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SENATE COMMENDS BUHARI FOR ASSENTING TO BOFI ACT

The Senate has noted with satisfaction the assent of President Mohammadu Buhari to the Banks and Other Financial Institutions Act 2020 (BOFI ACT).

A statement by the Chairman Senate Committee on Media and Public Affairs Ajibola Basiru says the BOFI Act follows many other Bills passed by the Senate on critical areas of the economy which are relevant to the Nation’s development.
He explained that the assent has effectively repealed the 1991 edition and it is expected to rejuvenate the financial system and enhance the development of the economy such as quality banking and ensure recovery of non performing loans.
Senator Basiru noted that the Senate under the leadership of the President of the Senate, Ahmad Lawan has resolved to work tirelessly and update Nigeria’s outdated laws to ensure that they are vibrant and are in consonance with modern day economic reality.

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