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Nigeria: Banks and Other Financial Institutions Decree, 1991
Decree regulating banking and other financial institutions in Nigeria
This Decree regulates banking and other financial institutions by prohibiting the carrying on of such businesses in Nigeria except under license and by a company incorporated in Nigeria.
The Law makes adequate provisions regarding the proper supervision of such institutions by the Central Bank of Nigeria. In three parts, the Law discusses the following:
- Regulation and establishment of banks:
- Books of accounts;
- Supervision;
- General and supplemental restrictions;
- Miscellaneous matters.
- Governance of other financial institutions:
- Prohibition of unlicensed institutions;
- Application and failure to comply with conditions of license;
- Supervisory powers of banks.
- Miscellaneous and supplementary provisions for:
- Failure to comply with rules;
- Power as to offences;
- Interpretation;
- Citation and repeal.
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