BOFIA

AcronymDefinition
BOFIABanks and Other Financial Institutions Act (Nigeria)
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They are also expected to provide underwriting services with respect to equity issuance of securities, subject to the provisions of BOFIA, and prior notification in writing to the CBN, provide treasury management services including the provision of money market, fixed income, and foreign exchange investment on behalf of clients, provide financial, consultancy and advisory services relating to corporate and investment matters, for a fee.
During the ceremony, DAR Caraga handed over six units of hauling trucks worth P21.2 million to six different ARBOs all over Caraga region, two of which are from Agusan del Norte to include Palmavera Small Coconut Farmer Beneficiaries Coop (PASCOFBEC) of Las Nieves and Baleguian Organic Farmers Irrigators Association (BOFIA) of Jabonga.
The history of Islamic Banking in Nigeria dates back to 1991 with the promulgation of BOFIA, Banking and Other Financial Institutions Act which provided the legal guidelines for the regulation of non-interest of profit/loss sharing banking in the country.'
In Nigeria, the CBN has given a provisional license to Jaiz International Bank in June 2011 to establish a bank that would operate entirely under non-interest principles but also under the provisions of the Banks and Other Financial Institutions Act (BOFIA).
Among the recipients of hauling trucks are Palmavera Small Coconut Farmer Beneficiaries Cooperative or PASCOFBEC, Beleguian Organic Farmers Irrigators Association or BOFIA, Cebolin Multi-Purpose Cooperative or CEMPCO, La Fortuna Multi-Purpose Cooperative or LAMUPCO, Esperanza Farmers Credit Cooperative or ESFARCRECO, and San Isidro Multi-Purpose Cooperative or SIMPUCO.
It added: 'Failure to do this will attract sanctions in line with the Banks and Other Financial Institutions Act (BOFIA), Cap B3, LFN 2004.'
Responding to a question on religious sentiment, Professor Ekpo said, "The guidelines in the Banking and Other Financial Institutions (BOFIA) Act duly passed into law by the National Assembly are very clear.
The BOFIA (Banks and Other Financial Institutions Act) law was amended specifically to allow for it.'
Amino Njonkou had 19 points and 15 rebounds and Beatrice Bofia added 17 points and 11 rebounds for Arizona.
The six units hauling truck will be distributed to six ARBOs namely, the Palmavera Small Coconut Farmer Beneficiaries Coop (PASCOFBEC) of Las Nieves, Agusan del Norte; Baleguian Organic farmers Irrigators Association (BOFIA) of Jabonga, Agusan del Norte; Cebolin multi-purpose Cooperative (CEMPCO) of Trento, Agusan del Sur; La Fortuna Multi-Purpose Cooperative (LAMUPCO) of Veruela, Agusan del Sur; Esperanza Farmers Credit cooperative (ESFARCRECO0 of Del Carmen, Surigao del Norte; and San Isidro Multi-Purpose Cooperative (SIMPUCO) of Gigaquit, Surigao del Norte.
In a circular, noted that 'prior to now, dividend payout policy for banks has been as stipulated in Section 16(1) of BOFIA 2004 (as amended) and Prudential Guidelines for DMBs of 2010, which state that 'Every Bank shall maintain a reserve fund and shall, out of its net profits for each year (after due provision for taxation) and before any dividend is declared, where the amount of the reserve fund is less than the paid-up share capital, transfer to the reserve fund a sum equal to but not less than 30 percent of net profits or equal to or in excess of the paid-up share capital, transfer to the reserve fund a sum equal to but not less than 15 percent of the net profit; provided that no transfer under this subsection shall be made until all identifiable losses have been made good.
It said that actions of the central bank contradicted the provisions of Banks and Other Financial Institutions Act (BOFIA).The assembly said that the action of the central bank governor was unilateral and that the assembly was not taken into confidence.