WEDNESDAY, 13th October, 2021: The Governor of the Central Bank of Nigeria, Godwin Emefiele, on Tuesday said that unruly debtors had frustrated the debt recovery efforts of financial institutions in the country by exploiting the lack of prioritisation of credit recovery matters by the Nigerian judicial system.
The governor stated this in Abuja at a workshop for judicial officers on recent reforms of the banking financial services sectors in Nigeria: Banks and other Financial Institutions Act, 2020 in Focus.
Emefiele who was ably represented by the Deputy Governor, Financial System Stability, Aisha Ahmad, emphasised the importance of the judiciary in upholding CBN’s mandate and ensuring orderly operation of the financial system.
Speaking on the significance of the BOFIA 2020, he added that the act was expected to reinvigorate the Nigerian banking sector as it would engender a sound and stable financial system that would support sustainable growth and development of the Nigerian economy.
He said the BOFIA 2020 would also strengthen the Anti-Money Laundering and Combating Financing of Terrorism Framework by mandating regulated entities to comply with AML/CFT and cybersecurity regulations.
In his words, "This comes at a very auspicious time as the nation continues to advance in its adoption of digital economy; which has heralded the birthing of Nigeria’s Central Bank Digital Currency – the e-Naira." 
Emefiele also pointed out that the BOFIA contained provisions to effectively manage unclaimed funds or abandoned property in dormant accounts maintained with banks, specialised banks and other financial institutions, as well as recovery tools for failing banks.