The Central Bank of Nigeria (CBN) has released an exposure draft of the revised guidelines for the licensing and regulation of financial holding companies (FHCs/HoldCos) in Nigeria.
In a circular dated June 10 and issued to financial holding companies, banks, other financial institutions and the public, the apex bank said the review is aimed at strengthening regulatory oversight and enhancing the operational effectiveness of FHCs.
The circular was signed by Rita Sike, director of the financial policy and regulation department.
The CBN said it introduced the guidelines in 2014 to mitigate risks arising from non-core banking activities conducted within banking groups.
“Following several years of implementation, the CBN has identified areas within the extant Guidelines that require enhancement to strengthen the operational effectiveness and regulatory oversight of Financial Holding Companies,” the circular reads.
“Accordingly, the guidelines have been reviewed to address observed gaps and
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