• About Us
    • Àtẹ́lẹwọ́ Podcast
  • Contact
  • Cookie Policy
  • Disclaimer
  • Privacy Policy
  • Sitemap
Freelanews
Advertisement
  • Home
  • News
    • Crime
  • Business
  • Brands
  • Banking
  • Opinion
  • Interview
  • Entertainment
  • Podcast
    • Àtẹ́lẹwọ́
  • Sports
  • Events
No Result
View All Result
  • Home
  • News
    • Crime
  • Business
  • Brands
  • Banking
  • Opinion
  • Interview
  • Entertainment
  • Podcast
    • Àtẹ́lẹwọ́
  • Sports
  • Events
No Result
View All Result
Freelanews
No Result
View All Result
Home News Crime

‘Can we?’ CBN requests to freeze criminal accounts

Freelanews by Freelanews
July 15, 2020
in Crime
0
CBN Governor Godwin Emefiele 1200x843 1

The Central Bank of Nigeria (CBN) has approached the Senate to grant it powers to freeze accounts linked to criminals.

The CBN made the appeal on Wednesday at a Senate Committee public hearing on its Bill for an Act to repeal the Banks and Other Financial Institutions Act (BOFIA) 2004 and re-enact the Banks and Other Financial Institutions Act 2020.

The CBN, represented at the hearing by the Director Legal Services, Mr. Kofo Salam-Alada, proposed to the Senate to reinstate the powers of the CBN Governor “to apply to the court for orders to freeze accounts which are deemed to be linked with criminal and other civil infractions.”

He lamented that this power was omitted in the Bill.

The apex bank also wants legislation for the Creation of Credit Tribunal to address the issue of non-performing loans.

According to Kofo Salam-Alada “as part of measures to address the role of non-performing loans, we propose the creation of a Credit Tribunal.

“The overarching objective is to create an efficient regime for the recovery of eligible loans of banks and Other Financial Institutions (OFls) and enforcement of rights over collateral securities.”

Salam-Alada noted the powers of the CBN to intervene in the process of managing a failing bank and reinstatement of a bank in a grave situation and bring it back to sound financial health was omitted in the Bill.

This omission, he told the Senate, “erodes the powers of the CBN and creates a huge gap in the regulatory and resolution framework. Therefore, we propose that the extant provisions should be reinstated.”

With regards to the administration of Dormant Accounts in Deposit Money Banks, the CBN is asking for the “inclusion of provisions to improve the administration of dormant accounts in the Nigerian banking sector.”

The provisions, Salam-Alada, said: “should address such requirements as the criteria for determining dormancy, the processes for managing the funds in dormant accounts and procedure for reclaiming funds by beneficiaries.”

The CBN equally wants more powers to resolve failing banks and manage systemic crisis without recourse to the public treasury. According to Salam-Alada, “in line with international best practices we recommend the establishment of a resolution fund to pool resources for managing banking sector distress.”

Central Bank of Nigeria is also asking for the adoption of additional resolution tools such as bail-in (ensuring that losses are absorbed by shareholders and creditors), sale of business (allowing the resolution authority to sell all or part of the failing bank to a private acquirer) and asset separation (isolating the “bad” assets of the bank in an asset management vehicle for orderly wind down, if immediate liquidation is not justified in current market conditions).

Addressing the Senate Committee as well, the Managing Director of the Nigeria Deposit Insurance Corporation (NDIC) Alhaji Ibrahim Umar said the Bill for a repeal of BOFI Act and its re-enactment by the committee on banking, insurance and other financial institutions was an appropriate step to take in the face of current challenge facing the economy.

Going forward, the NDIC and Central Bank, he said, are partners working for an efficient and healthy banking system. “We agree to disagree with CBN on certain issues. The two institutions have come a long way on shared responsibilities” he said.

NDIC’s Director, legal department Mr. Bellema Taribo sought the Senate’s support to recognize NDIC along with CBN as co- regulators since NDIC is already a co-supervisor of banks with the CBN.

He pleaded to the Senate for legislation to tackle insider abuse dealings in banks.

He dismissed the clamour for the appointment of another liquidator for banks insisting that the NDIC is the sole liquidator of banks.q

freelanews
Freelanews

Freelanews is a potpourri of news, entertainment, business, events and photos. This is no fake news.

Related Posts

breaking news
Crime

‘Police preparing statement’ 20 kidnapped as gunmen raid Abuja community

by Freelanews
September 10, 2020
Lakowe skit maker killed
Crime

NDU graduate killed in cult violence

by Peculiar Adirika
May 14, 2025
5f2117f0594e3
Crime

Police arrest three men for allegedly gang-raping lady in Ogun

by Freelanews
July 29, 2020
gunmen bandits gun
Crime

‘Tragic’ Miyetti Allah leaders shot dead in Nasarawa

by Freelanews
April 3, 2021
NDLEAh jpg
Crime

NDLEA nabs hairdresser, dispatch rider selling drug-laced chin-chin

by Quadri Olaitan
March 18, 2024

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

ADVERTISEMENT

Recent News

Elegant man in black suit and tie, formal attire, professional settings, business or news context.

Cubana Chiefpriest mocks Burna Boy, hails Davido

October 29, 2025
Modern white government building with a green dome, tropical palm trees, and clear skies in the background, reflecting classical architecture and tropical urban development in a coastal city.

National Assembly security threat raises alarm

October 29, 2025
NDLEA

NDLEA cracks down on illegal drug parties in Lagos

October 29, 2025
Ademola Lookman

Ademola Lookman shines in Atalanta’s fierce Milan draw

October 29, 2025

Search

  • Trending
  • Comments
  • Latest
Political persecution in Ogun State

Political persecution in Ogun State: Abiodun moves against Otunba Gbenga Daniel with demolition threats again

August 9, 2025
Omoge Saida

Omoge Saida sparks Nigerian social media over leaked video

October 28, 2025
APC Second-Term Governors

APC: Second-term governors seeking immediate elective post to lose party leadership

October 15, 2025
April Wind Couture

April Wind Couture thrives in Nigeria’s tough economy with bold Ankara vision

September 12, 2025
amoke

‘Meals by Amoke’ We serve traditional dishes in a modern way, Bukoye Fasola reveals

19
Image 2024 03 26 at 120645 AM jpeg

Charles Inojie, Ali Nuhu call on communities to #MakeWeHalla against domestic violence

11
Meran Primary Health Centre Lagos father Meran hospital

Lagos father shares heartbreaking experience at Meran Primary Health Centre (Photos)

4
fls2

‘Disarticulated system’ Gov’t confused about Nigerian education, expert laments

3
Elegant man in black suit and tie, formal attire, professional settings, business or news context.

Cubana Chiefpriest mocks Burna Boy, hails Davido

October 29, 2025
Modern white government building with a green dome, tropical palm trees, and clear skies in the background, reflecting classical architecture and tropical urban development in a coastal city.

National Assembly security threat raises alarm

October 29, 2025
NDLEA

NDLEA cracks down on illegal drug parties in Lagos

October 29, 2025
Ademola Lookman

Ademola Lookman shines in Atalanta’s fierce Milan draw

October 29, 2025
October 2025
SMTWTFS
 1234
567891011
12131415161718
19202122232425
262728293031 
« Sep    
Freelanews

Freelanews is a Nigerian digital news platform that delivers timely, credible, and engaging stories across politics, business, entertainment, lifestyle, and the creative industry, with a strong focus on promoting innovation, integrity, and inclusivity in storytelling.

Hot!

Elegant man in black suit and tie, formal attire, professional settings, business or news context.

Cubana Chiefpriest mocks Burna Boy, hails Davido

October 29, 2025
Modern white government building with a green dome, tropical palm trees, and clear skies in the background, reflecting classical architecture and tropical urban development in a coastal city.

National Assembly security threat raises alarm

October 29, 2025
No Result
View All Result
  • About Us
  • Contact
  • Advertisement
  • Sitemap

© 2025 Freelanews | by Iretura.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • News
    • Crime
  • Business
  • Brands
  • Banking
  • Opinion
  • Interview
  • Entertainment
  • Podcast
    • Àtẹ́lẹwọ́
  • Sports
  • Events

© 2025 Freelanews | by Iretura.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.