CJN to Declare Open Judges’ Workshop on BOFIA 2020

By Alex Enumah

The Chief Justice of Nigeria, Dr. Justice Ibrahim Tanko Muhammad, will declare open the 2021 Judges’ Workshop on Banks and Other Financial Institutions Act (BOFIA) 2020 on February 12.

Guests expected at the event also include the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele.

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, said that the key provisions of BOFIA 2020 that would be deliberated upon during the workshop include the scope and legality 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 BOFIA 2020.

”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.