Banks and Other Financial Institutions Act (Act No. 25 of 1991)

Nigeria

(amended through 2005)

The Banks and Other Financial Institutions Act (Act No. 25 of 1991) regulates banks and other financial institutions and their operations in Nigeria.

The act discusses:

  • Establishment of banks:
    • Registration and establishment of banks;
    • Duties of banks;
    • Books of account;
    • Supervision;
    • General and supplemental restrictions; and
    • Miscellaneous and supplementary matters.
  • Other financial institutions:
    • Prohibition of unlicensed financial institutions;
    • Application and failure to comply with conditions of license;
    • Supervisory power of the bank; and
    • Control of failing other financial institutions.
  • Miscellaneous and supplementary provisions:
    • Failure to comply with rules;
    • Power as to offences;
    • Interpretation; and
    • Citation and repeal.