Buhari Assents to BOFIA 2020, to Enhance Banking Sector Confidence

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By Obinna Chima

President Muhammadu Buhari has assented to the Banks and Other Financial Institutions Act (BOFIA) 2020.

The present who disclosed this on his official Twitter handle on Friday, said the new legislation which repealed the extant BOFIA 1991 as-amended, would strengthen confidence in the banking sector.

President Buhari wrote: “Yesterday, November 12, 2020, I assented to the Banks and Other Financial Institutions Act 2020, which repeals the extant Banks and Other Financial Institutions Act 1991 as-amended.

“The BOFI Act 2020 is a historic and significant achievement that will enhance the soundness and resilience of Nigeria’s financial system.

“It is also yet another indication of effective and productive collaboration between the executive and legislative arms of government.”

…more details later