Ethics and Professionalism; the Current Challenges for Nigerian Banks

Okere Peter. A Phd, Njoku Gospel O and Cletus O Okere
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Okere Peter. A Phd: Dept. of Banking and Finance Imo State Polytechnic, Umuagwo-Ohaji, Nigeria
Njoku Gospel O: Dept. of Banking and Finance Imo State Polytechnic, Umuagwo-Ohaji, Nigeria
Cletus O Okere: Dept. of Accountancy, Imo State Polytechnic, Umuagwo-Ohaji, Nigeria

International Journal of Research and Innovation in Social Science, 2020, vol. 4, issue 8, 72-77

Abstract: The main objective of this study is to address the importance of ethics and professionalism in the banking industry in Nigeria more especially in this period of COVID-19 and also address the consequences of unethical and sharp practices in the banking industry. Banks in the modern day world, play an intermediary role between the deficit economic units and surplus economic units of the society, executing savings and investment functions. The protection of the rights and interests of numerous stakeholders is sine quo non for banking sector stability and the requirement for economic development and therefore, banks are expected to ethically pursue their operations in compliance with the principles of integrity, impartiality, reliability, transparency, social responsibility and denounce unethical and unprofessional practices. It is therefore recommended that the Central Bank of Nigeria should ensure tougher disciplinary measures against any erring bank staff as this could go a long way to further mitigate the rising trends of unethical and unprofessional practices in the Nigerian banking sector. The Institute of Bankers should also enforce full compliance of the Institute professional code of conduct in the banking industry in Nigeria.

Date: 2020
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