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‘Amended BOFIA, key to resolving bank distress’

A leeway to solving distress in banks is offered by the recently amended Banks and Other Financial Institution Act 2020 (BOFIA 2020), Central Bank Governor, Mr Godwin Emefiele, has said. He said distressed banks in Nigeria could now convert what they owe creditors to equity, thus giving their benefactors a stake in the banks.

He stated this yesterday in Abuja at the 2021 Judges workshop on recent reforms of the banking and financial services sector in Nigeria – BOFIA 2020 in focus. Represented by the Deputy Governor, Financial System Stability, Aisha Ahmad, he noted that the new Act provided enhanced recovery and resolution tools for failing banks, specialised banks and other financial institutions to prevent systemic crisis, maintain financial system stability and sustain depositor confidence.

He listed other provisions of the Act aimed at resolving bank’s distress. One of such tools is the ‘Bail-ins’ “which allows for the re-capitalization of the failing institution through the write-down of debt owed by bank to creditors or the conversion of such debt to equity.”

 

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