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CIBN: Dr. Opara Bows Out, Advocates Wealth Transfer, Building Of Enduring Structures

…As Leaders In Financial Sector Pay Glowing Tributes, Say Dr. Opara Transformed Institute Beyond Expectations

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The moment was nostalgic in feeling as Dr. Ken Opara was officially pulled out as the 22nd President and Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN) on Thursday, in Lagos.
Cablenews24 reports that the ceremony saw top bankers and stakeholders in the nation’s financial sector paying glowing tribute to the man they said has lifted and transformed the institute beyond everyone’s expectations.
They described Dr. Opara’s tenure as one with meaningful developments.
 In his valedictory speech, Opara stressed the need for generational wealth  transfer and maintained that leaders of today must strive to build enduring structures that will pave way for the younger generation.
“We must know that our businesses and professional Institute belong to the younger generation, hence, strategies should be built around them to prepare them with the necessary skills, competencies and attitudes necessary for sustainability, and that lack of this understanding has been and remain the major reason many businesses do not survive the “third generational curse” Dr. Opara said.
He added that the world is changing faster than ever imagined, hence, the need for innovation in every aspect of business and professional life has become imperative and inevitable. Lack of innovation means lack of adoptive and adaptive capacity for many organizations necessary for resilience and sustainability.
Dr. Opara was particular about the need to address what he termed as the inability to provide quality leadership, attributing it to reasons responsible for many Nigerian companies not able to survive the next generation .
While speaking of his tenure’s strategic agenda termed “FUTURE”, Opara said “findings revealed that the extent to which organization’s life can be stretched while fulfilling its purpose is termed as sustainability. This is consistent with the concept of Product Life Cycle (PLC) which organizations strive to maintain.
“The environment, society, and economy comprise the three pillars of the sustainability paradigm. Long-term objectives of a   corporation include environmental sustainability centered on threefold profitability, society, and the planet (Elkington and Fennell,1998), whereas short-term objectives are solely concerned with economic gain (DuBois and Debois, 2012). Organizational sustainability is contingent upon its responsiveness and achievements (Rahman et al., 2022b).
“Organizational sustainability is a holistic organizational strategy that enhances the capability to adapt to technological, environmental, social, economic, and political or institutional dynamics. To achieve this, firms need competent leadership, a respectable talent pool, resources, organizational behavior, and a culture that addresses sustainability issues and creates organizational sustainability as a whole (Rahman et al., 2022)”.
While speaking on his tenure’s performance highlight, Opara said the tenure was able to facilitate an expansion process where a total of 23,688 new members were added to the numerical strength of the institute and that for the first time, the Institute crossed the N1 billion mark by achieving a Net Operating Surplus of N1.37 billion in 2023 when compared with N837.9 million achieved in 2022.
Total assets also grew to over N9 billion in 2023 from N7.8 billion in 2022 while for the first time also, the Cost-to-Income ratio for the year ended December 31, 2023, was 50.72 per cent as against 59.41 per cent in 2022.
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