The outgoing President of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Pius Olanrewaju, has identified insider complicity as a primary driver of the escalating cybercrime crisis in Nigeria's banking sector. In his valedictory address scheduled for Thursday, he will emphasize the critical need for ethics and professionalism among bankers to combat this growing threat.
Ethical Decline and Recruitment Lapses
Prof. Olanrewaju noted that the banking landscape has changed significantly, and bankers must internalize moral rules both endogenously and exogenously. He lamented that cybercrime now poses one of the greatest dangers to the financial system, contrasting it with earlier times when rigorous background checks, including investigations at secondary schools, ensured ethical conduct. He revealed that two banks were recently attacked, resulting in the theft of billions of naira by fraudsters.
“High-level cybercrimes are now committed by staff in collaboration with mercenary forces and top officials,” he stated. “This is a major challenge. No nation is without crime, but Nigeria's situation is advancing at a geometric progression that could destroy the system.”
Scrutiny Deficiencies in Employment
He criticized current employment practices, alleging a lack of thorough scrutiny. “Today, you can bring in money and we employ you without proper checks. Promotions come easily if you mobilize deposits, yet the hallmark of banking is not mobilization. Credit analysis is crucial; without it, funds move out and never return, leading to illiquidity and insolvency.”
Olanrewaju warned against haste, stating, “We have forgotten that money accumulated over 25 years can collapse in a minute due to a lack of integrity.”
Leadership Transition
Prof. Olanrewaju, the 23rd President of CIBN, will hand over to Dr. Dele Alabi, the immediate past First Vice President, during an investiture ceremony on Saturday, 16th May 2026, in Lagos. As the 24th President/Chairman of Council, Dr. Alabi is expected to provide visionary leadership to strengthen the Institute’s strategic relevance in the evolving financial ecosystem. His tenure aims to usher in innovation, professional excellence, stakeholder engagement, and a renewed commitment to ethical standards and global best practices.
