By the provisions of the CIBN Act No. 5 of 2007, the Institute is governed by a Governing Council which includes the President/Chairman of Council, the Vice Presidents, National Treasurer, Representatives of Body of Past President, Governor, Central Bank of Nigeria, Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation, representative of Ministries of Finance and Education, Mortgage Banking Association of Nigeria, National Association of Microfinance Banks, Development Bank as well as representative of National Universities Commission, six representatives of the Banks and three co-opted members. The Council is chaired by the President/ Chairman of Council.

The Chief Executive formerly referred to as Executive Secretary is now addressed as Registrar/Chief Executive and serves as Secretary at Council meetings.

Fellows and Associates are tagged, FCIB (Fellows Chartered Institute of Bankers) and ACIB (Associates Chartered Institute of Bankers) instead of FIB and AIB.

In its policy formulation and co-ordination efforts, the Governing Council is assisted by eighteen standing Committees namely:

1. Office Holders Committee
2. Body of Past Presidents
3. Investigating Panel
4. Disciplinary Tribunal
5. Practice Licence Board
6. Body of Banks’ CEOs
7. Education and Students Affairs Committee
8. Examination Committee
9. Membership Affairs/ Branch and Chapters Development Committee
10. Inter-Government and Regulatory Affairs Committee
11. Board of Fellows
12. Faculty Management Committee
13. Publicity and Image Management Committee
14. Ad hoc Committee on Annual Dinner
15. Information Communication and Technology Committee
16. Research and Strategic Planning Committee
17. Finance and General Purposes Committee
18. Council Ad-Hoc Committee on Annual General Meeting (CACA)

The CIBN Act provides for the maintenance of a register of members to be printed, published and sold to the public. It empowers the Institute to ensure the furtherance, maintenance and observance of ethical standard and professionalism among practitioners of banking profession. The Act makes it an offence for a non member of the Institute to practice banking. It empowers Council to set up an Investigating Panel to inquire into cases of unprofessional conduct leveled against any member and to refer any case in which it believes in its preliminary enquiry that a member has a case to answer to the Disciplinary Tribunal.

If found guilty, the Tribunal may order the Registrar/Chief Executive to strike off the member's name from the register. If the case is of a criminal nature, it is referred to the police for prosecution in a law court. The Tribunal has the status of a High Court as appeal from its judgement can only be entertained by the Court of Appeal.

The formalisation of the Institute's Chartered Status no doubt, created the legal authority to impose its operating standards and ethical principles on an increasingly complex financial sector.