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Insolvency Discourse by Kubi Udofia [email protected]
Continued from last week.
Introduction
The Banking and Other Financial Institutions Act, 2020 (BOFIA 2020) was passed to law on 13 November 2020. BOFIA 2020 repealed the Banking and Other Financial Institutions Act, 1991 (BOFIA 1991). This three-part discourse examines revisions which BOFIA 2020 has introduced to Nigeria’s bank resolution and insolvency legal framework. This is the third and concluding part of the three-part discourse.
Banking Sector Resolution Fund
1. Purpose of the Fund
BOFIA 2020 has established a Banking Sector Resolution Fund (Fund) to be domiciled with CBN: Section 74. The CBN Governor, with the approval of the CBN Board, is to determine a date for the commencement of the Fund. The Fund is to be exclusively used for: (i) payment of operating costs of bridge banks; (ii) payment of costs of transferring the business at a bank following a resolution measure; (iii) provision of loa ....

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