Nigeria: NDIC Chief Urges Banking Sector to Prioritize Cybersecurity

The Chief Executive Officer of the National Deposit Insurance Corporation (NDIC), Bello Hassan, has emphasized the critical importance of cybersecurity in the banking sector. Speaking at the swearing-in ceremony of Professor Pius Olanrewaju as the 23rd President and Chairman of the Council of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, Hassan called for a concerted and collaborative approach to cyber risk management.

Hassan stated, “A deliberate and collaborative approach to cyber risk involving all stakeholders is essential to protect the resilience of the banking system.”

The ceremony, presided over by Senior Advocate of Nigeria Wole Olanipekun, saw Justice Owolabi Dabiri administering the oath to Professor Olanrewaju.

In a goodwill message, the Speaker of the House of Representatives, Tajudeen Abbas, represented by the Chairman of the House Committee on Banking, Nwachukwu Eze, commended the outgoing CIBN President, Ken Opara, and urged the new leadership to harness technology to enhance financial inclusion.

Abbas remarked, “Today, as we welcome the incoming president and new chairman of the council, we also reflect on the challenges and opportunities ahead. The banking sector is constantly evolving due to technological advancements, regulatory changes, and shifts in customer behavior. In facing these changes, the CIBN must remain committed to excellence and innovation. The new leadership must embrace emerging technologies and foster industry collaboration to navigate these challenges and seize new opportunities.”

He further stressed the importance of financial inclusion and sustainable development, noting that despite progress in expanding access to financial services, millions of Nigerians remain excluded from the formal banking sector.

“It is incumbent upon all stakeholders, including the CIBN, to redouble efforts to promote financial literacy, expand access to finance, and foster inclusive growth that leaves no one behind,” Abbas advised.

Chairman of the occasion, Wole Olanipekun, urged the CIBN to take a more proactive role in shaping government policies.

“CIBN should be involved in molding, modeling, and revitalizing critical measures and fiscal policies. With current challenges like inflation and high commodity prices, we cannot expect an institution like this to remain passive. They should play an advisory role to the government. We expect that within the next two years, the institute will take on a major role. They have been trying, but there is a need to try harder. Nigerians now need the institute more than ever,” Olanipekun declared.