The Central Bank of Nigeria is moving to update the rules that govern financial holding companies, citing nearly a decade of experience with the current framework as the reason for the change.
The existing guidelines have been in place since 2014, when they were introduced to reduce the risks that come with non-core banking activities operating within larger banking groups. After years of working within that structure, the CBN says a revision is now necessary.
What the updated framework will look like, and when it takes effect, remains to be seen. Watch this space.
Originally published by Premium Times.