Regulatory Alerts2014-07-09 | BSD/DSIR/GEN/LAB/07/017Bancassurance and Other Non-Permissible Activities
The Central Bank of Nigeria has expressed concern over non-permissible activities such as bancassurance, violating the CBN's regulations on Commercial Banks. As a result, banks must cease these activities or face severe penalties. Adhere to the provisions in the regulation "Scope, Conditions & Minimum Standards for Commercial Banks Regulations No. 01, 2010". The Director of Banking Supervision, Tokunbo Martins (Mrs.), is responsible for enforcing these measures.
09-46236401 09-46236418 BSD/DSIR/GEN/LAB/07/017 July 4, 2014 LETTER TO ALL BANKS BANCASSURANCE AND OTHER NON-PERMISSIBLE ACTIVITIES The Central Bank of Nigeria has noted with concern that some banks engage in nonpermissible activities including bancassurance in contravention of the regulation on the CBN Scope, Conditions & Minimum Standards for Commercial Banks Regulations No. 01, 2010. Banks are therefore directed to henceforth cease such activities as the CBN will not hesitate to impose SEVERE sanctions on erring banks. Please be guided by the provisions of the above regulation. Yours faithfully, 'TOKUNBO MARTINS (MRS.) DIRECTOR OF BANKING SUPERVISION