FITC-CBN Con­tin­u­ous Ed­u­ca­tion Pro­gramme

“Safe and sound fi­nan­cial sys­tem as we know, is de­pen­dent on the qual­ity of cor­po­rate gov­er­nance prac­tices, which in turn de­pends on the qual­ity of the board of di­rec­tors and their abil­ity to dis­charge their re­spon­si­bil­i­ties hon­ourably.” - Godwin Eme­fiele

Financial Nigeria Magazine - - Contents -

Since the in­cep­tion of its Con­tin­u­ous Ed­u­ca­tion Pro­gramme (CEP) for di­rec­tors of banks and other fi­nan­cial in­sti­tu­tions in 1985, the Fi­nan­cial In­sti­tu­tions Train­ing Cen­tre (FITC) has trained over 6,638 di­rec­tors. More than 85% of the par­tic­i­pants at its pro­grammes have come from the bank­ing in­dus­try. The var­i­ous ini­tia­tives and plat­forms that de­liv­ered the to­tal par­tic­i­pa­tion in­clude: The FITC/CBN Con­tin­u­ous Ed­u­ca­tion Pro­gramme for Di­rec­tors of Banks and Other Fi­nan­cial In­sti­tu­tions (since 2006). FITC’s In­ter­na­tional Pro­gramme for Di­rec­tors of Banks and Other Fi­nan­cial In­sti­tu­tions (since 2008). FITC/CBN-OFISD (Other Fi­nan­cial In­sti­tu­tions and Su­per­vi­sion Depart­ment) Train­ing Work­shop for Di­rec­tors of Mi­cro Fi­nance Banks. FITC/MBAN (Mort­gage Bank­ing As­so­ci­a­tion of Nige­ria) An­nual CEP for Di­rec­tors of Mort­gage Banks (since 2008). FITC/IFC-GCGF (Global Cor­po­rate Gov­er­nance Fo­rum) Cor­po­rate Gov­er­nance Board Lead­er­ship Pro­gramme (since 2011).

FITC’s cor­po­rate gov­er­nance ad­vo­cacy roles re­sult­ing in the es­tab­lish­ment of the Bank Di­rec­tors As­so­ci­a­tion of Nige­ria (BDAN) from the 1996 edi­tion of the CEP, which FITC ac­tively sup­ports to date.

FITC Cor­po­rate Gov­er­nance Ad­vi­sory Ser­vices, of­fer­ing board eval­u­a­tion, de­sign and re­view of board char­ters, and board pro­ce­dures de­sign.

The 2017 edi­tion of the CBN-FITC CEP for Di­rec­tors of Banks and Other Fi­nan­cial In­sti­tu­tions held on the 19th and 20th Septem­ber, at Four Points By Sher­a­ton, Vic­to­ria Is­land, La­gos. This year’s theme was “The Next Level of Cor­po­rate Gov­er­nance Prac­tice’’.

The par­tic­i­pants com­prised 59 di­rec­tors from 18 in­sti­tu­tions, in­clud­ing com­mer­cial banks, mort­gage banks, and de­vel­op­ment fi­nance in­sti­tu­tions. The par­tic­i­pants were Board Chairs, Man­ag­ing Di­rec­tors, NonEx­ec­u­tive Di­rec­tors, Ex­ec­u­tive Di­rec­tors, and a Com­pany Sec­re­tary.

The pro­gramme had in at­ten­dance the CBN Gover­nor, Godwin Eme­fiele, CFR; and Deputy Gover­nor, Fi­nan­cial Sys­tem Sta­bil­ity, CBN, and Chair­man of FITC, Dr. Okwu Joseph Nnanna, who re­spec­tively de­liv­ered the key­note ad­dress and open­ing re­marks.

Their ad­dresses high­lighted how to pro­tect the cor­po­rate gov­er­nance frame­work in banks and other fi­nan­cial in­sti­tu­tions; en­force tough sanc­tions on erring di­rec­tors, par­tic­u­larly on in­sider cred­its; pro­tect strong cor­po­rate prac­tices, in par­tic­u­lar the role of the in­de­pen­dent di­rec­tor on the board; and move the ex­ist­ing cor­po­rate gov­er­nance regime to the next level in the fi­nan­cial ser­vices sec­tor and the coun­try in gen­eral.

The CBN Gover­nor lauded FITC for its sus­tained drive in pro­mot­ing good gov­er­nance prac­tices. Ac­cord­ing to him, the pro­gramme has over the years served as a valu­able plat­form for the ex­change of ideas and that the rec­om­men­da­tions from the pro­grammes have fur­ther as­sisted in the de­vel­op­ment of the Nige­rian fi­nan­cial ser­vices sec­tor.

The work­shop af­forded par­tic­i­pants the op­por­tu­nity to dis­cuss salient and prac­ti­cal is­sues with re­gard to Board ef­fec­tive­ness. It also stim­u­lated ideas on other crit­i­cal is­sues for im­proved ac­count­abil­ity, trans­parency and sus­tain­able value-cre­ation by the Boards. Ses­sions were fa­cil­i­tated by key sub­ject­mat­ter ex­perts, in­clud­ing An­sie Ra­malho, Se­nior Con­sul­tant, In­ter­na­tional Fi­nance Cor­po­ra­tion; Ke­hinde John­son, Man­ag­ing Part­ner, Rose­bank Con­sult­ing; Ah­mad Ab­dul­lahi, Di­rec­tor, Bank­ing Su­per­vi­sion, Cen­tral Bank of Nige­ria; and Adedapo Adeleke, Di­rec­tor, Bank Ex­am­i­na­tion, Nige­ria De­posit In­sur­ance Cor­po­ra­tion.

The Man­ag­ing Di­rec­tor/CEO, FITC, Dr. Lucy Surhyel New­man en­cour­aged par­tic­i­pants to lever­age in­sights that emerged from the ses­sions, to take their in­sti­tu­tions to the next level of cor­po­rate gov­er­nance. She as­sured the par­tic­i­pants of FITC’s con­tin­ued sup­port for con­tin­ued im­prove­ment in prac­tices, and urged them to see cor­po­rate gov­er­nance as a jour­ney and not a des­ti­na­tion.

As a fi­nal task on the pro­gramme, the par­tic­i­pants broke out into brain­storm­ing ses­sions and de­lib­er­ated ex­ten­sively on the fol­low­ing:

How Boards can im­prove the level of cor­po­rate gov­er­nance in their banks to en­sure fi­nan­cial sta­bil­ity.

How in­de­pen­dent di­rec­tors can be sup­ported to en­hance their per­for­mance and add value to their or­ga­ni­za­tions.

How Boards can nav­i­gate var­i­ous ex­pec­ta­tions from in­vestors and reg­u­la­tors, while man­ag­ing en­vi­ron­men­tal and so­cial risks to de­liver value for stake­hold­ers.

How reg­u­la­tors, Boards and in­di­vid­ual di­rec­tors can min­imise the in­creas­ing in­ci­dence of in­sider-re­lated cred­its and non-per­form­ing loans.

Spe­cific find­ings and rec­om­men­da­tions from this edi­tion of the CBN-FITC CEP will be com­mu­ni­cated di­rectly to reg­u­la­tors and op­er­a­tors within the bank­ing and fi­nance in­dus­try. It will also be pub­lished, as has been the prac­tice from 1985 to date.

FITC is con­vinced that its struc­tured and cus­tom­ized ap­proach to di­rec­tors' ed­u­ca­tion will con­tinue to en­hance the cul­ture of pro­fes­sion­al­ism, ethics and trans­parency in the fi­nan­cial ser­vices sec­tor in Nige­ria. And through its mem­ber­ship of the African Cor­po­rate Gov­er­nance Net­work, FITC hopes to con­tinue to help en­hance cor­po­rate gov­er­nance prac­tices in the West African sub-re­gion, and broaden its im­pacts through­out Sub Sa­ha­ran Africa.

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