President Muhammadu Buhari on Thursday, November 12, 2020 assented to the Banks and Other Financial Institutions Act 2020.

It repeals 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.

Garba Shehu
Senior Special Assistant to the President
(Media & Publicity)
November 13, 2020

I hope it works

Sifondash:
I hope it works

How can it work when there is no President. He “assented”....


YEAH sure LOL

Space bookers gather here

.

in summary please

O ma shey ooo

When they wanna pass a wayo law, they will use incomprehensible statement to explain to the public.

Please can someone explain what this law is all about.. Because I understood absolutely nothing here.. Even after reading it 3 times.

Dull president

let me buy land here

I can bet that the Act will give the President power to freeze any account without court order.

Check and let me know later.

Damnnnnn niggarrr
Isoright

Misplaced priority from a clueless president

lssorite, it will only benefit buhari and his cabal

Na when he go Assent to Poverty sef....

It is an offence to put Buhari and the phrase 'economic development' in the same sentence

owprint:
When they wanna pass a wayo law, they will use incomprehensible statement to explain to the public.

Please can someone explain what this law is all about.. Because I understood absolutely nothing here.. Even after reading it 3 times.

Just say you can't comprehend

Someone with banking knowledge should educate me on what this ACT is about, please. Thanks! Make I dey current abeg

I don read am and is meaningless to me.
life na per head. don't quote me but u can share and like.

beardedboy:

Just say you can't comprehend

That's exactly what I said Sir.
Can you explain better

That Fulani man

While this man can't remove the stamp duty of a thing

I think this is a welcome development, a lot of Nigerians we take loan and just use it for faji and when it is time for repayment you will be hearing all kind of talk/threat about how bank money is govt money but when they want to get the loan they will be humble like a child. That is why I don't blame some financial institution that refuse to lend to there customers. But with this new law no hiding place for defaulters again

We need a comprehensive explanation

To tell us what they have taken from us with this ACT because that's what APC is known for



To steal kill and destroy

owprint:
When they wanna pass a wayo law, they will use incomprehensible statement to explain to the public.

Please can someone explain what this law is all about.. Because I understood absolutely nothing here.. Even after reading it 3 times.

Brandonx:

what they are saying is:

APC GOMMENT CAN TAKE BC U R OWING BANK AND BRAND YOU A TERRORIST THEN CONFISCATE ALL YOUR PROPERTIES AND STILL JAIL YOU SIMPLY BC U R OPPOSING THEIR GOMMENT AND AT THE SAME TIME OWING THE BANK.

It's a welcome development it would go a long way to help mitigate bank failure.
The NDIC has really done well tho