Mustafa Chike-Obi, chairman of Fidelity Bank Plc and the Bank Directors Association of Nigeria (BDAN), has counseled bankers to support the current administration in attaining its goals and objectives in order to create a better Nigeria.
In order to make their jobs easier, Chike-Obi also urged bankers to use financial technologies such as artificial intelligence (AI) while keeping up with technological advancements.
This was said by him over the weekend in Lagos at the Chartered Institute of Bankers of Nigeria (CIBN)’s induction event for 1,212 new members.
Chike-Obi, a virtual speaker, said: “We have seen dramatic change in our economy since the beginning of this new government. It has good and bad implications. The objectives of increased revenue, reducing borrowing and liberalization of the petroleum motor spirit (PMS) market.”
“All of these, I think, are good objectives. We can argue whether or not it was too fast or it was not communicated enough to know what the objectives were. But the objective is good. What we need to do now is to assist the government to make sure that we achieve the objectives as smoothly as possible.”
“We are on this journey now. We want to make the journey as efficient and comfortable. The goal will heavily rely on banks. I will advise and suggest that CIBN seek a visit to the President to explain what CIBN does and basically to get his support.”
In addition, he pointed out that the CBN has numerous regulations that have an impact on the financial industry.
“We must be conversant with these regulations and see how it affects the profession,” he pointed out.
Lamido Yuguda, director general of the Securities and Exchange Commission (SEC), also urged lenders to be flexible in light of the present developments occurring in the financial sector.
According to Yuguda, the abilities required in the financial sector are currently evolving, necessitating the need for bankers to learn, relearn, and become familiar with industry trends.
He underlined the need for financial institutions to gain the trust of their investors and depositors and claimed that the capital market has substantially contributed to the expansion seen in banking today.
He contends that when confidence in the industry wanes, Ponzi and phony scheme activity becomes more prevalent.
The theme of the event, according to Dr. Ken Opara, President and Chairman of the CIBN Council, resonated well with the quick changes that have continued to define the financial sector landscape.
“We live in a world of unceasing transformation, fuelled by the convergence of technological breakthroughs, shifting market dynamics, and changing customer expectations,” he said.
