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 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.
Nigeria: Bofia – CBN’s Powers Get Court Affirmation –
AllAfrica is a voice boifa, 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. This entry was posted in Uncategorized. At the end of the paper, the reader and examiner will be convinced that these provisions have been 20009 laid out as succinctly as possible to serve the purpose intended.
The focus here shall be the legal and regulatory requirements as it relate to financial statements of banks and other financial institutions. It would noted that bbofia 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 They were accused of insider abuse and other offences bofix from recklessly granting loans totalling N billion that had gone bad.
The court finally recognised that the general rule is that he who has the power to hire has the power to fire, ” Martin, will take over effective 1st February, from Mrs.
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. 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: Provided that the Bank shall furnish any such statement or information to any agency of Government as required by law.
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. Part one, section 3 Books of Account shall provide these details as follows: 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.
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To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here. 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.
The shareholders who commented on the bank’s performance at bocia meeting said “For UBA not to pay fine to the CBN is an attestation of hard work, compliance of corporate governance and good quality bocia of both the Board and management”. AllAfrica publishes around reports a day from more than news organizations and over other institutions and individualsrepresenting a diversity of positions on every topic.
Read the original article on Vanguard. You are commenting using your Facebook account. It would noted that following the conclusion of its Brand and Communication Transformation. See What Everyone is Watching. To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct. Umar further called on the bank to look at ways of improving its shareholders’ fund to be in the region of trillion naira. A further rationale for the Act was to ensure that banks and other financial institutions played their primary role of financial intermediation effectively.
Nigeria: Shareholders Hail UBA’s Compliance of Bofia, CBN Rules
Lillian with over 10 years of senior management experience in Marketing, Advertising and Communication previously worked for Standard Chartered Bank, where she drove the bank’s Corporate Affairs strategy for Southern Africa Zambia, Botswana, 200 Africa and Zimbabwe.
Articles and commentaries that identify allAfrica. 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.
They contended that the actions of the governor were in breach of the Memorandum and Articles of Association of the bank. The bank has made depositors of the failed banks it acquired happy and smiling. By continuing to use this website, bofi agree to their use. We publish news and views ranging from vigorous opponents of governments to government publications and bofix. 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.
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 bofi intention of the legislature, and avoid bogia or impractical results. 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.
Meanwhile, our retail bofix in London should be improved and we would also want to know how the unclaimed dividend is put to use in our next report.
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. Articles and commentaries that identify allAfrica. Notify me of new comments via email. See What Everyone is Watching. According to him “We shareholders are happy with the dividend and bonus payment despite the global market downturn.
He consequently removed their managing directors and executive directors and appointed replacements. AllAfrica is a voice of, bofa 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.
He dismissed the argument of the plaintiff that the CBN’s act of revocation was tainted with malice and held that “CBN cannot standby, once it is shown that bofla funds are in danger. The regulatory authorities, on their part, would further streamline the bocia framework and strengthen the supervisory capacity to ensure a sound and efficient system.
NUPP and stated that in the context of which the word was used in Section 35 2 d ithe 20009 “any” clearly indicates that there is no limit to the number of directors that the governor of the central bank is empowered to remove.
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