Following the growing concerns about unethical and unprofessional practices in the Nigerian banking and finance industry, which are capable of eroding public confidence in the industry, the Governor of the Central Bank of Nigeria (CBN) articulated the urgent need for operators to take steps to combat the emerging menace.
In line with the provisions of the applicable laws, the Governor sought the co-operation of the banks through the Bankers’ Committee.
The Bankers’ Committee, in its determination to sanitize the practice of banking and finance in Nigeria and instil discipline in the profession, established the Sub-Committee on Ethics & Professionalism on 19th December 2000. The mandate of the Sub-Committee was to:
The Sub-Committee, made up of 15 members, began its work of soliciting memoranda from all the banks and financial institutions in Nigeria, in addition to a Discussion Paper from Chief (Dr.) J. O. Sanusi, FCIB, the then Governor of CBN.
It thereafter synthesized the inputs and following several working sessions, arrived at this Code. The Code contains a list of acts, conducts, commissions and omissions classified as unethical and unprofessional as well as the framework for addressing these in the business of banking and finance in Nigeria.
Thus, the Code also provides the procedure for dealing with complaints and the sanctions for infractions of its provisions.
The overall objective of the Code of Conduct in the Nigerian Banking Industry is to ensure strict adherence to best banking practices and a strong commitment to ethical and professional standards in behavior within the Nigerian banking industry.
This Code of Conduct applies to all Directors, Managers, Officers, Supervisors, and Employees including full-time, part-time, temporary, casual, and in-sourced staff of all banks/Discount Houses in Nigeria. All are expected to read the Code carefully and commit to its letter and spirit.
The Code defines for financial institutions, regulators, bank employees, and members of the Institute, acts and practices considered unethical or unprofessional, along with the corresponding sanctions for non-compliance.
The Central Bank of Nigeria’s Circular BSD/BCS/GEN/DBS/05/095 dated July 25, 2014, mandates all bank and financial institution staff to complete the Attestation Form. Click here to access the Attestation Form. Staff are expected to read and understand the Code’s provisions and complete the form. A downloadable copy of the Code is attached and available here.
The Sub-Committee consists of representatives from: