SEC emphasizes strong regulation’s role in boosting banks’ growth

The Securities and Exchange Commission (SEC) has said the remarkable growth witnessed in the Nigerian banking industry over the past decade is partly attributable to the capital market and SEC’s comprehensive regulatory approach. Mr. Lamido Yuguda, Director General of SEC said this at the 2023 Chartered Institute of Bankers (CIBN) graduates’ induction and prize award recently in Lagos. He said, “The harmonious relationship between the capital market and the banking sector is further exemplified by our role in facilitating capital raising, mergers and acquisitions for banks.  “By streamlining the listing process and ensuring adherence to high standards of transparency and corporate governance, we enable banks to tap into the securities market as a means to secure funds from a diverse range of investors “This synergy between the banking industry and the capital market is illuminated by the fact that only 4 out of the 25 banks that emerged from the Central Bank’s 2004 recapitalization exercise did not access the capital market before compliance.” Yuguda charged the graduates on professionalism and adapting to changes in the financial world.  “Distinguished graduates, as you embark on your banking careers, remember the importance of integrity, good moral conduct, and adaptability. “The financial world is evolving rapidly due to technology and global changes. Embrace these shifts as unique and timely opportunities to contribute positively to the banking industry”, he said.  He said the theme, “Navigating the Pathways of Banking Excellence,” aptly encapsulates the journey that each of them embarks upon. “I extend my sincere gratitude to the Chartered Institute of Bankers of Nigeria for its determined commitment to nurturing industry-ready professionals. Your dedication resonates with our shared vision of fostering a resilient, well-regulated financial ecosystem that can withstand challenges and foster sustainable growth. “The most renowned professionals are celebrated today for building business empires and nurturing thoroughbred professionalism, achieving success through proper conduct, steadfast dedication, and a meticulous approach that allowed them to refine their long-term visions and goals. He said the CIBN’s vision aligns with the Commission’s quest for transparent and fair conduct in securities business by ensuring that operators in the capital market play according to the rules. “The Commission also recognizes individual and corporate players whose conducts not only ensure compliance but do more to make investment an interesting endeavour. “As regulators and professional bodies, we must ensure that our onboarding processes for new entrants are robust enough so that only fit and proper persons find their way into the very exciting careers in the financial market.  “Similar to what obtains in the money market, the Commission’s engagement spans a spectrum of activities, including registration, surveillance, proactive regulation, and robust enforcement mechanisms, all aimed at nurturing a fair and transparent market environment.  “Even though the CBN is unrelenting in ensuring full compliance by banks and other financial institutions through relevant departments, the professional bodies, especially the CIBN must leverage continuous assessment to ensure that bankers demonstrate probity and ethical conduct at all times.     “As the financial market continues to evolve with the increasing need to embrace financial technology, we must keep fine-tuning the regulatory frameworks that guide our continued operation in the market,” he said.   He said the culture of transparency mandated by the Investments and Securities Act empowers investors to make informed decisions. 

Zenith Bank wins Best Commercial Bank for consecutive 3rd time

*Grabs Best Corporate Governance awards For a third year running, Zenith Bank Plc has been named the Best Commercial Bank in Nigeria at the World Finance Banking Awards 2023.  The bank also emerged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards 2023, retaining the award for a second consecutive year. The awards were presented to Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, at the London Stock Exchange recently. The recognitions celebrate the bank’s tremendous feats and milestones in financial performance, financial inclusion, corporate governance, and sustainability. Commenting on the awards, Dr Onyeagwu said: “These awards are a testament to our resilience and ability to adapt to the vagaries of the market as well as our innate capability to engender very stellar business performances through our innovative products and solutions. It also affirms our continued commitment to global best practices in corporate governance, sustainability and corporate social responsibility.” The MD dedicated the awards to the Founder and Group Chairman, Jim Ovia, thanking him for his mentorship and for establishing the basis for a resilient and highly successful institution. He also expressed gratitude to the board for their exceptional leadership, vision, and insight; to the staff for their unwavering commitment and dedication; and to the bank’s customers for making Zenith their preferred bank. World Finance is a foremost international magazine providing extensive coverage and analysis of the financial industry, international business, and the global economy. Its editorial combines award-winning journalism, covering a vast array of topics from banking and insurance to wealth management and infrastructure investment, with contributions from some of the world’s most esteemed economists and theorists and consultants from government think tanks and the World Economic Forum. Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with these latest honours coming on the heels of several recognitions, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.