Rule · CBN · 8 Jan 2015 · BSD/DIR/GEN/LAB/08/002

Oil and Gas Industry Credit Risk Mitigation

This letter from the Director of Banking Supervision informs all banks in the Oil and Gas industry that due to the ongoing implementation of the Basel II/III capital adequacy framework, the application has been deferred until further notice. Until a new date is advised, banks must put in place adequate risk mitigation techniques for managing their Oil and Gas risk exposures, which will be reviewed during regular risk-based supervision activities.

NigeriaCentral Bank of Nigeria

09-462-36401 January 7, 2015 BSD/DIR/GEN/LAB/08/002 LETTER TO ALL BANKS OIL AND GAS INDUSTRY CREDIT RISK MITIGATION Please refer to our letter titled "Oil and Gas Industry Credit Risk Mitigation" dated December 10, 2014. In view of the on-going implementation of the Basel II/III capital adequacy framework, the application of this regulation has been deferred till further notice. A new date would be advised to all banks in due course. However, the banks are required to put in place adequate risk mitigating techniques for the management of their Oil and Gas risk exposures which would be reviewed during our regular risk-based supervision activities. Please be guided accordingly. K. O. BALOGUN For: DIRECTOR OF BANKING SUPERVISION

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