Financial Sector Conduit Pipe for Illicit Funds—CIN President

**Offers to sanitise industry

By Dipo Olowookere

If given the needed support by the government and other stakeholders, the Compliance Institute, Nigeria (CIN) will help in the fight against corruption, terrorism, money laundering and other crimes in the financial industry.

This was the submission of President of CIN, Mr Pattison Boleigha, during a world press conference in Lagos last week.

“The financial sector is a conduit through which illicit finances pass through. The way the institute will assist is to train compliance officers who will be working in the banks and make sure the rules of the Central Bank of Nigeria (CBN),” Mr Boleigha told newsmen at the event.

The CIN boss said the institute, which would soon be chartered, was established to encourage and promote compliance within the regulatory environment.

“The Compliance Institute, Nigeria, has so far conducted six sets of examinations for members from banking and other financial institutions for the award of the professional certificate of Designate, Compliance Professional (DCP) with over 400 members taking the examinations,” he said.

“We also offered an opportunity to grandfather compliance practitioners with the requisite qualifications and experience and will be awarding over 40 Associate, Compliance Institute, Nigeria (ACIN) and over 60 Fellow, Compliance Institute, Nigeria (FCIN) certifications.

“All the certificates will be officially awarded at our first inaugural investiture ceremony holding on December 9, 2017,” he added.

According to him, though the Compliance Institute is starting with the induction of those in the financial institutions, the body will extend compliance training and practices to other institutions.

Mr Boleigha further stated that the institute will spread its activities to cover the rest of West Africa within the next one year.

“We are also in talks with industry compliance experts from oil and gas, telecommunications and manufacturing sectors to include curricula for these sectors of our economy,” he said.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via

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