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The Managing Director and CEO of FBN Merchant Bank Limited, Mr Kayode Akinjugbe has has called on Financial institutions in the country to ensure that a solid corporate governance structure should be adopted as a way of life in all banks in Nigeria.
He made this call at the monthly meeting of the Committee of Chief Compliance Officers of Banks in Nigeria (CCCOBIN).
According to him, the institution of corporate governance, backed by legislative, economic and financial reforms intended to promote transparency, accountability and the rule of law in the economic life of the country, are critical in assuring the banking public retains trust and confidence in such essential of bodies.
Akinkugbe stated; “this not only ensures compliance with legal and ethical standards, but helps in building the strength of financial institutions within an economy.” He further emphasised that in recent years, corporate governance has attracted considerable interest, particularly following the global financial crisis and other corporate scandals, which has and led to the promulgation of rules and directives aimed at creating strong internal systems and controls that are comparable for financial institutions across the globe.
“We are proud to be part of a larger Group, FBN Holdings Plc, which has a strong heritage of promoting corporate governance practices that has resulted in over 120 years of uninterrupted service and continued growth” he said, as he restated the commitment of FBN Merchant Bank towards maintaining a strong posture on sound practices.
Akinkugbe also charged all Chief Compliance Officers to engage, review and update policies and procedures to meet our evolving business needs, and ensure familiarisation amongst all stakeholders. “This is critical to ensuring that our goal of running sustainable banking institutions is achieved” he reiterated.
The monthly Committee of Chief Compliance Officers of Banks in Nigeria (CCCOBIN) meeting brings together top compliance officers in banks, industry top players, investors, financial institutions and private equity firms who meet to exchange ideas, and also showcase available opportunities for progress.
