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Senate passes BOFIA – The Nation Nigeria Information

From Nduka Chiejina, Abuja (Assistant Editor) and Collins Nweze

 

The Senate yesterday, handed the Banks and Different Monetary Establishments Act (BOFIA) and gave the Central Financial institution of Nigeria (CBN) powers to license, supervise and revoke licenses of monetary establishments.

Nevertheless, for the BOFIA) CAP B3 Legal guidelines of the Federation of Nigeria 2004 (Modification) Invoice, 2020, handed by the Senate to develop into Legislation, it must be equally handed by the Home of Representatives; after which the Studies will probably be harmonised and forwarded to the President for assent.

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The CBN, in its presentation on the public listening to, pushed for a assessment of the framework for managing failing establishments, a restriction treatment for profitable motion in opposition to revocation of licences in keeping with worldwide requirements and the creation of a Credit score Tribunal.

The CBN, was backed by the Nigeria Deposit Insurance coverage Company (NDIC), the Chartered Institute of Bankers of Nigeria (CIBN) and different stakeholders.

The apex financial institution additionally made a case for enhancement of regulatory measures for single obligor limits, switch of serious holdings and the strengthening of the sanctions regime to make it extra deterrent.

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Yesterday’s passage of the Invoice, adopted a clause by clause consideration by the Senate at its Plenary, adopted by the general public listening to by the Senate Committee on Banking, Insurance coverage and Different Monetary Establishments.

The Senate thought-about the opinions of stakeholders within the trade such because the Central Financial institution of Nigeria (CBN), the Federal Ministry of Finance, Physique of Financial institution CEOs and the Nigeria Deposit Insurance coverage Firm (NDIC).

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Others on the listening to had been the Securities and Alternate Fee (SEC), Company Affairs Fee (CAC), the Chartered Institute of Bankers of Nigeria (CIBN), the Nigeria Labour Congress (NLC), the Monetary Correspondents Affiliation of Nigeria (FICAN), the Affiliation of Senior Employees of Banks, Insurance coverage and Monetary Establishments (ASSBIFI) and the Nationwide Union of Banks, Insurance coverage and Monetary Establishments Staff (NUBIFE).

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