CIBN grows IGI by 40.93 Per cent to close at N910.76m from N646.24m in 2016

The Chartered Institute of Bankers of Nigeria (CIBN), President/Chairman of Council, and Professor Segun Ajibola in his welcome address said that the Institute’s financial performance in the year 2017 reflects a healthy financial position with the institute posting better results than the preceding year.  This affirms that the polices formulated and implemented to ensure that institute’s long term financial independence is guaranteed  are indeed yielding results, he added.

Prof stated this during the 2017 Annual General Meetings/Election of the Institute on Saturday April 7, 2018 at Ijewere Hall, Bankers house on Adeola Hopewell street Victoria Island Lagos.

“In spite of the challenging economic environment encountered in the year under review, the internally Generated Revenue (IGI) improved to N910.76million in 2017 from N646.24million in 2016, representing a growth of 40.93 percent.”

The year closed with a net operating surplus of N385.12million in 2017 from N231.83million in 2016 representing 66.12 per cent growth also.

Ajibola said it is imperative for me to inform you that the modest achievement of the financial numbers stated above was the result of a relentless focus on implementing agreed measures and policies aimed at ensuring that the journey towards the full realization of the institute’s vision is not hampered or hobbled by a lack of financial capacity.

The president/Chairman also disclosed that the annual development fund and corporate subscription due from corporate members was N476.72 for the year but N470.36 representing 99 percent was paid. The payment was received mostly in the first quarter of the year and that increased our portfolio of invisible funds.

Also it was stated that through capacity building and certification, the institute’s net income increased by 48.10 percent to close at N152.58 million in 2017 from N103.03 million in 2016. The improvement of 48.10 percent was mainly from income generated from chartered bankers MBA program with Bangor Business School, and Chartered Institute of Bankers in Scotland.

Prof said in my speech at the 2017AGM of the institute that our resolve was to continually add value to all our stakeholders, build capacity for the industry, uphold ethics and professionalism whilst supporting the economy.

Ajbola in his words: “In pursuant of our objective to be Africa’s foremost and most influential professional body in the provision of capacity building in the banking and finance industry, the institute continued to broaden its range of learning prgrammes as well as deepen their contents and value to make them robust, contemporary and more relevant to the evolving financial landscape.”







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