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On the 29th of April, 2021, the Central Bank of Nigeria (" CBN"), the apex regulatory body for banks and other financial institutions in Nigeria created under the CBN Act 2007 ("CBN Act"). ....
INTRODUCTION On the 29th of April, 2021, the Central Bank of Nigeria (â CBNâ), the apex regulatory body for banks and other financial institutions in Nigeria created under the CBN Act 2007 (âCBN Actâ),1 announced the removal of all the directors of First Bank of Nigeria Limited (âFBNâ) and its holding company, FBN Holdings Plc (âFBN Holdingsâ). The CBN also re-appointed 14 out of the 21 directors affected by the removal to form a new board of directors for the two institutions and reinstated the removed Managing Director/Chief Executive Officer of FBN (âMD/CEOâ), Dr. Adesola Adeduntan.2 This action raises important legal issues, which will be addressed in this article, especially with regards to the regulatory powers of CBN to make decisions concerning the constitution of the board of directors of financial institutions in Nigeria. ....
Nigeria Deposit Insurance Corporation The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, has stressed the need for effective collaboration between regulators and operators in the banking system for the establishment of sound ethics and professionalism in the industry. Speaking during the courtesy visit to his office by the Executive Council members of the Chartered Institute of Bankers (CIBN) led by the President and Chairman of Council, Mr. Bayo Olugbemi, Hassan observed that although there have been improvements in risk management practices within the banking industry, there was the need for the Institute to strengthen its efforts towards ensuring that banking professionals comply with the high standards expected of them in terms of ethics and professionalism which he described as critical to maintaining the safety and soundness of the banking system. ....
Views: Visits 29 The Senate, on Wednesday, passed the amended Asset Management Corporation of Nigeria (AMCON) bill which makes the seizing of debtor’s assets legal. The passage followed the consideration of a report by the Committee on Banking, Insurance, and Other Financial Institutions. The amendment bill passed by the upper chamber of the National Assembly empowers the AMCON to, amongst others, take possession, manage or sell all properties traced to debtors, whether or not such assets or property is used as security/collateral for obtaining the loan in particular. It also empowers the corporation to access the Special Tribunal established by the BOFIA, 2020 for dealing with financial related matters. ....
Advertisement The bill was passed during plenary on Wednesday following the consideration of a report by the senate committee on banking, insurance, and other financial institutions. The bill, which is an act to amend the AMCON Act No.3, 2014 to extend the tenor of the resolution cost fund and for related matters 2021, A total of Advertisement The amendment bill passed by the chamber empowers AMCON to, amongst others, take possession, manage or sell all properties traced to debtors, whether or not such assets or property is used as security/collateral for obtaining the loan in particular. It also empowers the corporation to access the special tribunal established by the BOFIA, 2020 for dealing with financial related matters. ....