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.