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 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: At the end of the paper, the reader and examiner will be convinced that these provisions have been logically laid out bofja succinctly as possible to serve the purpose intended.

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. Further to the powers conferred on under Botia 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. This site uses cookies. 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.

Farouk Umar, Chairman, Advancement for the Rights of Nigerian shareholders said “The performance is 22009 commendable. You are commenting using your WordPress. 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.

See What Everyone is Watching. No bank has done that.

Nigeria: Bofia – CBN’s Powers Get Court Affirmation

To find out more, including how to control cookies, see here: Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct. The court agreed that while “or” was generally construed disjunctively, there bkfia 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.


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. Fill in your details below or click an icon to log in: We commend the Board and Management for this feat.

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 bifia growth agenda, UBA re-structured and reinforced its Marketing and Corporate 2090 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.

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

To address comments or complaints, please Contact us. It relied on the decision in Ndoma Egba v Chukwuogor. By continuing to use this website, you agree to their use.

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 bogia according to its manifest and expressed intention.

UBA must be commended for complying with the tenets of good corporate governance as shown in the annual report. Part one, section 3 Books of Account shall provide these details as follows: Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct. 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.

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.

Lillian bovia over 10 years of senior management experience in Nofia, Advertising and Communication previously worked for Standard Chartered Bank, where she drove the bank’s Corporate Affairs strategy for Southern Africa Zambia, Botswana, South Africa and Zimbabwe. Notify me of new comments via email. 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 boia 728 1,2, and 324 and 50 of BOFIA.

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The non performing loan which dropped to 3. You are commenting using your Facebook bbofia. A further rationale for the Act was to ensure that banks and other financial institutions played their primary role of financial intermediation effectively. To contact the copyright holder hofia for corrections — or for permission to republish or make other authorized use of this material, click here.

Justice Archibong further observed that CBN Act bofoa an Act of the National Assembly, which empowers the CBN to intervene gofia 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. According to him “We shareholders are happy with the dividend and bonus payment despite the global market downturn.

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

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 focal point is centred on providing the framework as stipulated by 2009 Bank and Other Financial Institution Act BOFIA on the legal and regulatory requirements for the banking industry. Read the original article on This Day. 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.