2017-09-12 | FMD/DIR/CIR/GEN/08.009

Introduction of Two New Instruments for Non-Interest Banks

The Financial Regulation Advisory Council of Experts (FRACE) has directed that all Non-Interest Financial Institutions (NIFIs) must monitor the disposal of Non-Permissible Income (NPI) generated from their operations. The Advisory Committee of Experts (ACE) of NIFIs are required to send a quarterly report on the disposal of NPI to the Director of Banking Supervision. This is to ensure that NIFIs, their shareholders, and management staff do not benefit in any way from the NPI that is given to charity, as per the FRACE resolution.

Nigeria

Central Bank of Nigeria

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