AN APPRAISAL ON THE CONSTITUTIONALITY AND OTHERWISE OF THE POWER GRANTED TO THE CENTRAL BANK GOVERNOR TO FREEZE ACCOUNTS UNDER SECTION 97(1) OF THE BOFI ACT VIS-A-VIS THE 1999 CONSTITUTION.
The Bank and other Financial Institutions Act (BOFIA) 2020, is a banking and financial institutions' regulatory legislation that provides the framework for which banks are to be set up, operate, carry-out day-to-day banking activities and other banking and financial duties and obligations. The Act also provides for rescue tools for failing banks and for the creation of tribunals for the enforcement of eligible loans amongst other salient provisions. The Act further provides for penalties thereto, for any bank or financial institution that breaches any of its provisions or who fails to comply with any provision that requires compliance therewith. Albeit the salient provisions of the Act, one section is noteworthy of - Section 97(1) of the Act. On a careful perusal of the Act, one will find that the Act allocates a very considerable amount of unfettered powers to the Governor. The Governor has quite a repository of power to carry-out some actions or make some decisions w
