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CIBN, Cleric Advocate Ethical Leadership To Rebuild Trust In Finance
By Grace Alegba
The President and Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Pius Olanrewaju, has urged financial professionals to embrace ethical leadership.
Olanrewaju, who made the call on Tuesday in Lagos at the CIBN Ramadan Lecture 2.0 held at Bankers House, said that ethical leadership would strengthen trust and sustainability in the banking sector.
The lecture had the theme, “Ethical Leadership in Finance: Insights from Islamic Values and the Tenets of Ramadan.”
It brought together industry stakeholders to discuss the role of faith-based values in strengthening governance and accountability in the financial system.
According to Olanrewaju, the lessons of Ramadan, including discipline, accountability, sincerity and compassion, should guide leadership and decision making in financial institutions.
“Ramadan teaches restraint, accountability, sincerity of intention and compassion. These are not merely spiritual virtues; they are governance principles,” he said.
He said that ethical leadership was critical in the financial sector where public trust remained central.
He said that, the institute also served as custodian of professional ethics in the industry.
Delivering the Ramadan lecture, Imam Nojeem Jimoh, Chief Imam of Lighthouse Muslim Community and National Amir of The Companion, said that finance played a vital role in modern society.
Jimoh, however, said that it could become harmful without ethical standards.
“Finance is the lifeline of modern society, but without ethics it becomes exploitation and wealth without accountability becomes corruption,” he said.
The cleric said that Nigeria had witnessed several financial scandals, mismanagement of public funds, insider abuses and policy failures, which underscore the urgent need for ethical reforms in the financial system.
He said that Islamic law, commonly known as Sharia, provided a moral framework for financial leadership anchored on justice, transparency and responsible stewardship.
He highlighted the objectives of Islamic law, known as Maqasid al-Sharia, which include the preservation of religion, life, intellect, lineage and wealth.
According to him, the protection of wealth under Islamic teachings promotes fairness in trade, prohibits theft and discourages exploitative financial practices.
He said that Islamic teachings also emphasised accountability, including the obligation to report corruption or abuse of public resources.
Jimoh also cited data showing that Nigerian banks recorded fraud losses running into tens of billions of Naira in recent years, highlighting the need for stronger ethical culture in financial institutions.
Jimoh said that Islamic principles emphasised justice, transparency and responsible stewardship in financial dealings.
According to him, ethical leadership requires integrity, accountability and protection of stakeholders’ interests.
He said that Islamic financial instruments such as Sukuk demonstrated how ethical financial models could support development while maintaining transparency.
“The values of Ramadan, including discipline, empathy and accountability, should guide financial leaders in building institutions anchored on integrity and public trust,” he said.
Jimoh also linked ethical financial leadership to the spiritual lessons of Ramadan.
“If we can carry the consciousness of Ramadan beyond 30 days, we can transform our financial institutions and build a system rooted in justice and responsibility,” he said.
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