About Us / Frequently Asked Questions

Who are the members of FITC?

The members of FITC comprise the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), all Deposit Money Banks and Discount Houses in Nigeria.

When did FITC start operating as an institution and what are its objectives?

FITC commenced business on 1st of September, 1982 and was incorporated in 1984 under 
the Companies Act 1968 as a non-profit-making organization limited by guarantee. The 
Centre has the following objects:

 

Provision of human capital development and advisory services to discerning clients, with special attention to institutions in the financial services sector
Protecting, promoting and advancing the knowledge and practice of banking and finance by organising seminars, lectures, workshops, etc
Protecting, promoting and advancing the knowledge and practice of good corporate governance in all sectors of the Nigerian economy
Initiating, supporting and advising on legislation or other measures affecting the aforesaid interests
Exploring opportunities for mutual co-operation with reputable institutions committed to similar objectives
Printing and publishing any newsletters, periodicals, bulletins, books or leaflets that it may consider desirable for the promotion of its objects
Doing all such things that are incidental or conducive to the attainment of the above objectives
 

 

FITC was originally known as the Financial Institutions Training Centre. What informed the old name and the re-branded name?

The Financial Institutions Training Centre is an institution that emerged in 1981, primarily to fill the human capacity development gaps in the financial services sector.
It was so named because the Okigbo Committee that reviewed the Nigerian financial system then had recommended that the Central Bank of Nigeria (CBN) should take the leadership to initiate, develop and finance a scheme of massive training for middle and top management staff of the financial services sector. In response to this, the Central Bank of Nigeria, working in collaboration with all licensed banks (under the auspices of the Bankers’ Committee), established the Financial Institutions Training Centre.

Its re-branded name, FITC, was informed by the need to align its corporate identity with its expanded professional services, which now encompasses Training, Consulting and Research. Specifically the new identity is aimed at removing the ambiguities surrounding its scope of operations, which is a response to the dynamic nature of the industry.

How is FITC funded?

FITC is a non profit organisation that funds its activities from two main sources. First, through annual subscriptions paid by its members who are the CBN, NDIC, and all licensed banks and discount houses in Nigeria. The second source is through its internally generated revenue. However, over the years, FITC has made conscious efforts to reduce its dependence on members’ subscriptions. 
 

What is the difference between FITC and CIBN?

The CIBN and the FITC have clearly distinct mandates. While the CIBN is a professional institute established to regulate the conduct of its members in the practice of their profession, the FITC is a special purpose vehicle, established to bring dedicated focus to the training and development of persons employed in the financial services sector. In other words, the CIBN activities centers on promoting ethics and professionalism, self-regulation and public advocacy in the practice of banking, while the FITC focuses primarily on training, consulting and research activities in support of all the players in the financial services sector and related industries.

What are the main activities of FITC?

FITC’s main activities include the following:

Organizing training programmes
Organizing conferences, public lectures and other specialized events aimed at public enlightenment
Conducting research into matter of interest in and outside the financial services sector
Publishing journals, monographs, newsletters and books etc., both as an outlet for its research efforts and to reinforce its training activities
Providing advisory services to its members and other business organizations
Serving on sub-committees of the Bankers’ Committee
Collaborating with complimenting institutions to deliver qualitative yet competitive prized services
What is the future of FITC in the light of the emergence of training schools being established by the banks?

In the first place, the FITC was not established to displace or compete with the training schools of individual banks. Rather, it exists to complement their efforts. While the training schools focus largely on low and middle level staff and on reinforcing the unique heritage and internal processes of each institution, the FITC focuses on middle and upper level staff and deals with subjects of general and specialized nature. Again, the FITC is able to draw on sector-wide resources and forge institutional alliances that benefit the sector as a whole. Besides, due to its widened scope in advisory services and research over the years, FITC has built strong competences in disciplines that other industries have started tapping into. In addition, FITC’s network of international partners has grown so wide that the Centre is fast assuming the status as the leading organizer of international programmes. So, the future of FITC is not threatened by the growth in the system.

Since FITC is a non-profit making organization, it is not unlikely that some individuals would have contributed to its growth over the years; may we know some of them?

FITC has a long list of such people, but to mention a few, we have the following:

Dr. Pius Okigbo
Chief (Dr.) Joseph Sanusi
Mr. John Ebhodaghe
Mr. Victor Odozi
Chief T. O. Agbelusi
Professor Chukwuma Soludo
Alhaji G. A. Ogunleye, OFR
Dr. Shamsuddeen Usman
Rev. Tunde Lemo
Dr. Oladimeji Alo 
Dr Lucy Surhyel Newman

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