By: Tunde Olofintila
The Regulatory Body for Banking Practices in the country, the Chartered Institute of Bankers of Nigeria, CIBN, has commended the Founder & Chancellor of Afe Babalola University, Ado-Ekiti, ABUAD, Aare Afe Babalola, OFR, CON, SAN, Fellow, King’s College, London, FNAE, for breathing a wave of fresh air into tertiary education in Nigeria through his 16-year-old university.
In an open acknowledgement that Babalola’s patriotic and altruistic initiative has paid off, the CIBN declared that within 16 years of its commencement of Academic works on January 4, 2010, the university has become a leading light in the comity of universities in Nigeria, Africa and the world at large.
In addition to the spate of national and international accolades showered on the university by national and international education stakeholders, the icing on the cake of laurels so far won by the university came up on June 18, 2025, in faraway Turkey when it was ranked by Times Higher Education Impact Rankings among the Best 100 universities in the world, No. 3 in Africa and No. 1 in Nigeria for four consecutive years: 2022, 2023, 2024 and 2025.
CIBN’s commendation came to the fore over the weekend during the concretization of a Memorandum of Understanding (MoU) between CIBN and ABUAD to further enhance the quality of Banking & Finance Education and integrate deeper professionalism into Academic programmes.
Speaking at the signing of the MoU, CIBN’s President & Chairman of Council, PCC, Prof. Pius Olanrewaju, FCIB, who said he was impressed by what he saw in ABUAD, reiterated that the partnership between the two institutions is aimed at bridging the gap between theoretical knowledge and practical skills in Nigeria’s Financial Services Sector.
Olanrewaju emphasized that the partnership aligns with CIBN’s Legacy Agenda, which prioritizes Human Capital Development, Youth Empowerment and the long-term sustainability of Nigeria’s Financial System.
According to him, the partnership with ABUAD is a strategic initiative to strengthen collaboration between Academia and the Professional Banking community, adding that this would significantly improve employment opportunities and readiness for the evolving demands of the Financial Services Industry.
His words: “This collaboration reflects our commitment to strengthening the nexus between Town and Gown. It will also ensure that graduates are not only academically sound but are also professionally prepared to thrive in a rapidly changing global environment”.
He commended ABUAD for embracing the initiative and demonstrating a commitment to professional relevance within the university’s academic offerings.
In his own contribution, ABUAD’s Bursar, Pastor Modupe Babalola, FCIB, said with the CIBN’s intense efforts at ensuring professionalism, the regime of Contract Staff (Casual workers) and other non-professionals alike would no longer have a place in the country’s Banking space.
A seasoned Banker himself, Babalola described as “highly embarrassing and unwarranted, a situation whereby a whole lot of strangers to Banking are the ones calling the shots in the Banking sector while those who are certificated are wasting away”.
He added: “I am happy with the commendable steps being taking by the current leadership of the CIBN. They should intensify their efforts in this regard so that our qualified members would no longer be consigned to the unemployment market”.
Earlier in her Welcome Address, ABUAD Vice Chancellor, Prof Smaranda Olarinde, FCI. Arb, FCAI, said it was historic that ABUAD and CIBN came together to formalize a partnership that promised to deepen professional excellence, strengthen academic relevance and shape the future of Banking and Financial Services Education in Nigeria.
She said the MoU with CIBN underscored commitment of the University to promoting professional excellence, strengthening financial education, and contributing to the development of a globally competitive banking workforce in Nigeria.
She disclosed that through the collaboration, students at the University, particularly those in Accounting, Finance, Economics, Business Administration and related disciplines would benefit from structured professional pathways, exposure to industry best practices, certification opportunities, mentorship framework and curriculum alignment with global Banking standards.
At the last count, CIBN has executed over 83 similar Linkage Agreements nationwide, covering 59 Universities and 24 Polytechnics, with additional participation, through postgraduate linkage arrangements.
Olofintila, ABUAD’s Director of Corporate Affairs writes from Ado-Ekiti