Nigeria’s Bankers' Institute Clamour for Collaboration on IT Infrastructure

Mergers, Acquisitions and Financial Results

The Chartered Institute of Bankers of Nigeria (CIBN) has called on bank operators and regulators to explore ways of collabora-ting on the provision and utiliztion of information tech-nology infrastructure (ITC).

The Institute, in a communique issued at the end of its 3rd annual Bankers Con-ference, said, "The Conference noted the crucial role ITC plays in the delivery of effective banking and financial services, and recommended that, due to the huge attendant costs, regulators and operators should explore ways of collaborating in the provision and utilization of necessary infrastructure/facilities to reduce cost whilst meeting global acceptable standard."

The communique stated, "The Conference noted with concern, the unhealthy dependence on oil-based revenue and called for the diversification of the country's economy through: The review of all legal and constitutional restraints hindering effective optimization of resources by the federating units."A robust engagement in and activation of sectors critical for growth and sustainable development.

"Adherence to rule-based budgetary framework which would ensure that excess revenue are appropriately invested and where utilized in accordance with established plan and due process

The Conference noted the evolutionary regulatory framework in other jurisdictions and advised that whichever framework adopted in Nigeria must ensure better collaboration, information dissemination and speed of action by the various regulatory bodies.

The Conference acknowledged that effective risk management is critical to banks' achievement of financial soundness and therefore urged all financial institutions to consciously and compulsorily align their structure and business strategy to enterprise wide risk management practices.

The Conference called for the speedy implementation of the CIBN Act of 2007, especially with regard to the registration of persons working in the banking industry as this would instil professionalism and enhance discipline.

Towards this end, the support of the Central Bank of Nigeria, other regulatory bodies and the Managing Directors and Chief Executives of our corporate members was solicited.

The Conference acknowledged the Federal Government's efforts in tackling corruption. However, in addition to bringing corrupt elements to justice by anti-graft agencies, government should speedily take steps to institute a process of national rebirth in order to stamp out the unwholesome act."