Lagos: Prof. Pius Olanrewaju, outgoing president of the Chartered Institute of Bankers of Nigeria (CIBN), has emphasized the need for stronger ethics and professionalism to maintain stability and public confidence in Nigeria’s financial system. Olanrewaju made this call during his valedictory address in Lagos, marking the end of his tenure as the institute’s president.
According to News Agency of Nigeria, Olanrewaju highlighted that qualifications alone are insufficient to sustain institutions that lack integrity, accountability, and responsible leadership. He referred to the 2009 banking crisis when approximately N1.1 trillion in non-performing loans destabilized 10 Nigerian banks, noting that the issue was not qualifications but rather character, institutional culture, and structures that should uphold integrity.
Olanrewaju stressed the importance of distinguishing compliance with regulations from genuine ethical conduct. He articulated that while compliance outlines the necessary actions to avoid sanctions, ethics defines identity. He asserted that banking, being built on trust, requires honesty, transparency, and accountability from operators, regulators, and supervisors, cautioning that insider abuse, earnings manipulation, consumer exploitation, and cyber fraud continue to pose threats to the sector’s integrity.
He further explained that the advent of digital banking and financial technology has introduced new ethical risks, such as privacy breaches, algorithmic bias, and cybercrime. Professionalism, according to him, signifies a public commitment to standards that transcend legal and contractual obligations, describing a profession as a community of accountability where members uphold codes, peer review, and responsibility.
Olanrewaju underscored that ethics and professionalism are essential for sustainable financial stability, as capital requirements and compliance frameworks alone cannot ensure resilience without morally grounded professionals. He urged regulators, including the Central Bank, to scrutinize organizational culture and incentive structures more closely and advised bank executives to incentivize long-term performance rather than short-term profits.
In his address to young banking professionals, he emphasized the value of integrity, stating that reputation takes years to build and minutes to destroy. Reflecting on his tenure, Olanrewaju expressed gratitude to past presidents, council members, and stakeholders for their support, highlighting improvements in membership growth, operations, ethics enforcement, capacity development, and institutional rebranding during his leadership.
He also noted the expansion of induction and professional development programs, which attracted participants from across Africa. Olanrewaju called for stronger disciplinary processes and the publication of misconduct cases to reinforce accountability, emphasizing that trustworthiness remains vital to economic development and the creation of an inclusive financial system. He congratulated the new leadership and encouraged them to sustain the institute’s legacy across Nigeria and Africa.