Key Amendments of The BOFIA 2020
President Muhammadu Buhari signed the “Banks and Other Financial Institutions Act” 2020 (also known as “the New Act” or “BOFIA 2020”) into law on November 13, 2020, repealing the prior BOFIA 1991 (as revised in 1997, 1998, 1999, and 2002). In order to reflect the development of the Nigerian financial industry over the past 30 …