Regulatory rules: CIBN collaborates with SEC, NGX to enforce compliance

regulatory rules cibn collaborates with sec ngx to enforce compliance

By Chinwendu Obienyi

The Chartered Institute of Bankers of Nigeria (CIBN) has said it is ready to collaborate with the Securities and Exchange Commission and the Nigerian Exchange Group (NGX) to enforce compliance of banks (market participants) to conform to listing and regulatory rules.

The President/Chairman of the Council, Bayo Olugbemi, said this during the digital closing gong ceremony of trading activities of the NGX which held in Lagos recently. While commending the new management of the exchange after its demutualisation, Olugbemi said, this corroborates the exchange’s vision of being Africa’s preferred exchange hub.

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He noted that the exchange’s market capitalisation, which increased geometrically from N12.97 trillion in 2019 to N21.06 trillion in 2020 and the increase in trade volumes by 280 per cent, points to the fact that the efforts put in the place by the management of the NGX has been an upgrade. “We are here at the exchange because we are seeking the support of the NGX for the proposed amendment of the CIBN Act which is before the National Assembly and at a point, the Exchange will be called and then we are seeking support for us so that the Act can be amended to suit the institute’s purpose. We also want to collaborate with the Exchange to promote ethical conduct in the capital market especially for the quoted banks.

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