1. There is established a body to be known as Chartered Institute of Bankers of Nigeria (in this act referred to as 'the Institute')

2. The Institute

   1. Shall be a body corporate with perpetual succession and a common seal;
   2. May sue and be sued in its corporate name; and may acquire, hold and dispose of any property, movable and immovable

1. Subject to the provision of this act, membership of the Institute shall be in two categories viz corporate and individual.

2. All persons employed in the banking institution in Nigeria are eligible to be registered by the Institute in any of the following categories -

   1. Ordinary Member
   2. Student Member
   3. Graduate Member
   4. Associate Member
   5. Honorary Member
   6. Honorary Fellow; and
   7. Fellow

Provided they meet the criteria set by the Council of registration in the category from time to time.

3 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.

4 A Person registered under this Act shall be enrolled to a higher membership status in any of the following categories

1. As an Ordinary Member if he -

   1. Satisfies the Council that he is eligible to be so registered;
   2. Works in a bank or other financial institutions; and
   3. Does not fall within any of the other categories specified in paragraphs (b)-(g) of this subsection.

2. As a Student Member if he -

   1. Satisfies the Council that he is eligible to be so registered
   2. Has been an Ordinary Member and
   3. Has passed associate-ship examinations but has not met other conditions specified in paragraph (d) of this subsection

3. As an Associate Member if he -

   1. Satisfies the Council that he is eligible to be so registered and has passed the associate-ship examination and;
   2. Has acquired on the job practical banking or related experience for such number of years that may be specified by the Council;

4. As an Honorary Senior Member if he -

   1. Satisfies the Council that he is eligible to be so registered,
   2. Has obtained such academic, professional or other qualifications(s) as may be prescribed by the Council from time to time,
   3. Has held any senior management positions in a bank or other financial institutions, and
   4. Is neither a Fellow or an Associate.

5. As an Honorary Fellow if he satisfies the Council that he is eligible to be awarded the Honorary fellowship of the Institute;

6. As a Fellow if he -

   1. 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
   2. Satisfies all other criteria as may be specified by the Council from time to time.

7. As a Corporate Member if it -

   1. Satisfies the Council that he is eligible to be so registered; and
   2. Satisfies all other criteria as may be specified by the Council from time to time

5 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.

6 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

1. A Member registered into the category of Member of Fellow shall be entitled to use the initials "FCIB",

2. A Member registered into the category of Honorary senior Member shall be entitled to use the initials "HCIB", and

3. A Member registered into the category of membership of Associate shall be entitled to use the initials "ACIB"

7 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.