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President Buhari Signs The Banks And Other Financial Institutions Act 2020 Into Law, To Introduce A Credit Tribunal To Improve Loan Recovery

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    BREAKING: INEC Chairman, Prof. Mahmood Yakubu, ‘Refuses To Take Bribe From Senate President Ahmad Lawan And Godswill Akpabio’ Allegedly, Announces That APC Has No 2023 Candidate For Yobe North And Akwa Ibom North-West Senatorial Districts, As The Ruling Party Refused To Present Bashir Machina, Other

    BREAKING: INEC Chairman, Prof. Mahmood Yakubu, ‘Refuses To Take Bribe From Senate President Ahmad Lawan And Godswill Akpabio’ Allegedly, Announces That APC Has No 2023 Candidate For Yobe North And Akwa Ibom North-West Senatorial Districts, As The Ruling Party Refused To Present Bashir Machina, Other

    The Amalgamation House Ikot Abasi, Akwa Ibom Where Lord Lugard Joined Northern and Southern Nigeria Together

    The Amalgamation House Ikot Abasi, Akwa Ibom Where Lord Lugard Joined Northern and Southern Nigeria Together

    2023: I Hope You Get 200 Peter Obi Supporters On The Streets Of Kaduna – El-Rufai Mocks Obi Supporter Calling For A Two Million March

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    Good Leaders Aren’t Appreciated Until They Leave Office, Oshiomhole Praises Jonathan

    Good Leaders Aren’t Appreciated Until They Leave Office, Oshiomhole Praises Jonathan

    Goodluck Jonathan Cautions Gullible Nigerians To Wake Up And Not Be Wooed And Wowed By Fake Politicians Running For Office At 2023 Election Campaign Grounds, Says “We Must Shift Away From The Politics Of Bread And Butter And Ensure That We Do Not Elect Leaders That Will Mortgage The Future Of Our Children And Grandchildren

    Goodluck Jonathan Cautions Gullible Nigerians To Wake Up And Not Be Wooed And Wowed By Fake Politicians Running For Office At 2023 Election Campaign Grounds, Says “We Must Shift Away From The Politics Of Bread And Butter And Ensure That We Do Not Elect Leaders That Will Mortgage The Future Of Our Children And Grandchildren

    SERAP Appeals To INEC Chairman, Prof. Mahmood Yakubu, To Allow The Over 7 Million Nigerians, Especially The Youths, Out Of The 10,487,972 Who Carried Out Their Pre-Registration Online, To Complete Their Registration And Obtain Their PVCs, For The 2023 Elections

    SERAP Appeals To INEC Chairman, Prof. Mahmood Yakubu, To Allow The Over 7 Million Nigerians, Especially The Youths, Out Of The 10,487,972 Who Carried Out Their Pre-Registration Online, To Complete Their Registration And Obtain Their PVCs, For The 2023 Elections

    Multi-Billionaire Businessman Donates A Whopping N10 Billion Cash To President Buhari In Aso Rock, To Support The Fight Against Insecurity, Buy Modern War Equipment, Provide Medical And Other Supplies, Upgrade Health Facilities And Other Infrastructure For The Families Of The Security Agents

    Multi-Billionaire Businessman Donates A Whopping N10 Billion Cash To President Buhari In Aso Rock, To Support The Fight Against Insecurity, Buy Modern War Equipment, Provide Medical And Other Supplies, Upgrade Health Facilities And Other Infrastructure For The Families Of The Security Agents

    The CEO of golden Bay hotel Aguleri erected this new billboard today at Aguleri Junction in anambra east LGA Anambra state.

    The CEO of golden Bay hotel Aguleri erected this new billboard today at Aguleri Junction in anambra east LGA Anambra state.

    Gbajabiamila Storms Rivers, Tells Wike To CHOKE THEM As He Invites Him To APC

    Gbajabiamila Storms Rivers, Tells Wike To CHOKE THEM As He Invites Him To APC

    The Catholic Bishop of Sokoto Diocese, Matthew Kukah, has said young Nigerians who make up 60 per cent of the population must elect good leaders and create a better country in 2023.

    The Catholic Bishop of Sokoto Diocese, Matthew Kukah, has said young Nigerians who make up 60 per cent of the population must elect good leaders and create a better country in 2023.

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President Buhari Signs The Banks And Other Financial Institutions Act 2020 Into Law, To Introduce A Credit Tribunal To Improve Loan Recovery

by peter
November 14, 2020
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Emerging report on Friday, indicates that President Muhammadu Buhari has signed the Banks and Other Financial Institutions Act 2020, into law.

The Senior Special Assistant to the President, on Media and Publicity, Garba Shehu, disclosed this in a statement titled: “President Buhari assents to Banks and Other Financial Institutions Act 2020″.

According to the statement, the President signed the piece of legislation on Thursday.

He explained that the new law repeals the extant Banks and Other Financial Institutions Act 1991, as amended.

He said that the new law is expected to enhance the soundness and resilience of the financial system, for sustainable growth and development of the Nigerian economy.

The statement read: “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 among 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.”

More news later…

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