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(4) Where the books of account, kept by a bank with respect to all its transactions, are prepared and kept in such a manner that, in the opinion of the Bank, have not been properly prepared and kept, or where a bank renders returns in accordance with the provisions of section 25 of this Decree, which in the opinion of the Bank are inaccurate, the Bank may appoint a firm of qualified accountants to prepare proper books of account or render accurate returns, as the case may be, for the bank and the cost of preparing the accounts and rendering the returns shall be borne by the bank.
(5) If any person being a director, manager or officer of a bank- (a) Fails to take all reasonable steps to secure compliance with any of the provisions of this section; (b) has by his willful act been the cause of any default thereof by the bank, he is guilty of an offence and liable on conviction, in respect of paragraph (a) of this subsection, to a fine of N10,000 or to imprisonment for 5 years or to both such fine and imprisonment; and, in respect of paragraph (b) of this section, to a fine of N50,000 or to imprisonment for a term not exceeding 10 years or to both such fine and imprisonment. (1) Every bank shall submit to the Bank not later than 28 days after the last day of each month or such other interval as the Bank may specify, a statement showing- (a) The assets and liabilities of the bank; and (b) An analysis of advances and other assets, at its head office and branches in and outside Nigeria in such form as the Bank may specify, from time to time.
Consolidation is one of the trends that characterize banking industry restructuring in Nigeria. (2004): “Banking Consolidation”, FRBSF Economic Letter, No. (2003): “Good News on Twelfth District Banking Market Concentration”, FRBSF Economic Letter, No 31, September, 18OECD (2001): Report on Consolidation in the Finance Sector, org Rhoades, S. (2000): “Bank Mergers and Banking Structure in the United States: 1980 - 1998”, Federal Reserve Staff Study, United States of America, 174Sawada, M. (2004): Effects of Bank Consolidation Promotion Policy: Evaluating the Bank Law in 1927 Japan, RIETI Discussion Paper Series 04-E-004Soludo, C. (2004): Consolidating The Nigerian Banking Industry To Meet The Development Challenges Of The 21st Century, available at C. (2005): Nigeria: Economic Growth Drivers and Financing Challenges, available at K.
However, the emerging scale of bank mergers raises challenging policy questions that must be addressed by policy makers in the course of promoting economic efficiency while safeguarding the nation’s financial system. (1997): “The Effects of Megamergers on Efficiency and Prices: Evidence from a Bank Profit Function” In Kwan, S. (2004): Bank Consolidation and Performance: The Argentine Experience, IMF Working Paper WP/04/149 CBN (2006): Press Conference on the Outcome of the Banking Sector Recapitalisation and the Way Forward for the Undercapitalised Banks, January 16 Eke, C.
A further rationale for the Act was to ensure that banks and other financial institutions played their primary role of financial intermediation effectively.
OBJECTIVE OF THE STUDY This study has been embarked upon to clearly enumerate all the provisions on legal and regulatory requirements guiding the operations of banks in Nigeria and their financial reporting as stipulated in the Bank and Other Financial Institution Act (BOFIA).
The study consequently concludes that despite the reforms, Deposit Money Banks were still faced with post reform challenges of non-performance. This article is an open access article distributed under the Creative Commons Attribution License ( which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. A Convocation Lecture Delivered at the Convocation Square, Bayero University, Kano, on Friday 26 February, 2010 to mark the Annual Convocation Ceremony of the University).
The research therefore recommended that more efforts should be made to ensure adequate compliance with corporate governance provisions in improving performance.
(2) For the purpose of subsection (1) of this section, proper books of account shall be deemed to be kept with respect to all transactions if such books as are necessary to explain such transactions and give a true and fair view of the state of affairs of a bank are kept by the bank and are in compliance with the accounting standard as may be prescribed for banks.
(3) The books of account shall be kept at the principal administrative office of a bank and at the branches of each bank in the English language or any other language approved by the Federal Government.
Data was collected from secondary source through CBN publications, local and international journals and other published materials. (2002): “The Banking Industry in Chile: Competition, Consolidation and Systematic Stability”, BIS Papers, No 4Akhavein, J.Tags: Adult Dating, affair dating, sex dating