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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Martin, will take over effective 1st February, from Mrs. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal bofka to edit or correct.
Nigeria: Shareholders Hail UBA’s Compliance of Bofia, CBN Rules –
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We commend the Board and Management for this feat. It relied on the decision in Ndoma Egba v Chukwuogor.
We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. AllAfrica is a voice of, by and about Africa – aggregating, producing and distributing news boofia information items daily from over African news organizations and our own reporters to an African and global public.
This study has been 22009 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. You are commenting using your Facebook account. 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
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 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 the intention of the legislature, and avoid absurd or impractical results.
No bank has done that. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. To find out more, including how to control cookies, see here: Articles and commentaries that identify allAfrica. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct. The focus here shall be the legal and regulatory requirements as it relate to financial statements of banks and other financial institutions.
Also divisions in the directorate were reinforced with the hiring of seasoned senior level professionals from leading African and Nigerian financial institutions. Articles and commentaries that identify allAfrica. Farouk Umar, Chairman, Advancement for the Rights of Nigerian shareholders said “The performance is quite commendable. 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.
They contended that the actions of the governor were in breach of the Memorandum and Articles of Association of the bank. Not satisfied with the action, some shareholders of Union Bank of Nigeria Plc, by way of originating summons, filed an action against the central bank and its governor, specifically challenging its powers to replace their executive directors.
This entry was posted in Uncategorized. 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.
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 publishes around reports a day from more than news organizations and over other institutions and individualsrepresenting a diversity of positions on every topic.
Part one, section 3 Books of Account shall provide these details as follows: 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 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. By continuing to use this website, you agree to their use. They were accused of insider abuse and other offences ranging from recklessly granting loans totalling N billion that had gone bad.
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.
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: Read the original article on Vanguard. In deciding the case, the presiding judge, Justice Mohammed Idris, resolved all the issues on the powers of the governor against the applicants.
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 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.
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. 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 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.