Section 102-112 BOFIA 2020

Section 102-112 BOFIA 2020

Section 102 to 112 of the Bank and Other Financial Institutions Act 2020 is part of CHAPTER E [SPECIAL TRIBUNALS FOR THE ENFORCEMENT AND RECOVERY OF ELIGIBLE LOANS] of the Act.

Section 102 BOFIA 2020

Establishment of A Special Tribunal for the Enforcement and Recovery of Eligible Loans

(1) There is established a body to be known as the Special Tribunal for the Enforcement and Recovery of Eligible Loans (in this Act referred to as “the Tribunal”).

(2) The Tribunal shall exercise the jurisdiction, powers and authority as conferred on it in this Chapter of this Act.

Section 103 BOFIA 2020

Composition of the Tribunal

(1) The Tribunal shall consist of not less than eleven [11] persons to be appointed as full-time members by the President of the Federal Republic of Nigeria as follows:
(a) a President of the Tribunal who shall be a legal practitioner of not less than fifteen years post call, with a minimum of seven (7) years’ experience in banking and financial services law and practice or in the banking and financial services sector; and
(b) other members, all of whom shall be legal practitioners of not less than 12 years post call, with a minimum of five (5) years’ experience in banking and financial services industry law and practice or in the banking and financial services sector.

(2) A person appointed as a member of the Tribunal shall not be removed from office except in accordance with the provisions of this Chapter of this Act.

(3) The President of the Tribunal shall be the Chief Executive and Accounting Officer and shall be responsible for the overall control, supervision and administration of the Tribunal.

SEE ALSO  Section 63-73 BOFIA 2020

(4) No member of the Tribunal shall exercise any administrative function, except as otherwise delegated by the President of the Tribunal.

Section 104 BOFIA 2020

Functions of the National Judicial Council

National Judicial Council shall have the power to recommend to the President any disciplinary action against the President of the Tribunal or any member of the Tribunal including the removal of the said President of the Tribunal or a member(s) of the Tribunal on any or all the grounds provided for in this Chapter of this Act.

Section 105 BOFIA 2020

Vacancy in the office of the Tribunal

In the absence of the President of the Tribunal, the most senior member of the Tribunal by virtue of date of appointment or in the event of a tie, by virtue of date of call to the Bar, shall act as the President of the Tribunal pending the return of the President of the Tribunal or appointment of a new President of the Tribunal

Section 106 BOFIA 2020

Constitution of the Tribunal

(1) The Tribunal shall have and exercise jurisdiction throughout the Federation, and for that purpose, the President of the Tribunal shall for administrative purpose divide the entire Federation into such number of divisions as may be deemed
appropriate, having regard to the volume of cases likely to be instituted and provided that the total number of divisions in operation at any point in time shall not be less than two.

(2) For the purpose of exercising the jurisdiction conferred on it by this Act, the Tribunal shall be duly constituted by one member of the Tribunal sitting alone.

Section 107 BOFIA 2020

Term of office

The President and members of the Tribunal shall hold office from the date of appointment to the Tribunal until the date of dissolution of the Tribunal:
Provided that no person above 65 years shall be appointed or remain in office as a member of the Tribunal.

SEE ALSO  Section 49-56 BOFIA 2020

Section 108 BOFIA 2020

Disqualification of members of the Tribunal

(1) A member of the Tribunal shall cease to hold office if such member-
(a) attains the age of 65; or
(b) becomes of unsound mind or owing to ill health is incapable of carrying out his duties; or
(c) is adjudged bankrupt or such member makes a compromise with his creditors; or
(d) is convicted of a felony or any offence involving fraud or dishonesty by a court of competent jurisdiction; or
(e) is guilty of serious misconduct in relation to his duties; or
(f) is disqualified or suspended (other than at his own request) from practicing the legal profession in any part of Nigeria or outside Nigeria by the order of any competent authority made in respect of him personally; or has an interest in or is a director or shareholder of a financial services provider;
(g) has an interest in or is a director or shareholder of a bank, specialised bank or other financial institution;
(h) has been convicted of a sexual offence.

Section 109 BOFIA 2020

Resignation and removal of members of the Tribunal

(1) A member of the Tribunal may, by notice in writing under his hand addressed to the President through the National Judicial Council resign from office.

(2) A member of the Tribunal may be removed from office by an order made by the President on the recommendation of the National Judicial Council based on any of the grounds referred to in section 108 of this Act and after such member has been given a fair hearing; or on the ground of a proven charge of misbehaviour or incapacity after due inquiry has been made and the member concerned has been informed of the charge against him and given an opportunity of being heard in respect of the charge.

SEE ALSO  Banks and Other Financial Institutions Act [BOFIA] 2020

Section 110 BOFIA 2020

Salaries, allowances and other conditions of service of members of the Tribunal

(1) The salaries and allowances of the President of the Tribunal, members and Chief Registrar of the Tribunal shall be equivalent to remuneration of the Chief Judge, Judges and Chief Registrar of the Federal High Court respectively.

(2) Any amounts payable under this section shall be charged to and paid out of the Consolidated Revenue Fund of the Federation in accordance with section 81(3) of the Constitution of the Federal Republic of Nigeria 1999.

Section 111 BOFIA 2020

Filling up of vacancies

If for reason other than temporary absence, any vacancy occurs in the office of a member of the Tribunal then the President shall appoint another person in accordance with the provisions of this Chapter of this Act to fill the vacancy

Section 112 BOFIA 2020

Vacancies

The tribunal shall be deemed to be duly constituted notwithstanding any vacancy in the membership of the Tribunal.

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Inioluwa Olaposi

Hi, there. I'm Inioluwa, founder of LawHub NG. I study Law at Obafemi Awolowo University, Nigeria. And I am interested in entrepreneurship and human development. Contact me at Inioluwa@lawhub.com.ng.

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