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Policy Rules And Regulations

The Chartered Institute of Bankers of Nigeria Act No. 2007 gives the Institute the mandate to, among others, determine the standards of knowledge and skill to be attained by persons seeking to become members of the Banking Profession.

Furthermore, the provisions under Section 16 of the CIBN Act No. 5 of 2007 stated below conferred the responsibility to grant Banking Practice License on the Institute.

“A person other than a corporate member shall be deemed to practice 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:

  1. He engages himself in the practice of banking or holds himself out to the public as a member of the banking profession; or

  2. He renders professional services or assistance in or about matter, or principle, or detail relating to banking procedures; or

  3. 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.”

It is as a result of this that the Governing Council of the Institute on October 6, 2008 approved that the process of issuance of Practice License to its Fellows and Associates who have satisfied the criteria be commenced and appropriate structures to actualize these were put in place. The CIBN Practice License Board, made up of seven members, was created to administer the program


No individual/non-corporate member shall practice unless he has applied for and has been granted a License to practice by the Governing Council. Such License 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.

In the exercise of the powers conferred on it by Sections 6 and 17(i) of the Act and pursuant to Section 16 of the Act, the Governing Council also resolved that “no individual either practicing alone or in partnership with other members shall practice as a member of banking profession in Nigeria, except if he holds a valid Practice License issued by the Chartered Institute of Bankers of Nigeria”.


The License granted does not, in any way, permit, authorize or empower a License to receive or accept deposit from the public. The CIBN Governing Council has approved that Licenses shall only serve in any or all of the following capacities.

  1. Financial Administrators and Managers
  2. Receiver Managers and Debt Management Consultants
  3. Consultants in Banking and Finance
  4. Trainers in Banking & Finance
  5. Arbitrators, Mediators and Conciliators in Banking and Finance matter
  6. Financial Investigators/Supervisors/Examiners
  7. Trustees
  8. Financial Advisers/Counselors
  9. Credit Analyst, Administrators and Managers
  10. Loan/Credit Adjusters
  11. Industry Analysts

These activities will be reviewed from time to time.


Members qualified to apply for the Practice License would have worked for a minimum of 5 years post ACIB qualification among other criteria

The process of approval for the granting of practice License requires that a certain minimum qualification and practical exposure must have been attained by the applicant. This includes passing the qualifying professional examinations of the Institute and working for the financial services industry for, at least, 5 years. This is in addition to the rigorous “fit and proper” procedure adopted by the Practice License Board constituted to administer the License.

These procedures include:

  • Uploading Information on applicants on the Institute’s Website for a period of 14 days for feedback from members of the public on the personality of the applicant

  • Soliciting reference on the applicants from, at least, one of the employers (either past or current)

  • Soliciting reference on the applicants from the regulatory authorities (where necessary)

  • Display of the list of applicants for a period of 14 days on the notice boards at the Institute’s National Secretariat and Zonal Offices

In addition, applicants are evaluated and scored on the basis of knowledge, value and practice requirements.


One of the principal objectives of the CIBN Act No. 5 of 2007 is to maintain high standards of professional practice and conduct by all members. The Act sets out a framework of ethical principles which promote the duty of members to discharge their professional obligations in a manner which has regard to wider public interest and stipulate sanctions for any act likely to bring discredit to a member, the Institute and/or the banking profession.

The Code of Conduct for Members in Practice is, in addition to the above, to further regulate the level of discipline of Members in Practice of the profession in banking. These Codes include:

  • Prohibition of Advertisement and Publicity of Professional Activities or Businesses

    Licenses must not seek publicity for their service and achievements and shall not engage in any practice or be seen to conduct themselves in any manner that is detrimental to the reputation of banking and interest of banking profession.

  • Conflicts of Interest, impartiality and independence

    Licenses should not accept or continue an engagement in which there is or likely to be a conflict of interest between the Licenses and their clients.

  • Firm/Company, Name and style of Practice, Partnership; Registration of Firms and Consortia

    Licenses are expected to, among others, ensure that the name and style of Practice Seal reflects the personal names of the Principal Parties and submit to the Institute the details of the Partnership /or Memorandum and Articles of Association.

  • Continuing Compulsory Professional Development (CCPD)

    Every partner of the firm license shall complete a minimum of 60 (sixty) CCPD Credit units per annum. This is a requirement for the renewal of Practice License. It is to ensure that Licenses’ knowledge is updated and upgraded .

  • Fair Competition and Dealing

    Licenses shall not knowingly seek to displace another member’s relationship with a client other than in fair competition or at the behest of the client.

  • Confidentiality

    Licenses shall, at all times, safeguard the confidentiality of both the present and former clients and not disclose or use these confidences to the disadvantage or prejudice of such clients or to his financial advantage.

Any practicing member in violation of the Institute’s code of conduct shall be subjected to the Institute’s disciplinary procedures which include investigation by the Investigating Panel and subsequent referral to the Disciplinary Tribunal as appropriate.