• Home
  • Browse
    • News
    • Documentaries
    • Movie
    • Street Gist
    • Tech
    • Sports
    • Politics
    • Fashion
  • About
No Result
View All Result
LIVE TV
  • Login
  • Home
  • Browse
    • News
    • Documentaries
    • Movie
    • Street Gist
    • Tech
    • Sports
    • Politics
    • Fashion
  • About
No Result
View All Result
  • Login
Home News Business

‘Take Action!’ CBN Orders Bank Directors with Bad Loans to Resign

Central Bank of Nigeria mandates resignation of bank directors with non-performing loans to uphold financial stability

oweleketv by oweleketv
February 18, 2025
387 12
0
‘Take Action!’ CBN Orders Bank Directors with Bad Loans to Resign
549
SHARES
2.5k
VIEWS
Share on FacebookShare on Twitter

Oweleke TV (News, Business) The Central Bank of Nigeria has ordered bank directors with non-performing insider-related loans to step down immediately.

Insider loans refer to loans granted by a bank to its own executives, directors, employees, major shareholders, or related parties.

The directive was issued in a circular signed by the Acting Director of Banking Supervision, Adetona Adedeji, on Monday.

According to the CBN, the decision aims to strengthen corporate governance and improve risk management in the banking sector.

To minimise financial risks, the apex bank instructed banks to take action by recovering debts through collateral enforcement and seizing the shareholdings of affected directors.

“Directors with non-performing insider-related facilities are required to step down immediately from the board, while the bank should commence immediate remediation of the loans through the recovery of the collaterals, including the shareholdings of the affected directors,”

the circular reads.

The CBN further directed banks to comply with Section 19 of the Banking and Other Financial Institutions Act 2020 by ensuring proper regulation of insider-related loans.

“Insider-related facilities approved by the CBN without specific timelines: Banks are required to regularise within 180 days all insider-related facilities above the limits prescribed in Section 19(5) of BOFIA 2020, which were approved by the CBN without specific timelines.

“Accordingly, all affected individual director-related facilities should be brought within the prescribed limit of 5 per cent of the bank’s paid-up capital, while the aggregate insider facilities for the bank should not exceed the 10 per cent paid-up capital limit,”

it added.

Paid-up capital refers to the total amount of money a company has received from shareholders in exchange for shares.

For insider-related loans approved with specific timelines, the CBN stated that all outstanding loans must be regularised within the permitted period.

Tags: CBN
Advertisement Banner
oweleketv

oweleketv

Related Posts

‘Eliminate these threats!’ Tinubu Orders Investigation into Damboa Army Base Attack
News

Defection No Shield Against Prosecution, FG Warns Amid Corruption Allegations

May 23, 2025
Saraki Leads PDP Strategy Talks with Enugu Governor Amid 2027 Realignment Rumours
News

Saraki Leads PDP Strategy Talks with Enugu Governor Amid 2027 Realignment Rumours

May 23, 2025
“My Best Chance Yet” – Mohamed Salah Eyes Ballon d’Or Glory After Historic Season with Liverpool
News

“My Best Chance Yet” – Mohamed Salah Eyes Ballon d’Or Glory After Historic Season with Liverpool

May 23, 2025
“No More Freebies!” – Don Jazzy Warns Fans Against Expecting Big Favours for Small Gifts
Celebrity News

“No More Freebies!” – Don Jazzy Warns Fans Against Expecting Big Favours for Small Gifts

May 23, 2025
BREAKING: Presidential Election Tribunal Adjourns Sitting to May 10
News

Tinubu Clinches APC’s 2027 Endorsement as Atiku, Obi Consider Coalition Ticket

May 23, 2025
Stop Running, Just Submit Yourself To EFCC – Natasha Akpoti Tells Yahaya Bello
News

Akpabio, Yahaya Bello Named as Witnesses in FG’s Defamation Case Against Senator Natasha

May 23, 2025

Recommended

‘Eliminate these threats!’ Tinubu Orders Investigation into Damboa Army Base Attack
News

Defection No Shield Against Prosecution, FG Warns Amid Corruption Allegations

May 23, 2025
Saraki Leads PDP Strategy Talks with Enugu Governor Amid 2027 Realignment Rumours
News

Saraki Leads PDP Strategy Talks with Enugu Governor Amid 2027 Realignment Rumours

May 23, 2025
“My Best Chance Yet” – Mohamed Salah Eyes Ballon d’Or Glory After Historic Season with Liverpool
News

“My Best Chance Yet” – Mohamed Salah Eyes Ballon d’Or Glory After Historic Season with Liverpool

May 23, 2025

Popular Playlist

Currently Playing

Biafra: Finnish Court Fixes Deadline For Simon Ekpa’s Trial

Biafra: Finnish Court Fixes Deadline For Simon Ekpa’s Trial

Biafra: Finnish Court Fixes Deadline For Simon Ekpa’s Trial

News
Joe Biden Is The Worst President Ever – Donald Trump [Video]

Joe Biden Is The Worst President Ever – Donald Trump [Video]

News
Senator ‘Runs Away’ From Live TV Interview Over Question On 2024 Budget

Senator ‘Runs Away’ From Live TV Interview Over Question On 2024 Budget

News
Easter Holiday: You Are Safe To Travel By Road, Rail, Air, Waterways – IGP Assures Nigerians

Easter Holiday: You Are Safe To Travel By Road, Rail, Air, Waterways – IGP Assures Nigerians

News
Atiku Warns on Imminent Disaster as Obi Slams FG Over Ukraine’s Grains Donation | Newspaper Review

Atiku Warns on Imminent Disaster as Obi Slams FG Over Ukraine’s Grains Donation | Newspaper Review

Celebrity News
  • About
  • Contact Us
Whatsapp: +2347084616073

© 2023 Oweleke TV, All Rights Reserved. Managed by Browsedotcom.

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
  • Browse
    • News
    • Documentaries
    • Movie
    • Street Gist
    • Tech
    • Sports
    • Politics
    • Fashion
  • About

© 2023 Oweleke TV, All Rights Reserved. Managed by Browsedotcom.