Compliance Regulations for Banks

CBN Code Of Corporate Governance For Banks And Discount Houses 2014 (CBN Code)

This sets out responsibilities, functions and rights of the board and management, shareholders and other stakeholders of banks and discount houses. 

Code of Corporate Governance for Other Financial Institutions in Nigeria 2019

In respect of microfinance banks, development finance banks, primary mortgage banks, mortgage refinance companies, finance companies and bureaux de change. 

SEC Code of Corporate Governance for Public Companies 2011 and the Corporate Governance Guideline

Which apply to banks that are public companies. The code and guideline, among other things, provide for board structure and composition, nomination and governance and board evaluation. 

Federal Reporting Council of Nigeria Code of Corporate Governance 2018 (FRCN Code)

Applicable to all companies in Nigeria. The code contains provisions on board structure and composition, business conduct and ethics, shareholder relationships and risk management 

Companies and Allied Matters Act 2020 (CAMA)

This Act establishes the Corporate Affairs Commission (CAC), which is charged with the regulatory powers over all registered companies in Nigeria, including banks and other financial institutions.

Foreign Exchange (Monitoring and Miscellaneous Provisions) Act 1995-

This Act establishes the Autonomous Foreign Exchange Market and the regulatory structure for all foreign exchange transactions in Nigeria. According to the provisions of the Act, transactions in the foreign exchange market are to be conducted in convertible foreign currency. 

The Nigerian Deposit Insurance Corporation Act

The Act seeks to ensure that liquidation proceeds carried out by the bank is orderly and ensures the efficient closure of failed banks and financial institutions without any disruption of the banking system.

Companies and Allied Matters Act 2020 (CAMA)

This Act establishes the Corporate Affairs Commission (CAC), which is charged with the regulatory powers over all registered companies in Nigeria, including banks and other financial institutions.

Foreign Exchange (Monitoring and Miscellaneous Provisions) Act 1995-

This Act establishes the Autonomous Foreign Exchange Market and the regulatory structure for all foreign exchange transactions in Nigeria. According to the provisions of the Act, transactions in the foreign exchange market are to be conducted in convertible foreign currency.