By Oasis Magazine
President Muhammadu Buhari on Thursday, November 12, 2020 assented to the Banks and Other Financial Institutions Act 2020.
A statement signed by Garba Shehu
Senior Special Assistant to the President (Media & Publicity), said the said Act repeals the extant Banks and Other Financial Institutions Act 1991 as amended.
According to him, “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.”
He continued: “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, he noted that “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.”
NOUN: Professor Peters Emerges As New VC
Insecurity: 36 State Governors To Meet Buhari
Why Nigeria Youths Are Angry – Aisha Buhari
Police Arrest Rainoil Boss, Gabriel Ogbechie Over Alleged Plot To Assassinate Billionaire Ned Nwoko
PFN Takes Charge Of Land Housing Nkoyo Ibori Children Referral Hospital
Delta: Ukah Assures Of Effective Implementation Of Reviewed Curriculum, Scheme Of Work
2020 FAFT Zonal Q/F: Excellent, Lord Honour, Sporting FC Out, Iwere, New Vision, Palm Syrup For Semi Final
Missing Itsekiri N300 Million: Ayiri Emami Heads To EFCC
Pastor Chris Oyakhilome Says ‘They Hate Trump Because He Supports Christians’
VIDEO: Joe Biden Will Be Impeached As US President, Harris To Take Over, Says Apostle Suleman
Peace Ambassador, Peresine Wants Gov. Diri To Honour Bayelsa’s Best Double First Class Law Graduate, Ebizi
See What Joe Biden Vows To Do To Muslims If He Becomes America’s President
Speaking Up When It Matters: Sterling Representation Of Sen. Ovie Omo-Agege
Mob Sets Two Suspected Robbers Ablaze In Warri
Health23 hours ago
BREAKING: Nurses, Midwives Begin Indefinite Strike In Delta
Crime19 hours ago
BREAKING: Appeal Court Affirms Maryam Sanda’s Death Sentence
Business24 hours ago
JUST IN: Arik Air Fires 300 Workers
Sports19 hours ago
Ex-Super Eagle Players, Eguavoen, Yobo, Obodo, Rohr Storm Delta, As NFF President, Pinnick Commission’s Mini-Stadium, Others
Crime19 hours ago
Pondei, Interim Management Not Restrained By Court– NDDC