CIBN Grows Income to N1.5bn, Elects New President

• CIBN Grows Income to N1.5bn, Elects New President

The Chartered Institute of Bankers of Nigeria grew its total income by 63 per cent from N919m to N1.5bn in the 2017 financial year.

The institute also grew its Internally Generated Revenue by 40.93 per cent from N646.24m in 2016 to N910.76m in the financial year under review.

The CIBN disclosed this during its Annual General Meeting in Lagos on Saturday.

During the AGM, Dr. Uche Olowu was elected as the new President of the CIBN.

The results of the e-voting also showed that Mr. Bayo Olugbemi had emerged the first vice-president; Mr. Ken Opara, 2nd vice-president and Prof. Olanrewaju Oladeji, national treasurer.

Olowu’s investiture is slated for next month in Lagos. To occupy the elective positions in the Governing Council are the four newly elected members: Isitche Yvonne; Mr. Yinusa Abdulraman; Mr. Adeniyi Olushola and Barr. (Mrs.) Ojo Toyin.

In his speech, the outgoing President/Chairman of Council, CIBN, Prof. Segun Ajibola, said his administration surpassed most of its expectations for the institute and the banking and finance sector in general.

Ajibola, who highlighted the developments that shaped the banking industry during the past year, stated that the CIBN closed with a net operating surplus of N385.12m in 2017.

This, he said, reflected a 66.12 per cent over N231.83m recorded in the previous year.

The CIBN chief pointed out that one of the key parameters that influenced its sterling performance was its ability to surpass its annual budget approved by the governing council of the organisation.