BOFIA 2020 ACT: CJN, Malami, Emefiele others to speak on ‘CBN powers’  | Dailytrust

BOFIA 2020 ACT: CJN, Malami, Emefiele others to speak on ‘CBN powers’ 

The Chief Justice of Nigeria (CJN), Justice Ibrahim Tanko Muhammad
The Chief Justice of Nigeria (CJN), Justice Ibrahim Tanko Muhammad

The Chief Justice of Nigeria,  Justice Ibrahim Tanko Muhammad, the Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN and the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele are expeected to speak on the ‘sweeping powers’ of the CBN on Banks and Other Financial Institutions Act (BOFIA) 2020 Act.

The discussion, scheduled for 12th of October at the 2021 Judges’ Workshop is also expected to have in attendance the minister of Finance, Zainab Ahmed.

According to the organiser, the Principal Partner of Juris Law Office and visiting professor of Law, Mr. Niyi Ayoola-Daniels, at a meeting with media executives, the key provisions of BOFIA 2020 that will be deliberated upon include the scope and legality otherwise of the sweeping powers of CBN under BOFIA 2020.

He said the workshop will also focus on the statutory requirements imposed by CBN on all Banks and other financial institutions in Nigeria to adopt policies on anti-money laundering and combating financing of terrorism and cyber security in Nigeria.

He said “the need for the workshop has become very imperative and compelling considering the recent reforms introduced by the Banks and Other Financial Institution Act, (BOFIA) 2020.

He disclosed that other special Guests of Honour that confirmed to attend the workshop include the past Chief Justice of Nigeria and Chairman, Board of Governors of the National Judicial Institute, Hon. Justice Mahmud Mohammed, President of the Court of Appeal, as well as the President and Chairman, Governing Board of the Chartered Institute of Bankers in Nigeria, Dr. Bayo Olugbemi.

The event which holds at the National Judicial Institute is organized by the Juris Law Office, the Central Bank of Nigeria in collaboration with the National Judicial Institute.

”This workshop will further deliberate on the following powers of CBN to freeze account of any bank and other financial institutions in Nigeria; to issue guidelines over unclaimed funds/dormant accounts in banks and other financial institutions in Nigeria; to establish and regulate the special tribunal for enforcement and recovery of eligible loans for bank and other financial institutions in Nigeria; and to regulate the licensing and activities of the Financial Technology (FINTECH) companies in Nigeria”, he said.

Others expected at the workshop are Justice Salisu Garba Abdullahi. Administrator, National Judicial Institute, Mr Kofo-Abdulsalam Alada, Esq., Director, Legal Services Department, CBN and Mr. Chibuzor Efobi, Director, Financial Policy and Regulation Department, also ofbthe CBN.

Others are Dr. Thompson Sunday, Deputy Director, Banking Supervision Department, CBN, Dr Bayo Olugbemi, President and Chairman of Council, Chartered Institute of Bankers in Nigeria and Mr Michael Osilama Otu, Group Legal Adviser and Board Secretary, Zenith Bank Plc.

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