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ARTICLE · 11 NOVEMBER 1997

Banking And The Law - 1. Market Overview

Abuka Ajegbo Ilogu & Nwaogu
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NigeriaAntitrust/Competition Law
By Patrick C Abuka

1.1. REGULATORY ENVIRONMENT

The principal enactments that regulate banking in Nigeria are the Central Bank of Nigeria Decree, 1991, the Banking and Other Financial Institutions Decree, 1991, Community Banks Decree, 1992, Federal Mortgage Bank of Nigeria Decree, 1993, the Mortgage Institutions Act, Chapter 231, Laws of the Federation of Nigeria, 1990.

The Banking and Other Financial Institutions Decree provides that no company shall carry on any banking business in Nigeria except it is a company duly incorporated in Nigeria, and holds a valid licence issued under the Decree. A banking licence is issued by the Central Bank if the applicant satisfies the required conditions, and may be revoked if the bank fails to fulfil or comply with the conditions subject to which the licence was granted, or fails to comply with any obligation imposed upon it by or under the Decree, or has insufficient assets to meet its liabilities, or ceases to carry on in Nigeria the

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