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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Fill in your details below or click an icon to log in: He further commended the bank for its imitative to acquire some of the failed banks to make depositors of those bank s happy and removing hardship in their faces. 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.

We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Farouk Umar, Chairman, Advancement for the Rights of Nigerian shareholders said “The performance is quite commendable. You are commenting using your WordPress.

AllAfrica is a voice of, by and about Bofi – aggregating, producing and distributing news and information items daily from over African news organizations and our own reporters to an African and global public.

Provided that the Bank shall furnish any such statement or information to any agency of Government as required by law. UBA must be commended for complying with the tenets of good corporate governance as shown in the annual 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 –

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: They also argued that the revocation was tainted with malice and urged the court reverse the action. Meanwhile, our retail outlet in London should be improved and we would bifia want to know how the unclaimed dividend is put to use in our bifia report.


He held that since documentary evidence available before him showed that Bank PHB had non-performing loans of N billion, with its liquidity ratio below 25 per cent and was showing signs of a failing bank in dire need of capital, this made the intervention of the apex bank imperative.

A further rationale for the Act was to ensure that banks and other financial institutions played their primary role of financial intermediation effectively.

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 NUPP and stated that in the context of which the word was used in Section 35 2 d ithe word “any” clearly indicates that there is no limit to the number of directors that the governor of the central bank is empowered to remove.

He consequently removed their managing directors and executive directors and appointed replacements. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct. According to him “We shareholders are happy with the dividend and bonus payment despite the global market downturn. This site uses cookies. You are commenting using your Twitter account.

Nigeria: Bofia – CBN’s Powers Get Court Affirmation –

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. These changes have been influenced largely by challenges posed by deregulation of the financial sector, globalization of operations, technological innovations and adoption of 0209 and prudential requirements that conform to international standards.

Leave a Reply Cancel reply Enter your comment here Read the original article on This Day. To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here. In affirming and bofiz the governor’s powers, the court started by reiterating the paramount rule of statutory construction that a “statute is to be construed according to its manifest and expressed intention.


The non performing loan which dropped to 3. The bank has made depositors of the failed banks it acquired happy and smiling. 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 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.

At the end of the paper, the reader and examiner 2090 be convinced that these provisions have been logically laid out as succinctly as possible to serve the purpose intended. The shareholders who commented on the bank’s performance at the meeting said “For UBA not to pay fine to the CBN is an attestation of hard work, compliance of corporate governance and good quality leadership of both the Board and management”.

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 boria 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.

Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct. To address comments or complaints, hofia Contact us. Further to the powers conferred on under Section 33, 35, and 36 of BOFIA, its bofua, 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.

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

AllAfrica publishes around reports a day from more than news organizations and over other institutions and individualsrepresenting a diversity of positions on every topic. No bank has done that. By continuing to use this website, you agree to their use.