Emelogu Obioma Chukwu
The Compliance Institute of Nigeria (CIN) has expressed desire to improve the culture of compliance and discipline in the banking sector as part of measure to increase productivity, and strengthen growth in the financial industry, while also focusing on strengthening compliance in other sectors.
Speaking at the CIN training programme, the President of the CIN, Pattison Boleigha, stated that the objective of the institute is focused at sustaining the culture of compliance in Nigeria, adding that the socio-ills the country is facing can be attributed to non-compliance.
He further stated that there is need to instil the culture of compliance in every sector of the country, while expressing hope that compliance would be an effective way to address the socio-ills facing the country.
He also noted that the banks’ compliance which is backed by the Chief Compliance Officers of Bankers’ Committee of Nigeria (CCCOBIN) would be concerned with engaging regulators in promoting the discipline of compliance in country, expressing hope that with the efforts they have put in place aimed at setting the ground work in achieving compliance.
Boleigha added that the focus of the institute is to spread the compliance culture across all sector of the environment, noting that presently they are starting with their catchment areas which are the financial institutions, “we believe that we have been able to make significant impact in the financial institution, it will go a long way.”
In his remarks at the CIN Training Programme in Lagos yesterday, the Chairman Finance Committee, Board of Trustee, Compliance Institute of Nigeria, Raheem Owodeyi, said the negative image which most countries have about Nigeria is as a result of failure to have quality compliance in the area of leadership, adding that as an institute they want to build compliance in leadership, and improve the compliance list in the banking sector in the country.
Owodeyi explained that the regulators have mandated them to train staffs of a bank or financial institution in the area of compliance yearly, adding that through the Chief of Bankers’ Compliance Committee, they have an arrangement where they meet with other stakeholders to improve the awareness of everything taking place in the area of compliance.
He added: “We have a strong closed committee where we don’t consider compliance as a competitive issue. Everyone we will need to engage each other and improve what they do. The other thing we do well is that anyone in their institution that has a problem, we take it upon ourselves to solve it. Once we are done with these crops of professionals we will go to the society to teach people about compliance. Therefore it is not just banks. This is the pilot accreditation we are starting off today. The next phase will be in Abuja and Port-Harcourt.”
According to Raheem Owodeyi, Chairman Finance Committee Board of Trustee, (CIN) ‘‘Compliance, simply means that you should do things the way it ought to be done. When that is done things will go on well. What we are doing with the compliance institute is to build skills with the professions. If we have succeeded in building compliance in different regions in the country; we would have succeeded in promoting good governance in the country. The bad image you have about Nigeria is because we don’t have quality compliance in the area of leadership. As an institute we want to build compliance in leadership, improve compliance list in the banking sector for the entire country. We believe we are setting the ground work for what will be a very good country in the future. The bank compliance is backed by the Chief Compliance Officers of Bankers’ Committee of Nigeria. What the committee does is to engage the country especially our regulators in promoting the discipline of compliance in Nigeria and the institute will be doing the same thing. The membership of the compliance institute is open to people from works of life, including the regulator. We have a good relationship with the regulators and they recognise what we are doing. The challenge we have with most of our colleagues is that they don’t have congruence of objective of what they want to do or achieve. We want to promote the congruence of objective with this learning culture. Compliance is aimed at adding value to an institution is doing. It is aimed helping an organisation understand who their clients are and what value can be added.’’
In his closing remarks, the President of the CIN, Pattison Boleigha, the regulators demands from us that every year staff of a bank or financial institution should be trained in the area of compliance. Through the Chief of Bankers’ Compliance Committee we have an arrangement where we meet with other stakeholders to improve the awareness of everything going us around us. We have a strong closed committee where we don’t consider compliance as a competitive issue. Everyone we need to engage each other and improve what we do. The other thing we do well is that anyone in their institution that has a problem, we take it upon ourselves to solve it. Once we are done with these crops of professionals we will go to the society to teach people about compliance. Therefore it is not just banks. This is the pilot accreditation we are starting off today. The next phase will be in Abuja and Port-Harcourt.