Central Bank of Nigeria Orders Timely Disposal of Non-Permissible Income
Oct 18, 2021 ·
1m 6s
The Central Bank of Nigeria has issued guidelines to the Advisory Committees of Experts of non-interest banks in supervising and monitoring the disposal of Non-permissible Income by the institutions. The...
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The Central Bank of Nigeria has issued guidelines to the Advisory Committees of Experts of non-interest banks in supervising and monitoring the disposal of Non-permissible Income by the institutions.
The CBN explained that the move was part of efforts aimed at standardising the treatment and disposal of NPI by the NIB.
The apex bank noted that the NPI was not an object of ownership of the NIB and does not confer any ownership rights on it.
The CBN stated that the NPI shall be put in a dedicated NPI account and shall not be commingled with the funds of the NIB.
The apex bank added that the NIBs were under obligation to dispose of any NPI that accrues to it, pointing out that disposing the NPI to a charitable cause is regarded as proper disposal on certain conditions.
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The CBN explained that the move was part of efforts aimed at standardising the treatment and disposal of NPI by the NIB.
The apex bank noted that the NPI was not an object of ownership of the NIB and does not confer any ownership rights on it.
The CBN stated that the NPI shall be put in a dedicated NPI account and shall not be commingled with the funds of the NIB.
The apex bank added that the NIBs were under obligation to dispose of any NPI that accrues to it, pointing out that disposing the NPI to a charitable cause is regarded as proper disposal on certain conditions.
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