Tuesday, July 21, 2026

Fraud: Banks focus on profit, neglect staff training, says former CIBN boss

He said the development was dangerous to the banking profession and the business.

• March 8, 2026
Fraud alert
A fraud alert photo used to illustrate the story [Photo credit: Facebook]

Okechukwu Unegbu, a former president of the Chartered Institute of Bankers of Nigeria (CIBN), has urged banks in the country to ensure the professional training of their staff.

Mr Unegbu, also a former banker, told journalists on Sunday in Abuja that most banks now feign ignorance about professionalism but are focused on profit-making.

He said the development was dangerous to the banking profession and the business.

The expert added that training, which could be done in conjunction with the CIBN, would ensure integrity, adequate knowledge, and discipline in the industry.

Mr Unegbu said the shortage of professionals in the sector had contributed to the increasing rate of corruption and fraud in banks.

He also said the situation had led to the mistreatment and disenchantment of customers by bank staff.

Mr Unegbu, who recounted his experience with some bank staff, noted that banks needed to improve their training programs for the growth of the industry.

”What I have discovered is that banks are no longer training their staff to be professionals, and this is very dangerous.

”Banks just employ people, pay them as if they are daily-paid workers, and those people have no interest in developing professional careers in the sector.

”So, the banks have lost the professional touch among their staff; they need to implement significant changes in that direction.

”What they are thinking about now is making profit, but there is a profit-growth procedure that comes from professionalism, where you have core staff with integrity, professional training, and adequate enforcement of banking rules.

”That is why, most of the time in some banks, there is a high rate of corruption and fraud, because staff who are not professionals are not thinking of growing within the institution.

”What most of their staff think about is making quick money and leaving as fast as possible, and even if they are caught, it doesn’t matter.

”So, the best thing for banks is to change that mindset and let staff serve customers properly to ensure the growth and stability of the bank,” he said. 

(NAN)

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