A Review of The Banks and Other Financial Institutions Act 2020 – Effects On Nigeria’s Fintech Ecosystem
Introduction
On 12 November 2020, President Muhammadu Buhari assented to the Banks and Other Financial Institutios Act 2020 (the Act). The Act repealed the Banks and Other Financial Institutions Act 1991 and with the addition of novel provisions, seeks to improve the efficiency of the country’s financial system.
The Impact of the Covid-19 Pandemic on Demurrage Provisions in Charter-Parties in Nigeria
Introduction
“In so far as this Act applies to an industry or sector of an industry that is subject to the jurisdiction of another government agency by the provisions of any other law, in matters or conducts which affect competition and consumer protection, this Act shall be construed as establishing a concurrent jurisdiction between the Commission and the relevant government agency, with the Commission having precedence over and above the relevant government agency”.