Home Business News CIBN records 2,122 petitions between 2001 and 2018

CIBN records 2,122 petitions between 2001 and 2018

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The Chartered Institute of Bankers of Nigeria (CIBN), has revealed in its 2018 annual report that it received petitions from about 2,122 bank customers against their various banks between 2001 and December 31, 2018.

The report stated that the petitioners requested claims of about N344.01bn ($420.06million) in the period under review.

According to the annual report which was released on Saturday, the petitions were submitted to the Sub-Committee on Ethics and Professionalism of the CIBN.

“Since inception in 2001, the sub-committee has received a total number of 2,122 petitions/cases with total claims of N344.01bn and $420.06m in local and foreign currencies respectively.”

The number of cases settled: The institute disclosed that it settled 1,993 cases between 2001 and 2017 and remitted about N30.26 billion ($18.41 million) to bank customers in the same period. This leaves 140 cases outstanding as of December 31, 2018.

Cases handled in April: The institute also revealed in the report that as of April 30th, 2019, 129 petitions were received from bank customers with claims of N11.89 billion. 138 cases were resolved and N1.83 billion awarded to the petitioners.

The Sub-Committee: Established on the 19th of December, 2000 and comprising of fifteen members, the mandate of the Sub-Committee on Ethics and Professionalism of the CIBN is to:

  • Identify practices and conducts considered unethical in the industry
  • Develop an acceptable code of ethics and professionalism, and put in place effective machinery for enforcing compliance.

An over-view of CIBN: The Chartered Institute of Bankers of Nigeria (CIBN) is the umbrella professional body for bankers in Nigeria. It was incorporated in 1976 as the Nigerian Institute of Bankers, and 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.

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