The Central Bank of Nigeria (CBN), has appointed the Chartered Institute of Bankers of Nigeria (CIBN) as the secretariat for the Alternative Dispute Resolutions platform for mortgage banks.
In order to give rise to stability in the mortgage banking sub-sector of the Nigerian banking industry, CBN established a sub-committee on ethics and professionalism for mortgage bankers.
The membership of the Sub-committee include representatives of CBN, Nigeria Deposit Insurance Corporation, The Chartered Institute of Bankers of Nigeria, Haggai Mortgage Bank Ltd., Abbey Mortgage Bank Plc, Mortgage Bankers Association of Nigeria (MBAN) and Imperial Homes Mortgage Bank Limited.
The Registrar/Chief Executive Officer, CIBN, Seye Awojobi revealed what is pertinent everyone should be aware of.
“The sub-committee will not handle cases that have already been reported to and handled by the regulatory authorities or cases before the court. Furthermore, it will not entertain cases that are more than six years old in line with Statute of Limitation Act,” Awojobi added.
Following the establishment of the sub-committee, CIBN got appointed as the secretariat for the ADR platform/financial ombudsman for the mortgage banking sub-sector.
The CIBN is the umbrella professional body for bankers in Nigeria. CIBN was incorporated in 1976 as the Nigerian Institute of Bankers. It was chartered in 1990, and is now covered by the CIBN Act 5 of 2007.
The Institute is authorized to control entry into the banking profession, to set standards for bankers and to maintain professional ethics through sanctions of erring members. Corporate members include the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation and all Deposit Money Banks, Development Banks, Mortgage Banks, Micro Finance Banks and Discount Houses in Nigeria.
Recall that in April, 2018, CIBN elected new national officers to boost its operations and steer up its affairs.
With Dr. Uche Messiah Olowu emerging President and Chairman of council, other elected officials that will run the affairs of the Institute included Bayo Williams Olugbemi, who emerged the first Vice-President; Kenneth Onyewuchi Opara, 2nd Vice-President and Prof. Pius Oladeji Olanrewaju, National Treasurer.
Meanwhile, Heritage Bank partnered CIBN to host 2018 Lagos Bankers and Stakeholders’ Nite. Heritage Bank said the partnership was to promote robust engagement for bankers and customers in the country.