CHARTERED INSTITUTE OF BANKERS OF NIGERIA ACT, 2007 ACT No. 5
AN ACT TO REPEAL THE CHARTERED INSTITUTE OF BANKERS OF NIGERIA ACT 1990 AND TO RE-ENACT THE INSTITUTE TO PROVIDE FOR THE CONTROL OF MEMBERSHIP AND PRACTICE OF THE BANKING PROFESSION IN NIGERIA , AND FOR RELATED MATTERS
[11th day of April, 2007]
Enacted by the national assembly of the Federal Republic of Nigeria -
PART 1 - ESTABLISHMENT, ETC OF THE CHARTERED INSTITUTE OF BANKERS OF NIGERIA
- There is established a body to be known as Chartered Institute of Bankers of Nigeria (in this act referred to as 'the Institute')
- The Institute
- Shall be a body corporate with perpetual succession and a common seal;
- May sue and be sued in its corporate name; and may acquire, hold and dispose of any property, movable and immovable
- subject to the provision of this act, membership of the Institute shall be in two categories viz corporate and individual.
- All persons employed in the banking institution in Nigeria are eligible to be registered by the Institute in any of the following categories -
Provided they meet the criteria set by the Council of registration in the category from time to time.
- Ordinary Member;
- Student Member;
- Graduate Member;
- Associate Member;
- Honorary Member;
- Honorary Fellow; and
- Pursuant to subsection (1) of this section, all corporate members shall cause their staffs to register with the Institute to ethical standards professionalism and self-regulation in the banking and financial services industry.
- a person registered under this Act shall be enrolled to a higher membership status in any of the following categories -
- As an Ordinary Member if he -
- Satisfies the Council that he is eligible to be so registered;
- Works in a bank or other financial institutions; and
- Does not fall within any of the other categories specified in paragraphs (b)-(g) of this subsection.
- As a Student Member if he -
- Satisfies the Council that he is eligible to be so registered;
- Has been an Ordinary Member and;
- Has passed associate-ship examinations but has not met other conditions specified in paragraph (d) of this subsection
- As an Associate Member if he -
- Satisfies the Council that he is eligible to be so registered and has passed the associate-ship examination and;
- Has acquired on the job practical banking or related experience for such number of years that may be specified by the Council;
- As an Honorary Senior Member if he -
- satisfies the Council that he is eligible to be so registered,
- Has obtained such academic, professional or other qualifications(s) as may be prescribed by the Council from time to time,
- Has held any senior management positions in a bank or other financial institutions, and
- is neither a Fellow or an Associate.
- As an Honorary Fellow if he satisfies the Council that he is eligible to be awarded the Honorary fellowship of the Institute;
- As a Fellow if he -
- satisfies the Council that he is eligible to be so registered and has for a number of years (to be specified by the Council) been an Associate Member of a holder of approved academic qualifications, and
- Satisfies all other criteria as may be specified by the Council from time to time.
- As a Corporate Member if it -
- Satisfies the Council that he is eligible to be so registered; and
- Satisfies all other criteria as may be specified by the Council from time to time
- A Member or a corporate Member of the Institute shall be entitled to receive from the Council, a letter of registration of membership for the category of membership.
- A Fellow, Honorary Fellow, Honorary Senior Member or an Associate shall be entitled to the use of such letter after his name as may be authorised by the Council from time to time as follows
- a Member registered into the category of Member of Fellow shall be entitled to use the initials "FCIB",
- a Member registered into the category of Honorary senior Member shall be entitled to use the initials "HCIB", and
- a Member registered into the category of membership of Associate shall be entitled to use the initials "ACIB"
- No person shall be entitled to be employed or appointed or engaged to the head of any of the technical departments of a bank unless he is duly registered as a Member of the Institute.
PART II - RESPONSIBILITIES OF THE INSTITUTE
3. The Institute shall have responsibility to -
- Determine the standards of knowledge and skills to be attained by persons seeking to become members of the banking profession;
- Secure in accordance the provisions of this act, the establishment and maintenance of a register of members of the banking profession in the categories of Ordinary members, Student members, Graduate members, Associates, Honorary senior members, Honorary Fellow and Fellows of the Institute and a register of corporate members.
- Conduct professional examinations leading to the awards of certificates as may be prescribed by the Institute; and
- Ensure the furtherance, maintenance and observance of ethical standards and professionalism among practitioners of the banking profession in Nigeria.
PART III - ELECTION OF PRESIDENT AND THE VICE PRESIDENT OF THE INSTITUTE
- There shall be a President and two Vice-Presidents of the Institute who shall be fellows of the Institute.
- The President and Vice-Presidents shall be elected at the annual general meeting of the Institute and shall each hold office for a term of two years from the date of the election.
- The President shall be the Chairman of the Governing Council established under section 5 of this Act and in his absence the Vice-President shall be the Chairman of the Governing Council.
- The President shall preside at meetings of the Institute and in the event of his absence, death, permanent incapacity or disability, the Vice-President or in the absence of the first Vice-President, the second Vice-President shall preside.
- The Vice-President shall in the event of the death, permanent incapacity or disability of the President act for the unexpired terms of his office whereas the second Vice-President shall assume the office of the first Vice-President and the Council shall appoint one of its members to assume the post of the second Vice-President and reference in this Act to the President shall be construed accordingly.
- If the President or any of the Vice-Presidents ceases to be a Member of the Institute he shall ipso facto cease to hold any of the offices designated under his section.
PART IV - MEMBERSHIP OF GOVERNING COUNCIL OF THE INSTITUTE, ETC
- There is established for the Institute a Governing Council (in this Act referred to as "the Council") which shall be charged with the responsibility for the administration and general management of the Institute.
- The Council shall consist of the following members
- A Chairman who shall be the President of the Institute;
- Two Vice-Chairmen;
- A National Treasurer;
- The Governor of the Central Bank or his representative;
- The Managing Director of the Nigeria Deposit Insurance Corporation or his representative;
- Six Managing Directors/Chief Executive of Banks to be appointed by the Council;
- Six persons elected by the Institute;
- Two past Presidents of the Institute;
- A representative each of the following federal ministries -
- Education; and
- Mortgage/Micro Finance Banking Institutions (alternates)
- A representative each of the National Universities Commission (NUC) and the National Board for Technical Education (NBTE);
- A representative of branches in each zone of the Institute and such other zones as may be created by the Council from time to time; and
- The Registrar/Chief Executive who shall serve as the Secretary.
- The provisions of the first schedule of this Act shall have effect with respect to the qualifications and tenure of the office of members of the Council and the other matters mentioned therein.
PART V—POWER OF THE GOVERNING COUNCIL
6. The Council shall have responsibility for policy and general administration of the Institute.
- There shall be established for the Institute a fund which shall be managed and controlled by the Council.
- There shall be paid into the fund established pursuant to subsection (1) of this section
- All fees, charges and moneys payable to the Institute in pursuance of this Act; and
- Such other monies as may be received by the Institute in the course of its operation or in relation to the exercise of any of its functions under this Act.
- Any other expenses incurred by the Council in the discharge of its functions under this Act.
- The Council may invest monies from the fund in any securities created or issued by or on behalf of the Federal Republic of Nigeria or in any other securities in Nigeria approved by the Council.
- The Council may from time to time, borrow money for the purpose of the Institute and in any interest payable on monies so borrowed shall be paid out of the fund.
- All the Corporate Members in Nigeria shall cause to be paid out of the fund, an Annual Subscription as may be agreed by the Council from time to time.
- The Council shall on behalf of the Institute keep proper books of accounts in respect of each year and proper records in relation to those accounts and the Council shall cause the accounts to be audited by an external auditor and when audited, the accounts shall be submitted to the members of the Institute for approval at a General Meeting of the Institute.
PART VII—APPOINTMENT OF A REGISTRAR, ETC
- The Council shall appoint a fit and proper person to be the Registrar for the purposes of this Act, and such other persons as the Council may from time to time, deem necessary to assist the Registrar in the performance of his functions under this Act.
- The Registrar shall in addition to other functions under this Act, be the Secretary of the Council and shall keep minutes of the proceedings of all meetings of the Council
- The Registrar appointed under subsection (1) of this section shall be the Chief Executive of the Institute and shall report to the President/Chairman of Council of the Institute
- There shall be for the purposes of this Act, two Registrars as follows
- The register of Members which shall consist of seven parts of which
- The first part shall be in respect of Ordinary Members,
- The second part shall be in respect of Student Members,
- The third part shall be in respect of Graduate Members,
- The fourth part shall be in respect of Associate Members,
- The fifth part shall be in respect of Honorary Senior Members,
- The sixth part shall be in respect of Honorary Fellows; and
- The seventh part shall be in respect of Fellows; and
- The register of Corporate Members
- Subject to the foregoing provisions of this section, the Council shall make rules with respect to the form and keeping of the register and making of entries therein, and in particular -
- Regulate the making of applications for registration, as the case may be, and provide for the evidence to be produced in support of such applications;
- Provide for the notification to the Registrar, by the person to whom any registered particulars relate, of any change in those particulars;
- Authorise a registered person to have any qualification which is in relating to the relevant division of the profession, either an approved qualification or accepted qualification for the purpose of this Act, entered in relation to his name in addition or to as he may elect, in substitution to any other qualification so registered; and
- Specify the fees, including any Annual Subscription, to be paid to the Institute in respect of the entry of names on the register, and authorize the registrar to refuse to enter a name on the register until any fee specified for the entry has been paid provided that the rules made for the purpose of this subsection shall not come into force until they are confirmed at a meeting of the Institute.
- The Registrar shall -
- To correct any entry in the register in accordance with the Council’s direction.
- To make, from time to time, any necessary alteration in respect of the particulars of registered members as may be directed by the Council;
- To remove from the register the name of a deceased Member; and
- To record the names of members of the Institute who are in default for more than one year in the payment of annual subscriptions, and to take such action in relation thereto (including removal of the names of defaulters from the register) as the Council may direct or require any person whose name is removed from the register for being in default of payment of subscriptions and re-registration fees as may be approved by the Council from time to time
- If the Registrar -
- sends by post to any registered person a letter addressed and delivered to him at his address usually on the register enquiring whether the registered particulars relating to him are correct and receives no reply to the letter within the period of six months from the date of posting it, and
- upon the expiration of that period, sends in the like manner to the person in question a second similar letter and receives no reply to that letter within three months from the date of posting it, the Registrar may include the name of the person in the list of special cases under this subsection for the Council’s consideration and may if directed by the Council remove the particulars relating to the person in question from the register.
Provided that, the Council may direct the Registrar to restore to the appropriate part of the register any particulars removed there pursuant to this subsection.
- the Registrar shall -
- Cause the register to be printed, published and put on sale to members of the public not later than two years from the commencement of this Act.
- thereafter in each year, to cause to be printed, published and put on sale as aforesaid, either a corrected edition of the register or list of corrections made to the register, since it was last printed;
- Cause a print of each edition of the register and of each list of corrections to be deposited at the principal office of the Institute; and
- Keep the register and lists so deposited and to make the register and such lists available to members of the public at all reasonable times for inspection.
- a document purporting to be a print of an edition of a register published under this section by the Registrar or document s purporting to be prints of an edition of a Registrar so published and of the list of corrections to that edition so published and of the list of corrections to that edition so published, shall (without prejudice to any other mode of proof) be admissible in any proceeding as evidence that any person specified in the document or the documents read together , as being registered, was so registered at the date of the edition or of the list of corrections as the case may be, and that any person not so specified was not so registered.
- where in accordance with subsection (2) of this section, a person is, in any proceeding, shown to have been registered at a particular date, he shall, unless the contrary is proved, be taken for the purpose of those proceedings as having at all material times thereafter continued to be or not to be so registered.
PART VIII—REGISTRATION OF MEMBERS
An applicant for registration shall in addition to evidence of qualification, satisfy the Council that -
- An individual, other than one whose membership has been suspended by a directive of the disciplinary tribunal shall be entitled to be registered as a Member in the following categories
- Ordinary Member, where the person does not satisfy the conditions for registration as a Student Member, Graduate, Associate, Honorary Senior Member, Honorary Fellow or Fellow specified in paragraphs (b)-(g) of this section.
- Student Member, where the person -
- works in a financial institution and has a degree or equivalent qualification or the minimum qualification prescribed by the Council, or
- does not work in a financial institution, but has the basic qualifications approved by the Council from, time to time, for registration as a student; or
- satisfies any other condition which the Council may from, time to time approve.
- Graduate Member where the person -
- Has the associateship examinations specified by Council but has not had the period of on-the-job practical experience prescribed by the Council,
- Not being a Member of the Institute at the time of application for membership, has passed the qualifying examinations of an Institute of bankers in any other country accepted by the Council, or
- Has not been elected a Fellow or an Associate by recognized foreign Institute of Bankers
- Associate Member where the person -
- Has passed the associateship examination specified by the Council;
- Not being a Member of the Institute at the time of application for membership, has passed the qualifying examinations of an Institute of Bankers in any other country acceptable to the Council; or
- Has had a period of on-the-job practical experience not less than the minimum period prescribed by the Council for the category of membership sought; or
- Has been elected by any recognized foreign Institute to that category of membership;
- Honorary Senior Member, where the person -
- Does not satisfy the condition for registration as an Associate or Fellow specified in paragraphs (d) and (g) of this subsection, but has obtained the academic qualifications prescribed by the Council for Honorary Senior Membership; and
- Occupies a senior management position in a bank, any other financial institution or tertiary educational institution
- Honorary Fellow, where the person -
- Has contributed immensely to the growth of the banking and finance industry and the Institute; or
- Is considered by the Board of Fellows and the Council as a fit and proper person to be awarded the Honorary Fellowship of the Institute
- Fellow, where the person -
- Satisfies the Council that he is a fit and proper person to be so registered and has for a number of years (to be specified by the Council) been an Associate Member, and
- Satisfies all other criteria as may be specified by the Council from time to time
A banking institution shall be entitled to be registered as a corporate Member where it has been -
- He is of good character; and
- He has not been convicted in Nigeria or elsewhere of an offence involving fraud or dishonesty.
The Council shall, from time to time, publish in the Institute’s journal, particulars of qualifications for the time being accepted as aforesaid.
- Licensed to carry out the business of banking in Nigeria; and
- Satisfied any other condition which the Council may from time to time approve.
- The Council may approve any qualification for the purposes of this Act and may for those purposes approve -
- any course of training at any approved institution which is intended for persons seeking to become members of the banking profession and which the Council considers is designed to confer on persons completing it, sufficient knowledge and skill for registration with the Institute; and
- any qualification which as a result of an examination taken in conjunction with a course of training approved by the Council under this section, is granted to candidates having reached a standard at the examination, indicating in the opinion of the Council that the candidates have sufficient knowledge and skill to be registered with the Institute.
- The Council may, if it thinks fit, withdraw any approval given under this section in respect of any course, qualification or institution but before withdrawing such an approval the Council shall -
- Give notice that it proposes to do so to persons in Nigeria appearing to the Council to be a person by whom the course is conducted or the qualification is granted or the institution is controlled, as the case may be;
- Afford such a person an opportunity of making to the Council representations with regard to the proposal; and
- Take into consideration any representations made in respect of the proposal in pursuance of paragraph (b) of this subsection.
- A course, qualification or institution shall not be treated as approved during any period the approval is withdrawn under subsection (2) of this section.
- Notwithstanding the provisions of subsection (3) of this section, the withdrawal of an approval under subsection (2) of this section shall not prejudice the registration or eligibility for registration, of any person who by virtue of the approval was registered or was eligible for registration (either unconditionally or subject to his obtaining a certificate or experience), immediately before the approval was withdrawn.
- The giving or withdrawal of an approval under this section, shall have effect from such date, whether before or after the execution of the instrument signifying the giving or withdrawal of the approval, as the Council may specify in the instrument and the Council shall -
- As soon as may be possible, publish a copy of every such instrument; and
- Not later than seven days before its publication, as aforesaid, send a copy of the instrument to the institution affected.
- It shall be the duty of the Council to keep itself informed of the nature of -
- The instruction given at approved institutions to persons attending approved course of training; and
- the examinations as a result of which approved qualifications are granted, and for the purposes of performing that duty, the Council may appoint, either from among its members or otherwise, persons to visit approved institutions or to observe such examinations.
- It shall be the duty of a person appointed under subsection (1) of this section to report to the Council on -
- The adequacy of the instructions given to persons attending approved courses of training at institutions visited by him;
- The adequacy of the examinations attended by him; and
- Any other matters relating to the institutions or examinations on which the Council may, either generally or in a particular case, request him to report, but no such person shall interfere with the giving of any instruction or the holding of any examination.
- On receiving a report made in pursuance of this section, the Council may, if it thinks fit, and shall, if so required by the institution send a copy of the report to the person appearing to the Council to be in charge of the institution or responsible for the examination to which the report relates, requesting that person to make an observation on the report to the Council within such period as may be specified in the request, not being less than one month beginning with the date of the request.