Nigerian President Muhammadu Buhari signed into law an amended banks and other financial institutions bill that seeks to improve loan recovery and the overall resilience of the country’s financial system, according to a presidency statement.
A key feature of the law is the introduction of “a credit tribunal to improve loan recovery and address the incidence of high non-performing loans within the financial system,” Garba Shehu, the president’s spokesman, said in the emailed statement.
The law also strengthens the regulatory institutions to improve their supervisory role while providing them with more tools to manage “failing institutions and systemic distress,” according to the statement.
