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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Fill in your details below or click an icon to log in: At the end of the paper, the reader and examiner will be convinced that these bfoia have been logically laid out as succinctly as possible to serve the purpose intended.
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. 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. It relied on the decision in Ndoma Egba v Chukwuogor.
Nigeria: Bofia – CBN’s Powers Get Court Affirmation
No bank has done that. By continuing to use this website, you agree to their use. 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.
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: 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.
Leave a Reply Cancel reply Enter your comment here A further rationale for the Act was to ensure that banks and other financial institutions played their primary role of financial intermediation effectively.
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. AllAfrica publishes around reports a day from more than 2009 organizations and over other institutions and individualsrepresenting a diversity of positions on every topic.
Nigeria: Shareholders Hail UBA’s Compliance of Bofia, CBN Rules –
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. 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 by 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.
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.
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. He consequently removed their managing directors and executive directors and appointed replacements.
See What Everyone is Watching. 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.
Umar boia called on the bank to look at ways of improving its shareholders’ fund to be in the region of trillion naira. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit boofia correct. AllAfrica publishes around reports a day from more than news 209 and over other institutions and individualsrepresenting a diversity of positions on every topic.
It would noted that following the conclusion of its Brand and Communication Transformation. Martin, will take over effective 1st February, from Mrs. Read the original article on This Day.
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.
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.
They also argued that the revocation was tainted with malice and urged the court reverse the action. 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 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.
According to the judge, “The words are to be understood by looking at the subject matter they are speaking bofiz and the object bofai the legislature as words could produce different intentions in reference to a different set of circumstances whereby sic another would have been produced. The bank has made depositors of the failed banks it acquired happy and smiling. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons.
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 209 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.
Email required Address never made public. To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here. 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 bofua of the bank.
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 bofix as in sub-section boofia 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. Among the things they quarrelled with in the suit 20009 that the apex court acted beyond its powers in the revocation of the bank’s licence.
To address comments or complaints, please Contact us. This entry was posted in Uncategorized. In deciding the case, the presiding judge, Justice Mohammed Idris, resolved bfoia the issues on the powers of the governor against the applicants.
UBA must be commended for complying with the tenets of good corporate governance as shown in the annual report. The regulatory authorities, on their part, would further streamline the regulatory framework and strengthen the supervisory capacity to ensure a sound and efficient system.