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Analysis of Insolvency-Related Revisions to BOFIA 2020 (Part 3)

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 BOFIA 2020 repealed the Banking and Other Financial Institutions Act, 1991 (BOFIA 1991).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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Court rejects Genesis prophet's post-conviction bail application – Punch Newspapers

Court rejects Genesis prophet’s post-conviction bail application
Oluwatosin Omojuyigbe
The Lagos State High Court in Ikeja, on Tuesday, rejected the post-conviction bail application filed by the Senior Shepherd-in-Charge of the Celestial Church of Christ, Genesis Global, Prophet Israel Ogundipe.
Justice Olabisi Akinlade had on November 18 sentenced the popular prophet to one-year imprisonment for converting a woman’s property to his personal use and stealing.
PUNCH Metro had reported that the court found Ogundipe guilty of stealing and unlawful conversion of the property of a London-based architect, Mrs Oladele Williams-Oni.
Ogundipe, who was arraigned on seven counts bordering on obtaining by stealing, inducing delivery of money by false pretences, unlawful conversion of property and forgery, fraudulently collected N14m and £12,000 in various tranches from the complainant between August 30, 2002 and 2005. ....

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Court Rejects Genesis Prophet's Post-conviction Bail, After Claims Of Treating Diabetes, Hypertension, Peptic Ulcer

Court Rejects Genesis Prophet s Post-conviction Bail, After Claims Of Treating Diabetes, Hypertension, Peptic Ulcer
He sought the order of the court to admit the applicant to bail unconditionally pending the hearing and determination of the appeal.
by SaharaReporters, New York
Dec 16, 2020
The Lagos State High Court in Ikeja, on Tuesday, rejected the post-conviction bail application filed by the Senior Shepherd-in-Charge of the Celestial Church of Christ, Genesis Global, Prophet Israel Ogundipe.
Justice Olabisi Akinlade had on November 18 sentenced the popular prophet to one-year imprisonment for converting a woman s property to his personal use and stealing.
PUNCH Metro had reported that the court found Ogundipe guilty of stealing and unlawful conversion of the property of a London-based architect, Mrs Oladele Williams-Oni. ....

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Welcome To Ladun Liadi's Blog: Popular Lagos Prophet Israel Oladele to remain in prison as court refuses post conviction bail

Welcome To Ladun Liadi s Blog
Tuesday, December 15, 2020
Popular Lagos Prophet Israel Oladele to remain in prison as court refuses post conviction bail
Justice Olabisi Akinlade of an Ikeja High Court on Tuesday refused the post-conviction bail application filed by Israel Oladele Ogundipe, a televangelist, popularly known as ‘Genesis’ and the head of the ‘Genesis Parish of the Celestial Church of Christ’, Alagbado, Lagos.
Ogundipe was on Nov. 18 sentenced to a year in prison after being found guilty of the offences of conversion of property not delivered and stealing.
The televangelist, however, in a motion on notice for bail pending appeal asked the court for an order, admitting him to unconditional bail pending the hearing and determination of the appeal of his sentence. ....

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FRAUD: Court refuses bail application of 'Genesis', Lagos-based Pastor

FRAUD: Court refuses bail application of ‘Genesis’, Lagos-based Pastor
On
Kindly Share This Story:
Justice Olabisi Akinlade of an Ikeja High Court on Tuesday refused the post-conviction bail application filed by Oladele Ogundipe, a televangelist, popularly known as ‘Genesis’ and the head of the ‘Genesis Parish of the Celestial Church of Christ’, Alagbado, Lagos.
Reports have it that Ogundipe was on Nov. 18 sentenced to a year in prison after being found guilty of the offences of conversion of property not delivered and stealing.
The televangelist, however, in a motion on notice for bail pending appeal asked the court for an order, admitting him to unconditional bail pending the hearing and determination of the appeal of his sentence. ....

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