendation for the recent banking reforms undertaken by the Central Bank of Nigeria (CBN). The CBN, on January 10, took decisive actions by dissolving the boards and management of Union, Polaris, Keystone, and Titan Trust banks, citing non-compliance with the Banks and Other Financial Institutions Act, 2020.

Akin Morakinyo, the Chief Executive Officer of CIBN, conveyed the institute’s appreciation for the reforms in a statement released on Thursday. Morakinyo emphasized the safety and soundness of the banking system, reassuring the public that Nigerian banks remain robust and resilient. He encouraged the banking public to continue their transactions and activities without hesitation.

“CIBN will like to reassure the general public that the Nigerian banks remain strong and resilient and that the CBN is committed to ensuring a stable financial system,” said Morakinyo.

The CEO affirmed CIBN’s ongoing support for the commendable initiatives of the CBN and other stakeholders aimed at fostering a robust economy. It’s worth noting that following the dissolution of the banks’ boards, the CBN has appointed new management teams for Union, Polaris, and Keystone banks.