By Grace Alegba
Prof. Pius Olanrewaju, outgoing president, Chartered Institute of Bankers of Nigeria (CIBN), has urged stronger ethics and professionalism to sustain stability and public confidence in Nigeria’s financial system.
Olanrewaju made the call in Lagos during his valedictory address marking the end of his tenure as the institute’s president.
Speaking on ethics and professionalism, he said qualifications alone could not sustain institutions lacking integrity, accountability and responsible leadership.
He cited the 2009 banking crisis, when about N1.1 trillion in non-performing loans weakened 10 Nigerian banks.
“The issue was not qualifications. What failed was character, institutional culture and structures that should uphold integrity,” he said.
Olanrewaju said compliance with regulations should never be confused with genuine ethical conduct.
“Compliance tells you what you must do to avoid sanctions, but ethics defines who you are,” he said.
He said banking, built on trust, demanded honesty, transparency and accountability from operators, regulators and supervisors.
He warned that insider abuse, earnings manipulation, consumer exploitation and cyber fraud still threatened sector integrity.
He added that digital banking and financial technology had created fresh ethical risks, including privacy breaches, algorithmic bias and cybercrime.
According to him, professionalism meant a public commitment to standards beyond legal and contractual obligations.
“A profession is a community of accountability, where members uphold codes, peer review and responsibility,” he said.
He said ethics and professionalism remained mutually reinforcing and essential to sustainable financial stability.
He stressed that capital requirements and compliance frameworks alone could not guarantee resilience without morally grounded professionals.
Olanrewaju urged regulators, including the Central Bank, to examine organisational culture and incentive structures more closely.
He also advised bank executives to reward long term performance instead of short term profits.
He challenged young banking professionals to treat integrity as their most valuable asset.
“It takes years to build a reputation and minutes to destroy it,” he said.
Reflecting on his tenure, he thanked past presidents, council members and stakeholders for their support.
He said the institute improved membership growth, operations, ethics enforcement, capacity development and institutional rebranding.
He added that induction and professional development programmes expanded, attracting participants from across Africa.
Olanrewaju urged stronger disciplinary processes and publication of misconduct cases to reinforce accountability.
He said trustworthiness remained vital to economic development, with bankers helping to build an inclusive financial system.
He congratulated the new leadership and urged them to sustain the institute’s legacy across Nigeria and Africa.(NAN)(www.nannews.ng)
Edited by Kamal Tayo Oropo
