WARNING: This is Version 1 of my old archive, so Photos will NOT work and many links will NOT work. But you can find articles by searching on the Titles. There is a lot of information in this archive. Use the SEARCH BAR at the top right. Prior to December 2012; I was a pro-Christian type of Conservative. I was unaware of the mass of Jewish lies in history, especially the lies regarding WW2 and Hitler. So in here you will find pro-Jewish and pro-Israel material. I was definitely WRONG about the Boeremag and Janusz Walus. They were for real.
Original Post Date: 2010-09-09 Time: 14:00:04 Posted By: News Poster
By Idris Ahmed And Kayode Ekundayo
A new banking model that will enhance the quality of banks, financial system stability and evolution of healthy financial sector is expected to commence operation January 2011.
According to new guidelines on the approved revised banking model issued by the Central Bank of Nigeria (CBN) yesterday, all the existing universal banks are required to prepare and submit to the apex bank their plans on compliance with the new banking regime not later than 90 days from October 4.
CBN said it would discontinue the issuance of universal banking licences, prohibit banks from undertaking non-banking activities.
New licences are to be issued to banks to perform businesses such as commercial banking (regional, national and international), merchant banking, specialized banking (microfinance, mortgage, non-interest (regional and national) and development financial institutions.
“The Central Bank of Nigeria (CBN), in compliance with the statutory provisions of the Banks and Other Financial Institutions Act (BOFIA) regarding the conduct of banking business has concluded the review of the universal banking model in Nigeria and issued new rules and guidelines for the envisaged new licensing regime”, CBN said.
The new guidelines which were divided into two segments include regulation on scope of banking business which covers repealing of the universal banking regime and requires banks to divest from all non-banking business.
The guideline defines the new types of banking licences, permitted activities and transition timelines for restructuring.
The second segment covers special banks/institutions such as the Primary Mortgage Institutions, Microfinance Banks, Non-Interest Banks, Development Banks and Discount Houses.
CBN said the institutions should continue to perform their specialized roles within the framework of existing guidelines.
The apex bank however said banks should note that the responsibility for ensuring compliance with the guidelines resides with their boards and management while the CBN reserves the right to stipulate additional requirements prior to granting any approval or authorization.
“It will be recalled that the CBN had in March 2010, as part of the on-going reform agenda, circulated a draft exposure report detailing its intent to modify the current banking model/arrangement and defining a new banking licence regime, going forward.
“Comments from key industry operators/stakeholders were received, considered and served as input towards the finalization of the exposure draft document”, the apex bank said.
Original Source: 
Original date published: 9 September 2010
Source: http://allafrica.com/stories/201009090527.html?viewall=1