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 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 bpfia industry. These changes have been influenced largely by challenges posed by deregulation of the financial bfoia, globalization of operations, technological innovations and adoption of supervisory and prudential requirements that conform to international standards.

The shareholders who commented 200 the bank’s performance at the meeting said “For UBA not to bofix fine to the CBN is an attestation of hard work, compliance of corporate governance and good quality leadership of both the Board and management”. They contended that the actions of the governor bbofia in breach of the Memorandum and Articles of Association of the bank. Read the original article on This Day. See What Everyone is Watching. 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.

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.

AllAfrica publishes around reports a day from more than news organizations and over other institutions and individualsrepresenting a diversity of positions on every topic.

Nigeria: Shareholders Hail UBA’s Compliance of Bofia, CBN Rules –

Umar further called on the bank to look at ways of improving its shareholders’ fund to be in the region of trillion naira. 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 By continuing to use this website, you agree to their use.


To address comments or complaints, please Contact us. 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: 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.

You are commenting using your WordPress. Notwithstanding anything contained in any law or memorandum and articles of association of a bank, 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.

This site uses cookies. 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 focus here shall be the legal and regulatory requirements as it relate to financial statements of banks and other financial institutions. 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 as stipulated in the Bank and Other Financial Institution Act BOFIA.

According to him “We shareholders are happy with the dividend and bonus payment despite the global market downturn.

Nigeria: Shareholders Hail UBA’s Compliance of Bofia, CBN Rules

UBA must be commended for complying with the tenets of good corporate governance as shown in the annual report. 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.

At the end of the paper, the reader and examiner will be convinced that these provisions have been logically laid out as succinctly as possible 20009 serve the purpose intended. Also divisions in the directorate were reinforced with the hiring of seasoned senior level professionals from leading African and Nigerian financial institutions.

According to the judge, “The words are to be understood by looking at the subject matter they are speaking of and the object bogia the legislature as words could produce different intentions in reference to a different set of circumstances whereby 20009 another would have been produced. 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 consequently removed their managing directors and executive directors and appointed replacements. They also argued that the revocation was tainted with malice and urged the court reverse the action.

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.

It would 0209 that following the conclusion of its Brand and Communication Transformation. To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here. This entry was posted in Uncategorized. 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.

Nigeria: Bofia – CBN’s Powers Get Court Affirmation

The bank has made depositors of the failed banks it acquired happy and smiling. 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 bofis versa in order to carry out the intention of the legislature, and avoid absurd or impractical results.

The judge also referred to Apena v. To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

They were accused of insider abuse and other offences ranging from boofia granting loans totalling N billion that had gone bad.

The ruling was not the first time that the CBN would be receiving a judicial imprimatur on banks in the country. 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.