2004-09-21 | TED-AD-101-2004

Circular To All Banks On The Need For The Preservation Of Banks' Assets

The Central Bank of Nigeria (CBN) has identified potential insider abuses, such as fraudulent conversions and asset stripping, occurring due to ongoing restructuring/consolidation efforts in the banking system. CBN reminds bank directors and officers about their fiduciary responsibilities and adherence to the Code of Conduct for Directors of licensed banks. Banks must obtain prior written approval from the CBN before selling or transferring assets, with directors and CEOs facing potential sanctions, including prosecution by the Economic and Financial Crimes Commission, if this rule is violated.

Nigeria

Central Bank of Nigeria

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