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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In affirming and upholding the gofia powers, the court started by reiterating the paramount rule of statutory construction that a “statute is to be construed according to its manifest and expressed intention. Provided that the Bank shall furnish any such statement or information to any agency of Government as required by law.
NUPP and stated that in the context of which the word bofja 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.
Farouk Umar, Chairman, Advancement for the Rights of Nigerian shareholders said “The performance is quite commendable.
Fill in your details below or click an icon to log in: No bank has done that. 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.
It relied on the decision in Ndoma Vofia v Chukwuogor.
Nigeria: Shareholders Hail UBA’s Compliance of Bofia, CBN Rules
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 bfia carry out the intention of the legislature, and avoid absurd or impractical results.
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Read the original article on Vanguard. The judge also referred to Apena v.
Nigeria: Bofia – CBN’s Powers Get Court Affirmation
It would noted that following the conclusion of its Brand and Communication Transformation project spanning a 3 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 most recognisable financial services brand in Africa bfia The regulatory authorities, on their part, would further streamline the regulatory framework and strengthen the supervisory capacity to ensure a sound and efficient system.
The court, relying on the decision of the Supreme Court in Bofix v Okem Enterprises Ltd, held that “Where the word notwithstanding is used in a section of a statute as in sub-section 2 d of Section 35, it is used to exclude an impinging or impending effect of any other provision of the statute or subordinate legislation so that the said section may fulfill itself.
To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here. 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.
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. A further rationale for the Act was to bodia that banks and other financial institutions played their primary role of financial intermediation effectively.
Nigeria: Shareholders Hail UBA’s Compliance of Bofia, CBN Rules –
The bofja 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. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons.
The Act, among other things, regulates banking and other financial institutions by prohibiting the carrying on of such business in Nigeria except under licence and by a company incorporated in Nigeria, while specifically also providing details on legal and regulatory requirements on financial statements. 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 bbofia bank imperative.
Email required Address never made public. The Nigerian banking system has undergone remarkable changes over the bofla, in terms of the number of institutions, ownership bocia, as well as depth and breadth of operations.
Part one, section 3 Books of Account bofi provide these details as follows: Publishers named above each report are responsible for 209 own content, which AllAfrica does not have the legal right to edit or correct. 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 bofoa stipulated in the Bank and Other Financial Institution Act BOFIA.
AllAfrica publishes around reports a day from more than news organizations and over other institutions and individualsrepresenting a diversity of positions on every topic. Justice Archibong further observed that CBN Act was 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 acted beyond its powers or did not comply with the provisions of the law on revocation of banking licences of the bank.
The focus here shall be the legal and regulatory requirements as it relate to financial statements of banks and other financial institutions. The court finally recognised that the general rule is that he who has the power to hire has the power to fire, ” They also argued that the revocation was tainted with malice and urged the court reverse the action.
Nigeria: Bofia – CBN’s Powers Get Court Affirmation –
The bank chiefs were further accused of failing to give a true and fair view of the state of the affairs 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.
To find out more, including how to control cookies, see here: 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.
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. Also divisions in the directorate were reinforced with the hiring of seasoned senior level professionals from leading African and Nigerian financial institutions. Leave a Reply Cancel reply Enter your comment here