CBN Appoints CIBN As ADR Secretariat

The Chartered Institute of Bankers of Nigeria says it has been appointed by the Central Bank of Nigeria as the secretariat for the Alternative Dispute Resolutions platform for mortgage banks.

According to a statement, the CBN established a sub-committee on ethics and professionalism for mortgage bankers in a renewed effort to build public confidence as well as engender stability in the mortgage banking sub-sector of the Nigerian banking industry.

The statement said the sub-committee would ensure the settlement of disputes between mortgage banks and their customers on one hand, and among the mortgage banks, on the other.

It said the CIBN was appointed as the secretariat for the ADR platform/financial ombudsman for the mortgage banking sub-sector.

“The membership of the sub-committee includes representatives of the CBN, Nigeria Deposit Insurance Corporation, the CIBN, Mortgage Bankers’ Committee, Haggai Mortgage Bank Limited, Abbey Mortgage Bank Plc, Mortgage Banking Association of Nigeria and Imperial Homes Mortgage Bank Limited,” the statement added.

The Registrar/Chief Executive Officer, CIBN, Mr Seye Awojobi, lauded the establishment of the sub-committee, describing the development as a noble initiative.

Awojobi, who also doubles as the secretary of the sub-committee, called on mortgage bank customers and the banks to take opportunity of the platform to resolve their disputes with the banks and among themselves.

He enjoined mortgage banks to set up a complaints desk to handle customers’ complaints, as only the cases not resolved by the banks would be brought before the sub-committee for adjudication and settlement.

“The sub-committee will not handle cases that have already been reported to and handled by the regulatory authorities or cases before the court. Furthermore, it will not entertain cases that are more than six years old in line with Statute of Limitation Act,” Awojobi added.