In consideration of the provisions under Section 16 of the CIBN Act No. 5 of 2007 which states that:
"A person other than a corporate member shall be deemed to practise as a member of the banking profession if, in consideration of remuneration received or to be received and whether by himself or in partnership with any other person:"
And in exercise of the powers conferred on the Governing Council of the Institute by Sections 6 and 17 (1) of the Act, the Governing Council hereby makes the following Policy, Rules and Regulations on Practice of Banking by Individuals/Non Corporate Members.
- he engages himself in the practice of banking or holds himself out to the public as a member of the banking profession; or
- he renders professional services or assistance in or about matters or principle or detail relating to banking procedures; or
- he renders any other services which may be by regulations made by the Council, be designated as services constituting practice as a member of the banking profession."
1.0 PRACTICE OF THE BANKING PROFESSION BY INDIVIDUALS/NON CORPORATE MEMBERS
Pursuant to Section 16 of the Act, no individual/group of individuals either practicing alone or in partnership with other members shall practise as a member of the banking profession in Nigeria, except if he holds a valid Practice Licence issued by the Chartered Institute of Bankers of Nigeria.
2.0 RULES AND REGULATIONS ON PRACTICE LICENCE AND SEAL
No individual/non corporate member shall practise unless he has applied for and has been granted a licence to practise by the Governing Council. Such licence, which shall be in the form approved by the Governing Council, from time to time, shall be conspicuously displayed at the principal place of business of the member.
3.0 STANDARDS OF PROFESSIONAL PRACTICE AND PERFORMANCE, MONITORING AND OBLIGATIONS OF LICENCEES
Standards of Practice are authoritative statements that describe the competent levels of practice and responsibilities for which Licencees are accountable. They reflect the values and priorities of the profession and provide a framework for the evaluation and improvement of practice. Please Click here to read more
4.0 APPLICATION FOR PRACTICE LICENCE AND SEAL
A prospective applicant for a Practice Licence/Seal must make an application in writing and shall be issued with an Application Form which he must complete and submit attaching relevant documents. A prospective applicant would also be interviewed by the members of the Board of Practice Licence at a date which will be communicated to the applicant.
- A member who had passed the qualifying professional examinations of the Chartered Institute of Bankers of Nigeria, and worked in the financial industry for at least five years.
- Fellows or Associates of at least five years' experience.
- A qualified member by examination of a member-institute of the following bodies shall at the discretion of the Governing Council be eligible for a licence to practice:
- Alliance of African Institutes of Bankers (AAIOB).
- World Conference of Banking Institutes. (WCBI).
- In all the instances as specified above, an applicant shall be eligible for a licence/seal to practise only if he has for a continuous period of five years been employed on a full time basis as a full manager in a licenced bank or any other financial institution in Nigeria or elsewhere.
6.0 OWNERSHIP OF PRACTICE LICENCE/SEAL
Any Practice Licence/Seal granted/renewed remains the property of the Institute and must be returned to it if, at any time, the holder becomes ineligible thereto under the Institute's Act, rules and regulations.
7.0 GRANT AND WITHDRAWAL OF PRACTICE LICENCE/SEAL
The grant of Practice Licence/Seal to members and withdrawal of same shall be subject to approval by the Governing Council through the Institute's Practice Licence Board.
8.0 AMENDMENT/RENEWAL OF PRACTICE LICENCE
The terms and conditions of a Practice Licence/Seal granted to a member may be amended subject to the approval of the Governing Council through the Practice Licence Board:
- On application by the Licensee.
- By the Practice Licence Board's initiative.
- By Governing Council's Initiative.
- Renewal Requirements
- Licences/Seals shall be renewable every two years. A Licence/Seal not renewed in line with the above shall remain expired and invalid.
- Licences/Seals may only be renewed upon application by the Licensee and verification of continuous good conduct and evidence of the Licensee's attainment of a minimum of 60 CCPD credit units per annum, i.e 180 units for three years.
The following fee(s) shall from time to time, be approved by the Governing Council upon the recommendation of the Practice Licence Board:
- Application Fees for Licence/Seal,
- Licence/Seal Fees,
- Renewal/ Amendment Fees,
- Change of Seal Fees.
10.0 DUTIES COVERED BY PRACTICE LICENCE
The Licence granted/renewed/amended under these rules and regulations do not in any way permit/authorize/empower a licensee to receive/accept deposits from the public. Licensee shall only serve in any or all of the following capacities:
- Financial Administrators and Managers
- Receiver Managers and Debt Management Consultants
- Consultants in Banking and Finance
- Trainers in Banking & Finance
- Arbitrators, Mediators and Conciliators in Banking and Finance matters
- Financial Investigators/Supervisors/Examiners
- Financial Advisers/Counsellors
- Credit Analyst, Administrators and Managers
- Loan/Credit Adjusters
- Industry Analysts
- Any Allied Matters
11.0 RIGHTS AND OBLIGATIONS
- The Licensee shall be subject to the Code of Ethics for Members in Practice and the provisions of the CIBN Act.
- Licensee, on application, shall be issued with a Seal for his practice subject to conditions specified by the Governing Council.
- Nobody shall be a Partner of a banking practice firm except himself/herself is a licensee under these rules and regulations
- Where there is need for multi-disciplinary tasks, the other party/parties must hold the practice licence(s) of his/their relevant professional bodies.
12.0 PRACTICE LICENCE BOARD
There shall be a Board to be known under these rules and regulations as the CIBN Practice Licence Board.
- Appointment of members of the Practice Licence
Board Members of the Practice Licence Board shall be appointed by the Governing Council.
- Composition of the Practice Licence Board
The Practice Licence Board shall consist of seven (7) members as follows:
- The 1st Vice President shall serve as the Chairman of the Board.
- A representative of the Body of Past Presidents
- A representative of the Body of Banks' CEOs (shall be a Fellow of the Institute)
- A former Registrar/Chief Executive of the Institute
- A representative of CBN
- A representative of NDIC
- The Registrar/Chief Executive of the Institute The Director, Membership, shall serve as Secretary to the Board.
- Tenure of Members of the Board
The tenure of any member of the Practice Licence Board shall be two years and renewable for a further period of two years except the Registrar/Chief Executive.
- Terms of Reference for the Practice Licence Board
- To ensure the implementation of the approved Rules and Regulations on Practice Licence and Seal.
- To ensure that appropriate Application/Renewal/Amendment Forms are designed for Practice Licences/Seals.
- To recommend to the Governing Council the appropriate fee(s) to be paid for the granting/renewal/amendment of Practice Licence/Seal from time to time.
- To ensure that appropriate Seal and Licence, respectively to be issued are designed and approved by the Governing Council.
- To receive applications for the grant/renewal/amendment of Practice Licence and Seal from eligible persons in accordance with the Rules and Regulations duly approved by the Governing Council from time to time.
- To screen all the applicants and make its recommendations to the Governing Council for consideration and directives.
- To ensure that a Register for all those granted practice Licence/Seal is maintained by the Secretariat.
- To ensure that Corporate and Public Affairs Committee of the Institute (CPAC) creates awareness on the Practice Licence and informs banks and other financial institutions of the need to consider those with the Practice Licence for consultancy and other services covered by the licence.
- To review the Rules and Regulations from time to time and recommend same to the Governing Council for consideration and directives.
- To monitor the use of the Practice Licence/Seal by all licensees.
- To receive complaints and evidence of ethical/professional breeches involving licenced Members.
- To forward reported cases, where necessary, to the Investigating Panel (Section 13 of CIBN Act No. 5 of 2007) for investigation and other necessary action(s).
- To ensure that the use of the Licence is in line with the Code of Conduct for Members in Practice and Section 14 of CIBN Act No. 5 of 2007.
- To report to the Governing Council, all reported cases of unethical/unprofessional practices and action(s) taken.
- Any other assignment relevant to the Practice Licence/Seal that the Governing Council may, from time to time, require the Board to handle.
13.0 PRACTICE LICENCE FORUM
A forum has been created where members of the Practice License can participate exclusively by:
- Login with your Membership Number and Password
- Click on Communication
- Click on Group Forum
14.0 INFORMATION FOR LICENCEES
We are pleased to inform you that the Governing Council had approved the appointment of Monitors as part of the efforts at ensuring consistent adherence to Standards of Professional Practice and Performance. Please click here to read more