October 30, 2018
Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Tuesday unveiled a code of corporate governance for Primary Mortgage Banks (PMBs) and other financial institutions in Nigeria.
The apex bank on February 2018 issued an exposure draft on the codes of corporate governance for other financial institutions in Nigeria which included the PMBs.
These include Microfinance Banks, Development Finance Banks, Primary Mortgage Banks, Mortgage Refinance Companies, Finance Companies and Bureaux De Changes.
“Pursuant to the provisions of Section 33 subsection (1) (b) of the CBN Act No. 7 of 2007; and sections 57, 61-63 of the Banks and Other Financial Institutions Act (BOFIA) of 1991 (as amended),” parts of a circular dated October 26, 2018 and signed by Kevin Amugo, director, Financial Policy and Regulation Department of the CBN said.