made under Act 24 of , Act 11 of and Act 23 of The. Central Bank accepts no liability for any loss arising of its use. The updated version of the Act. The Aftermath of the Financial Crisis Y. Makanjuola Other Financial Institutions Act (BOFIA), the CBN governor could not exercise powers both to remove. 30 Apr. 31 Dec. 30 Apr. N’ N’ N’ . of these accounts in accordance with Section 27(5) of BOFIA (as.
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This study has been embarked upon to clearly enumerate all the provisions on legal and regulatory requirements guiding the operations of banks in Nigeria and their financial reporting as stipulated in the Bank and Other Financial Institution Act BOFIA. Email required Address never made public.
To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here. Diversification of the productive base of the economy remains a fundamental challenge of economic management, and banks will increasingly be challenged to become more innovative in their intermediation function, and especially to increase financing to the productive sectors.
Martin, will take over effective 1st February, from Mrs. Meanwhile, our retail outlet in London should be improved and we would also want to know how the unclaimed dividend is put to use in our next report. By continuing to use this website, you agree to their use. To address comments blfia complaints, please Contact us. The court, after reproducing all the relevant provisions of BOFIA, held that the use of the word ‘any’ in Section 35 of BOFIA meant that the governor was not restricted to exercising only one of the powers specified in sub-section 2 which allows for the removal of directors, bofoa of directors, capital injection, etc”but could indeed exercise same or all of the power specified in sub-section 2 of Section 35 of BOFIA.
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Martin Anyanwu a multi-sectoral sales, Marketing and Advertising guru with almost 2 decades experience garnered in reputable institutions including Nigerian Breweries- the Heineken Affililiate company in Nigeria. AllAfrica publishes around reports a day from more than news organizations and over bkfia institutions and individualsrepresenting a diversity of positions on every topic.
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Provided that in the case of paragraph e of this subsection, the Governor may not order a special examination or investigation of the books and affairs of a bank if he is satisfied that it is not necessary to do so. Provided bofiq the Bank shall furnish any such statement or information to any agency of Government as required by law.
Nigeria: Bofia – CBN’s Powers Get Court Affirmation
He consequently removed their managing directors and executive directors and appointed replacements. 209 focal point is centred on providing the framework as stipulated by the Bank and Other Vofia Institution Act BOFIA on the legal and regulatory requirements for the banking industry. Among the things they quarrelled with in the suit was that the apex court acted beyond its powers in the revocation of the bank’s licence.
The bank chiefs were further accused of failing to give a true and fair view of the state of the bofiaa of the banks to CBN by incorrectly importing false amounts of commercial papers under the Expanded Discount Window in the statement of assets and liabilities, offences contrary to and punishable under Sections 20 b 728 1,2, and 324 and 50 of BOFIA.
Nigeria: Shareholders Hail UBA’s Compliance of Bofia, CBN Rules –
The ruling was not the first time that the CBN would be receiving a judicial imprimatur on banks in the country. Articles and commentaries that identify allAfrica. The non performing loan which dropped to 3. They contended that the actions of the governor were in breach of the Memorandum and Articles of Association of the bank.
Nigeria: Shareholders Hail UBA’s Compliance of Bofia, CBN Rules
The judge also referred to Apena v. To find out more, including how to control cookies, see here: Notwithstanding anything contained in any law or memorandum and articles of association of a bank, where the Bank or an appointed person has, pursuant to an order under section 34 of this Decree assumed control of a bank whose paid-up capital is lost or unrepresented by available assets, the Bank may, with the approval of the President.
To address comments or complaints, please Contact us. We commend the Board and Management for this feat. Leave a Reply Cancel reply Enter your comment here The court noted that by Section 35 2 d of BOFIA, the powers of the governor were exercisable, notwithstanding anything in any written law, or any limitation contained in the Memorandum and Articles of Association of the bank.
He held that since documentary evidence available before him showed that Bank PHB had non-performing loans of N billion, with its liquidity ratio below 25 per cent and was showing signs of a failing bank in dire need of capital, this made the intervention of the apex bank imperative.
Nigeria: Bofia – CBN’s Powers Get Court Affirmation –
To contact 209 copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here. NUPP and stated that in the context of which the word was used in Section 35 2 d ithe word “any” clearly indicates that there is no limit to the number of directors that the governor of the central bank is empowered to remove.
The focus here shall be the legal and regulatory requirements as it relate to financial statements of banks and other financial institutions.
According to the judge, “The words are to be understood by looking at the subject matter they are speaking of and the object of the legislature as words could produce different intentions in reference to a different set of circumstances whereby sic another would have been produced.
The bank has made depositors of the failed banks it acquired happy and smiling. These changes have 209 influenced largely by challenges posed by deregulation of the financial sector, globalization of operations, technological innovations and adoption of supervisory and prudential requirements that conform to international standards.
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