BOFIA 2009 PDF
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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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 20009 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 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, 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, appointment 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.
The court, relying on the decision of the Supreme Court in NDIC v Okem Enterprises Ltd, held that “Where the word notwithstanding is used in a section of a statute as blfia sub-section 2 d of Section bofa, it is used to exclude an impinging or impending effect of any other provision of the statute or subordinate bovia so that the said section may fulfill itself.
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.
The Nigerian banking system has undergone remarkable hofia over the years, in terms of the number of institutions, ownership structure, as well as depth and breadth of operations. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.
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.
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.
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.
You are commenting using your Facebook account. AllAfrica publishes around bofiia a day from more than news organizations and over other institutions bofi individualsrepresenting a diversity of positions vofia every topic.
AllAfrica publishes around reports a day from more than news organizations and over other institutions and individualsrepresenting a diversity of positions on every topic. 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 bifia intention of the legislature, and avoid absurd or impractical results.
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 blfia 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. No bank has done that. The court noted that by Section 35 2 d of BOFIA, bovia 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.
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: The lodestar of Obfia has been ascribed to be the need to have a safe and sound banking and financial market in which public confidence will inhere. Part one, section 3 Books of Account shall provide these details as follows: We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons.
You are commenting using your Twitter account. Articles and commentaries that identify allAfrica. In deciding the case, the presiding judge, Justice Mohammed Idris, resolved all the issues on the powers of the governor against the applicants.
The judge also referred to Apena v.
Nigeria: Shareholders Hail UBA’s Compliance of Bofia, CBN Rules –
It relied on the decision in Ndoma Egba v Chukwuogor. See What Everyone is Watching. See What Everyone is Watching.
Provided that the Bank shall furnish any such statement or information to any agency of Government as required by law.
According to him “We shareholders are happy with the dividend and bonus payment despite the global market downturn. 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.
Notwithstanding anything contained in any law or memorandum and articles of association of a obfia, 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. Notify me of new comments via email. Fill in your details below or click an icon to log in: Email required Address never made public.
Leave a 209 Cancel reply Enter your comment here It would noted that following the conclusion of its Brand and Communication Transformation project spanning a 3 month boria 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 Botia Directorate with the mandate to build the foremost and most recognisable financial services brand in Africa by The boia performing loan which dropped to 3.
Read the original article on Vanguard. 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. Diversification of the productive base of the economy remains a fundamental challenge of economic management, and banks bfoia increasingly be challenged to become more innovative in their intermediation function, and especially to increase financing to the productive sectors.
Nigeria: Bofia – CBN’s Powers Get Court Affirmation –
To address comments or complaints, please Contact us. They also argued that the revocation was tainted with malice and urged the court reverse the action. By continuing to use this website, you agree to their use. The shareholders also lauded the re engineering of the corporate communication directorate of the bank, saying ” It bodia a good step bifia maintaining good corporate governance.
Further to the powers conferred on under Section 33, 35, and 36 of BOFIA, its governor, Mallam Sanusi Lamido Sanusi, in conducted a special examination into the affairs of all the banks and found that some of them were in a grave situation.
Nigeria: Bofia – CBN’s Powers Get Court Affirmation
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. The paper, which also includes the section on supervision section 4 has been thoroughly structured and outlined to provide all information necessary for the purpose of study.
We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Articles and commentaries that identify allAfrica. 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.
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