ICPC, CIBN partner to rid banking sector of fraud

Debola Osibogun, President CIBN

Debola Osibogun, President CIBN

THE Independent Corrupt Practices and other related offences Commission (ICPC) and the Chartered Institute of Bankers of Nigeria (CIBN) have agreed to collaborate with the sole aim of ridding the banking and finance sector of corruption.

This agreement what made public with the signing of a Memorandum of Understanding (MoU) in Abuja yesterday where Executive Secretary to the ICPC, Elvis Oglafa and Provost of the ICPC Anti-Corruption Academy of Nigeria (ACAN), Prof. Sola Akinrinade, signed on behalf of the anti-corruption agency; and first Vice President of the CIBN, Dr. Segun Ajibola, signed on behalf of the CIBN.

The terms of the agreement include a comprehensive training for operators in the banking sector as well as regulators of the sector. The training, which is expected to be carried out by ICPC-ACAN, is planned to equip bankers in Nigeria with the skills and competencies that will help them detect and expose financial crimes and bank frauds as it is believed that there is hardly any corrupt act that can go through without the use of the bank.

Speaking on behalf of ICPC Chairman, Oglafa noted that the training of practitioners and regulators in the finance sector was another way of preventing corruption, which is better off for Nigeria as it would increase the credibility of the banking sector and improve the confidence of investors in Nigeria’s economy.

“Without a fraud-free banking and finance sector, our economy will not grow. ICPC will ensure that this collaboration becomes fruitful so we can talk about gains in the agriculture, power and manufacturing sectors”, he said.

Prof. Akinrinade, in his remarks, stated that it was important to forge alliances with different sectors in the fight against corruption, as ICPC and ACAN cannot alone achieve desired results.

“During the past few weeks, we have been in dialogue with various organisations seeking collaboration in our quest to tackle this problem in various sectors. The collaboration with CIBN particularly delights us because of the crucial role the financial services sector must play if we must fight the corruption phenomenon in any serious way. Success in tackling corruption will go a long way in addressing development challenges in this country”, he said.

Ajibola, in his remarks, stated that the credibility and reputation developed by the ICPC over the years has been one of the endearing factors that made CIBN to agree to have a collaboration with it, noting that with fraudsters always a step ahead of operators, and operators always a step ahead of regulators, it was important to learn new tricks employed by fraudsters to carry out their vices.

“Let me reassure you of the commitment of our great Institute to the terms of this collaboration in order to ensure that corruption is tackled in this country. We will join forces with you and use our noble platform as the umbrella bodies of bankers, banks and financial institutions to propagate this gospel of a corruption-free Nigeria”, he said.

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