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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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.
It relied on the decision in Ndoma Egba v Chukwuogor. 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.
Nigeria: Bofia – CBN’s Powers Get Court Affirmation
We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. 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. Email required Address never made public.
Leave a Reply Cancel reply Enter your comment here 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.
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Nigeria: Shareholders Hail UBA’s Compliance of Bofia, CBN Rules
You are commenting using your WordPress. 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.
The court also noted that the legislature had used the word “or” after the provisions of Section 35 2 d iand Section 35 2 d ii followed. Umar further called on the bank to look at ways of improving its shareholders’ fund to be in the region of trillion naira. 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 bfia to exercising only 200 of the powers specified in sub-section 2 which allows for the removal of directors, boria of directors, capital injection, etc”but could indeed exercise same or all of the power specified in sub-section 2 of Bofi 35 of BOFIA.
The regulatory authorities, on their part, would further streamline the regulatory framework and strengthen the supervisory capacity to ensure a sound and efficient system.
Nigeria: Bofia – CBN’s Powers Get Court Affirmation –
He further commended the bank for its imitative to acquire some of the failed banks to make depositors of those bank s happy and bofi hardship in their faces.
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. Read the original article on This Day. Fill in your details below or click an icon to log in: 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.
Justice Archibong further observed that CBN Act 2009 an Act of the National Assembly, which empowers 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 2009 beyond its powers or did not comply with the provisions of the law on revocation of banking licences of the bank. This entry was posted in Uncategorized. Farouk Umar, Chairman, Advancement for the Rights of Nigerian shareholders said “The performance is quite commendable.
Provided that the Bank shall furnish any such statement or information to any agency of Government as required by law. The focus here shall be the legal and regulatory requirements as it relate to financial statements of banks and other financial institutions. 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 judge also referred to Apena v.
To find out more, including how to control cookies, see here: AllAfrica publishes around reports a day from more than news organizations and over other institutions and individualsrepresenting a diversity of positions on every topic. Articles and commentaries that identify allAfrica. 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: According to him “We shareholders are happy with the dividend and bonus payment despite the global market downturn.
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.
Also divisions in the directorate were reinforced with the hiring of seasoned senior level professionals from leading African and Nigerian financial institutions. 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.
The bank has made depositors of the failed banks it acquired happy and smiling. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.
Nigeria: Shareholders Hail UBA’s Compliance of Bofia, CBN Rules –
The lodestar of BOFIA has been ascribed to be the need to have a safe and sound banking and financial market in which public confidence will inhere. 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.
The non performing loan which dropped to 3.
Not satisfied with the action, some shareholders of Union Bank of Nigeria Plc, by way of originating summons, filed bofai action against the central bank and its governor, specifically challenging its powers to replace their executive directors.
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