Nigerian Apex Bank, The Central Bank of Nigeria (CBN) has approached the Senate to grant it powers to freeze accounts linked to criminals.
According to the NATION 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.
This appeal was presented in a hearing by Director of Legal Services, Mr. Kofo Salam-Alada, to reinstate the powers of the CBN Governor.
He said:
“to apply to the court for orders to freeze accounts which are deemed to be linked with criminal and other civil infractions.”
He Complained 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.
(C) Control TV 2020.
