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BDAN Newsletter Banke Director h T BANK DIRECTORS ASSOCIATION OF NIGERIA A Bi-annual Publication of The Bank Directors Association of Nigeria Vol 1 No 1 February 2012 CCaasshhlliittee Banking Reform EEccoonnoommyy Cashlite Economy Women Agents of change Was Steve Jobs a success as CEO and Chairman? C o n t e n t s P a g e s New President's Remarks 4 New President's Speech 5 BDAN in brief 6 Banking Focus 10 Photo Splash 12 The Director's Health 13 Quotable Quotes 14 Current Matters 15 Updates for members 16 C o u n c i l M e m b e r s The Olor'ogun (Dr.) Sonny F. Kuku - President Mrs. Foluke K. Abdulrazaq - Vice-President Mr. Yemi Idowu - Secretary Mr Ikechi O. Kalu - Financial Secretary Mr. M.G. Tarfa - Treasurer Mr. Sam Cookey Jr. - Member Chief Ope Bademosi - Member Mr. Chima Akalezi - Member Mr. Okezie C. Amachukwu - Member Dr. (Mrs.) Lucy Newman - Member O.M. Sulaimon - Member Dr. (Mrs.) Nike Akande - Member Mr. Nnamdi Oji - Member The Bank Director 2 Current President’s Remarks Current President’s Remarks The Olor'ogun (Dr.) Sonny. F. Kuku OFR President, Bank Directors Association of Nigeria (BDAN) I am pleased to be writing you in this maiden may have indirect impact on us. Our experiences edition of our Newsletter. The Newsletter comes and expertise is such that we can give value to our as a result of our continuous concerted effort to nation's building process. BDAN gives voice to position BDAN as an influential body in the Bank directors as a body. financial services industry. BDAN will continuously strive to upgrade and The objectives of the Association are hinged on update the knowledge of members. Fora are the premise that we can collectively protect the periodically organized to discuss salient issues interests of the banking industry and also the relating to the banking industry. The event brings directors of banks. This necessitates our proactive together decision makers in the industry, including involvement in the processes of formulation of the regulators. The Central Bank of Nigeria and the policies and regulations for the industry. Nigeria Deposit Insurance Company have been notably involved in these fora. In this light, the Governing Council has approved the report of a survey on the remuneration of BDAN also affords the directors the unique directors. BDAN recognizes that a proper opportunity to attend bespoke trainings that remuneration structure of directors is necessary address the needs of directors of banks in Nigeria. for their independence as they perform their As mentioned earlier, the ethical burden and the regulatory and oversight functions within their past financial system meltdown makes it organizations. The ethical burden on directors imperative for us to be well grounded in the cannot be over-emphasized and it is important rudiments of corporate governance. that impediments are removed to allow effective functioning. BDAN will continue to serve the interests of the directors. We hope that we will continue to have As directors and major stakeholders in the the support of all stakeholders in the industry as we industry, it is necessary to have a platform on participate in different aspects of building healthy which regulators can interface with us as a and reliable banks. sounding board for regulations that pertain to and affect the sector directly, and also those that Thank you and God bless. The Bank Director 3 B D A N i n b r i e f Vision/Mission V i s i o n “To be the “go to” organisation for matters concerning Non-Executive Directors issues of commercial banks by regulators and related organisations” M i s s i o n To play an active role in the enthronement of good corporate governance in Nigerian banks and collaborate with the financial regulatory agencies to ensure proper management of these banks. BDAN in brief BANK DIRECTORS ASSOCIATION OF NIGERIA Constant update of knowledge and the competence of Bank Directors, aimed at promoting honourable practice within the Banking Industry in Nigeria was identified as a major need. The Financial Institutions Training Centre (FITC), using its vantage position in the industry, supported by both the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC), was instrumental to the setting up of the Bank Directors Association of Nigeria. The Bank Directors Association of Nigeria (BDAN) was inaugurated at the 13th Annual Bank Directors Seminar held in Abuja in June 1997. A fifteen man Governing Council headed by Major General G.O. Ejiga Rtd was constituted. The Association's objectives are as follows: · To act as organ of communication for and to represent members and their various banks in all or any of their relationship with government ministries, departments, agents, local/public authorities and trade Association, to afford facilities for conferring with and making known the views of the members of the Association in regard to actual or proposed legislation or any other matter directly or indirectly affecting their interest. · To formulate and monitor the ethics of Bank Directors in the banking industry, from time to time, aimed toward enhancing efficiency and accountability. The Bank Director 4 B D A N i n b r i e f · To enlighten and educate its members in regard to their legal, moral and general rights and responsibilities in respect to their banks, organizations and society as a whole. · To provide an active forum and effective voice for its members in public affairs. · To improve the competence and knowledge of its members and promote honourable practice by members within the Banking Industry. · To take a continuing and effective interest in legislation in order to ensure as far as possible that basic commercial freedoms and rights are preserved, to ensure conductive climate towards strong economic growth in Nigeria. · To advance the competence and knowledge of its members by organizing, arranging and sponsoring meetings, conferences, seminars, lectures and courses of study aimed towards the development of the business of banking in Nigeria. Since inception, BDAN has produced seven Governing Councils peopled by directors of high integrity, innovative minds and disciplined work ethics. Transitions of leadership between successive Governing Councils has been smooth and democratic and has always ensured that capable and committed leaders are elected. This has helped to fuel the growth of the Association. These various leaderships have been able to unite the major banks in Nigeria with nearly all banks being active supporters of the Association. BDAN has organized several fora to acquaint members with issues of interest to the industry as part of continuing education of members. Such gathering has also been a conduit for expression of members' views on salient nation issues pertaining to the Banking Industry. There is regular interaction between the Association and the regulators and other stakeholders in the industry. The activities of the Association are being financed by annual subscriptions paid by the banks to the Association. BANK DIRECTORS ASSOCIATION OF NIGERIA The Bank Director 5 B a n k i n g f o c u s Banking on Reforms: Perspectives on the Future Landscape of Banking in Nigeria. - By Dr. Kingsley Chiedu Moghalu r. Moghalu began by remarking on the requirements commensurate to the Ddramatic developments in the global and depth and scope of their activities. domestic financial systems in the last three · A new banking culture taking root in the years which led to phenomenal changes in the industry with emphasis on sound Nigerian banking industry. The lessons learnt from corporate governance, effective risk the recent global financial crisis as well as the management, transparency and weaknesses, issues and challenges that preceded disclosure, as well as sound business the Nigerian banking sector crisis providing the ethics. basis for the far-reaching reforms initiated by the CBN in 2009. These reform measures had the · The improvements being recorded in objective of strengthening the stability and corporate governance and risk resilience of the financial system and ensuring that management, as well as the impact of the banking system contributes to the Asset Management Corporation of development of the real economy. Nigeria (AMCON), manifesting in the significant reduction in the ratio of non- performing loans (NPLs) to total credit in Adding that while the reforms may not yet have the banking sector. been fully bedded down, they have nevertheless This is an extract of the · Also a considerable improvement in the keynote address given by Dr. already changed the shape, structure and macroeconomic environment with a Kingsley Chiedu Moghalu at character of the banking system as well as broadly stable naira exchange rate the October 2011 Forum of redefined both the competitive landscape in sustained for over 18 months, and BDAN in Lagos. Dr Moghalu which banks operate and the dynamics of risk and is Deputy Governor of the inflation rate moderating to a single digit Central Bank of Nigeria in return that shape their businesses. He identified of 9.3 per cent. charge of the Financial some positive outcomes of the reform as: System Stability (FS S) · The recent take-over of the erstwhile Directorate. He is responsible · A new banking model that replaced the Afribank, BankPHB and Spring Bank Plc. for the implementation of far- erstwhile Universal Banking regime by AMCON following the intervention of reaching reforms to enhance which now governs the licensing and the quality and stability of the Nigeria Deposit Insurance banks and other financial operation of banks. Under the model, Corporation (NDIC) and the conclusion of institutions. He is also a banks are required to operate within the mergers and acquisitions involving member of the President of defined functional boundaries as the five remaining intervened banks the Federal Republic of commercial, merchant or specialized N i g e r i a ' s E c o n o m i c which has restored significant value to Management Team (EMT).
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