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.
|Published (Last):||28 January 2007|
|PDF File Size:||10.17 Mb|
|ePub File Size:||1.33 Mb|
|Price:||Free* [*Free Regsitration Required]|
Nigeria: Bofia – CBN’s Powers Get Court Affirmation
Also divisions in the directorate were reinforced with the hiring of seasoned senior level professionals from leading African and Nigerian financial institutions. UBA must be commended for complying with the tenets of good corporate governance as shown in the annual report.
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. The non performing loan which dropped to 3. Fill in your details below or click an icon to log in: To address comments or complaints, please Contact us.
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 bogia shown that depositors’ funds are in danger. Read the original article on This Day. A further rationale for the Act was to ensure that banks and other financial institutions played their primary role of financial intermediation effectively.
No bank has done that. He further commended the bank for its imitative to acquire some of the failed banks to make depositors of those bank s happy and removing hardship in their faces.
We commend the Board and Management for this feat. Bfoia 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.
Nigeria: Shareholders Hail UBA’s Compliance of Bofia, CBN Rules –
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.
Farouk Umar, Chairman, Advancement for the Rights of Nigerian shareholders said “The performance is quite commendable. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons.
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.
This study 20099 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.
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 Botia and global public.
Read the original article on Vanguard. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.
Nigeria: Bofia – CBN’s Powers Get Court Affirmation –
This entry was posted in Uncategorized. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct. It relied on the decision in Ndoma Egba v Chukwuogor. 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, 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.
Part one, section 3 Books of Account shall provide these details as follows: To find out more, including how to control cookies, see here: Umar further called hofia the bank to look at ways of improving its shareholders’ fund to be in the region of trillion naira. The judge also referred to Apena v. 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.
They also argued that the revocation was tainted with malice and urged the court reverse the action. Martin Anyanwu a multi-sectoral sales, Marketing and Advertising guru with almost 2 decades experience 2090 in reputable institutions including Nigerian Breweries- the Heineken Affililiate company in Nigeria.
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.
In affirming and upholding the governor’s 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. The court finally recognised that the general rule is that he who has the power to hire has the 200 to fire, ” They were accused of insider abuse and other offences ranging from recklessly granting loans totalling N billion that had gone bad.
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: Shareholders Hail UBA’s Compliance of Bofia, CBN Rules
You are commenting using your Facebook account. 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 Bofiw Communications Directorate with the mandate to build the foremost and most recognisable financial services brand in Africa by 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.
They contended that the actions of the governor were in breach 2090 the Memorandum and Articles of Association of the bank.