[JUST IN] Buhari signs Banks, Other Financial Institutions Act 2020 - Uju Ayalogu's Blog for News, Reviews, Articles and More

Breaking News

Post Top Ad

Tuesday, 22 December 2020

[JUST IN] Buhari signs Banks, Other Financial Institutions Act 2020

[JUST IN] Buhari signs Banks, Other Financial Institutions Act 2020


President Muhammadu Buhari


President Muhammadu Buhari has assented to the Banks and Other Financial Institutions (BOFI) Act 2020.



A statement by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, said the President gave the assent on Thursday.



“It repealed the extant Banks and Other Financial Institutions Act 1991 as amended. This monumental piece of legislation is expected to enhance the soundness and resilience of the financial system for sustainable growth and development of the Nigerian economy.



“The BOFI Act 2020 updates the enabling law in response to developments and significant evolution in the financial sector over the last two decades.



“It will increase the appetite of banks and other financial institutions to channel much needed credit to the real sector to support economic recovery and promote sustainable growth.



“In this respect, it introduces a credit tribunal to improve loan recovery and address the incidence of high non-performing loans within the financial system, which has been a key deterrent to lending by financial institutions.



“Furthermore, it strengthens the regulatory and supervisory framework for the financial industry and provides additional tools for managing failing institutions and systemic distress to preserve financial stability amongst others.



“The Central Bank of Nigeria will hold structured engagements with stakeholders across various sectors of the economy on critical aspects of the Act in the coming months.



“This enactment of the BOFI Act 2020 is a historic and significant achievement, which is indicative of effective and productive collaboration between the Executive and Legislature arms of Government,” the statement said.



The Employment Law Handbook A quick reference material on Nigerian labour and employment law. Call any of the numbers below to place your order 08137743637,08052508679, 08106743227. Or click here to place your order...Order Now ₦15,000



READ ALSO:   Suicide bombers planning Christmas attacks to embarrass Buhari: SSS


READ ALSO:    Buhari: Only God can effectively monitor Nigeria-Niger border

   

Are you an artiste? Do you want your music to go viral and reach a large number of audience? Promote your music and Submit your story on Ujuayalogusblog.com by clicking here. For Advert Inquiries Tel/+44(0)7590363984


For More:   Subscribe to Ujuayalogusblog.com



Subscribe to Our Posts via Email


Share This

No comments:

Post a comment

Listen to This Beautiful New Talent - Winter Wolf - Singing "What a Waste"


Post Bottom Ad

Pages