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Breaking News | Just In: CBN Releases Framework For Non-Bank Acquiring

The Streetjournal Magazine is an online investigating media house that specializes on systematic, serious crimes, political corruption or corporate wrongdoing. ....

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Just in: CBN releases framework for non-bank acquiring


Just in: CBN releases framework for non-bank acquiring
On
By Elizabeth Adegbesan
The Central Bank of Nigeria (CBN) has released a Regulatory Framework for Non-bank Acquiring to all deposit money banks, payment service providers and all financial institutions.
The apex bank disclosed this today in a circular signed by Director, Payments System Management Department, CBN, Musa Jimoh.
The CBN circular stated that the framework is in furtherance of its mandate to promote a sound financial system and facilitate the development of electronic payments service in Nigeria.
The circular stated:” The CBN, in furtherance of its mandate to promote a sound financial system and facilitate the development of electronic payment systems in Nigeria, hereby issues the Regulatory Framework for Non Bank Acquiring In Nigeria. ....

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Currency in circulation dips by N10bn - Punch Newspapers

Currency in circulation dips by N10bn - Punch Newspapers
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Removal Of Directors Of First Bank Of Nigeria Limited: An Analysis Of The Action Taken By The Central Bank Of Nigeria - Corporate/Commercial Law

On the 29th of April, 2021, the Central Bank of Nigeria (" CBN"), the apex regulatory body for banks and other financial institutions in Nigeria created under the CBN Act 2007 ("CBN Act"). ....

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FirstBank Nigeria Directors Sack: Analysis Of Action Taken By CBN |


INTRODUCTION
On the 29th of April, 2021, the Central Bank of Nigeria (“ CBN”), the apex regulatory body for banks and other financial institutions in Nigeria created under the CBN Act 2007 (“CBN Act”),1 announced the removal of all the directors of First Bank of Nigeria Limited (“FBN”) and its holding company, FBN Holdings Plc (“FBN Holdings”). 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 (“MD/CEO”), 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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