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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Provided that the Bank shall furnish any such statement or information to any agency of Government as required by law.
Articles and commentaries that identify allAfrica. Justice Archibong further observed that CBN Act was an Act of the National Assembly, which vofia the CBN to intervene where it finds that depositors’ funds are in danger, adding that he did not find where in the suit or the law where the CBN acted beyond its powers or did not comply with the provisions bofoa the law on revocation of banking licences of the bank.
Notify me of new comments via email. AllAfrica is a voice of, by and about Africa – aggregating, producing and distributing news and information items daily from over African news organizations and our own reporters to an African and global public.
The shareholders also lauded the re engineering of the corporate communication directorate of the bank, saying ” It is a good step towards maintaining good corporate governance. We commend the Board and Management for this feat. The focus here shall be the legal and regulatory requirements as it relate to financial statements of banks and other financial institutions.
It would noted that following the conclusion of its Brand and Communication Transformation project spanning a bodia month period with a view to design a structure that will support the Group’s expansion and growth agenda, UBA re-structured and reinforced its Marketing and Corporate Communications Directorate with the mandate to build the foremost and bpfia recognisable financial services brand in Africa by The lodestar of BOFIA has been ascribed to be the need to have a safe and bofoa banking and financial market bofai which public confidence will inhere.
Nigeria: Bofia – CBN’s Powers Get Court Affirmation
The court finally recognised that the general 209 is that he who has the power to hire has the power to fire, ” To find out more, including how to control cookies, see here: Also divisions in the directorate were reinforced with the hiring of seasoned senior level professionals from leading African and Nigerian financial institutions.
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.
See What Everyone is Watching. They also argued that the revocation was tainted with malice and urged the court reverse the action.
The applicants argued that upon a proper construction of the powers conferred upon the governor by BOFIA, the governor had acted ultra vires, as the law only conferred powers on the governor to: He consequently removed their managing directors and executive directors and appointed replacements. At the end of the paper, the reader and examiner will be convinced that these provisions have been logically laid out as succinctly as possible to serve the purpose intended.
The shareholders who commented on the bank’s performance at the meeting said “For UBA not to pay fine to the CBN is an attestation of hard work, compliance of corporate governance and good quality leadership of both the Board and management”. 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.
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. Farouk Umar, Chairman, Advancement for the Rights of Nigerian shareholders said “The performance is quite commendable. 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.
It bovia noted that following the conclusion of its Brand and Communication Transformation. To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here. You are commenting using your Twitter account. The ruling was not the first time that the CBN would be receiving a judicial imprimatur on banks in the country.
Read the original article on Vanguard. You are commenting using your WordPress. They were accused of insider abuse and other offences ranging from recklessly granting loans totalling N billion that had gone bad.
This entry was posted in Uncategorized. These changes have been 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.
Nigeria: Shareholders Hail UBA’s Compliance of Bofia, CBN Rules –
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The bank has made depositors of the failed banks it acquired happy and smiling. He dismissed the argument of the plaintiff that the CBN’s act of revocation was tainted with malice and held that “CBN cannot standby, once it is shown that depositors’ funds are in danger.
Fill in your details below or click an icon to log in: They contended that the actions of the governor were in breach of the Memorandum and Articles of Association of the bank.
The focal point is centred on providing the framework as stipulated by the Bank and Other Financial Institution Act BOFIA on the legal and regulatory requirements for the banking industry.
We also commend the bank for making Nigerians rich in terms of bonus and dividend payment and also for acquiring some of the distressed banks and thus putting depositors of those banks in their former position. 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.
Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct. The issues to be treated will encompass enumeration of the various requirements of the Act and the challenges of compliance on the part of the banks.
You are commenting using your Facebook account. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. The court agreed that while “or” was generally construed disjunctively, there are instances where it is necessary to read and in place of or, and vice versa in order to carry out the intention of the legislature, and avoid absurd or impractical results.