According to Sterling Bank MD, banking is not a path to become a billionaire

Becoming a professional banker is not the path to becoming a billionaire, Abubakar Suleiman, the managing director and chief executive officer of Sterling Bank, has cautioned recently inducted members of the Chartered Institute of Bankers of Nigeria.

At the 2024 Stream 1 graduate induction and prizegiving day of the CIBN, which was held in Lagos with the topic “Ethics and Professionalism: A Prerequisite for Building Sustainable Career and Institution,” on Saturday, Suleiman made this statement.

485 graduates were inducted by CIBN; these included 18 from the CBMBA route, 4 from the MSc/ACIB route, 33 from the Chartered Bankers route through a partnership with Lagos Business School, 281 from the standard examination route, and 149 applicants as Microfinance Certified Bankers.

Speaking to the group of attendees, which included past institute presidents, Abayomi Oluyomi, the commissioner of finance for Lagos, and other stakeholders, Suleiman advised the inductees to consider the reasons behind their choice of career.

He said, “If your purpose is wealth and I will say this with all sense of responsibility, if you find a banker, a professional banker, not an owner, not an owner-manager, not an entrepreneur in banking but a professional and he says he’s wealthy, look at the person and ask how?

“By virtue of being a professional in employee status, that is not the road map to ‘billionaireship’ unless you are a thief and you are not. Otherwise, you wouldn’t be bothered becoming certified, taking your professional career so seriously, if all you are interested in is to make money.

“If you are looking for a purpose, banking will offer you a purpose. And there is a lot that banking can offer you if you are looking for a higher level of service. But if you are looking for wealth and to ride private jets, your ambition has already denied you the ability to be ethical.”

He asked the new members to have the utmost respect for the organization, pointing out that trust is the only commodity exchanged in banking and that without it, banking does not exist.

Suleiman talked about bonds raised by two subnationals in the South-West and the actions he took, sharing his personal experience using finance as a vehicle for development.

He said, “One of the things that I brag about and probably don’t say in public enough was when two states, Lagos and Osun, issued their first set of bonds. There was a development bond issued by Lagos State, and the yield was roughly 10 per cent. It was below market; it was not profitable.

“I was one of those who insisted that the institution where I was treasurer invest a significant amount in that bond. I knew that money was just going to be spent; it was money that would be invested and create opportunity for all of us.

“The second one was when Osun State issued a sukuk for education. It had never been done before. People were reluctant to invest, but I knew that putting money into something that would improve education, even if it was not the most profitable decision, was the right decision because my purpose was beyond making a profit and getting a bonus. I wanted to be part of the nation-building exercise. So, I urge you to have clarity of purpose.”

Ken Opara, President/Chairman of the Council of the CIBN, enumerated some of the institute’s measures to promote ethics and professionalism in his introductory remarks.

He said, “In recent years, the financial services industry has faced numerous challenges and controversies that have underscored the critical need for a renewed focus on ethics and professionalism.

“Instances of unethical behaviour, regulatory violations, and breaches of trust have tainted the reputation of the industry and weakened public confidence. High-profile cases of misconduct and infractions have not only resulted in financial losses but have also injured the reputation of financial institutions and professionals.

“In response to this challenge, the institute has implemented a mandatory annual Ethics Compliance Certification Programme, which is being deployed through the CIBN e-Learning platform for staff of banks.”

Opara claims that in addition to addressing specific instances of misbehavior, the certification’s goal is to guarantee that Nigerian banking practices adhere to the international standards set forth by the Global Banking Education Standards Board.

“By fostering a culture of ethical conduct and continuous learning, we can uphold the integrity of our profession and enhance trust and confidence in the financial services sector.

“Another critical initiative of the institute, which will help drive this crusade, is the human capital development project, which will culminate in the establishment of a banking school, which will, among other things, harp on entrenching ethics and professionalism among practitioners. The governing council will, in the days ahead, constitute the board of that banking school to superintend on the project,” he declared.

The Lagos commissioner, who was the special guest of honour at the induction, enjoined the inductees to “uphold the lofty ideals of this great institution by being of good character and resisting all temptations to compromise on the ethical standards laid out by the institute”.