The Finance Ministry recently announced various amendments which aim to augment further funding for the infrastructure and real estate sectors by enabling infrastructure investment trusts (InvITs) and real estate investment trusts (REITs) to easily avail debt financing from investors, including foreign portfolio investors (FPIs). While the intent is clear, the question remains whether FPI investment has now been enabled in debt securities issued by REITs and InvITs.
INTRODUCTION
On the 29th of April, 2021, the Central Bank of Nigeria (â CBNâ), the apex regulatory body for banks and other financial institutions in Nigeria created under the CBN Act 2007 (âCBN Actâ),1 announced the removal of all the directors of First Bank of Nigeria Limited (âFBNâ) and its holding company, FBN Holdings Plc (âFBN Holdingsâ). The CBN also re-appointed 14 out of the 21 directors affected by the removal to form a new board of directors for the two institutions and reinstated the removed Managing Director/Chief Executive Officer of FBN (âMD/CEOâ), Dr. Adesola Adeduntan.2
This action raises important legal issues, which will be addressed in this article, especially with regards to the regulatory powers of CBN to make decisions concerning the constitution of the board of directors of financial institutions in Nigeria.
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Port of Spain – The Central Bank of Trinidad and Tobago (CBTT) has announced a new moratorium on the regulatory treatment of payment deferrals or restructured loans due to the measures put in place by the authorities here to curb the spread of the coronavirus (COVID-19) pandemic.
In a letter sent to all institutions licensed under the Financial Institutions Act and copied to the Bankers Association of Trinidad and Tobago and the Institute of Chartered Accounts of Trinidad and Tobago (ICATT), the CBTT said that it notes “with concern the difficulties currently being faced by our national community as we face the effects of the ongoing pandemic and the potential hardship that it presents to customers of financial institutions”.
Hiring for Debt Recovery Tribunals put on fast track
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Synopsis
A government official confirmed this and said it was looking to appoint around 27 administrators, both as registrars and deputy registrars, in Delhi, Mumbai, Chennai and other cities.
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The government has fast-tracked the appointment of key officers to Debt Recovery Tribunals (DRTs) in more than 10 locations, including non-metro cities.
A government official confirmed this and said it was looking to appoint around 27 administrators, both as registrars and deputy registrars, in Delhi, Mumbai, Chennai and other cities.
“The focus has been to revamp the DRTs and help them take on high-value matters,” the official said.