Central Bank of Nigeria Orders Timely Disposal of Non-Permissible Income

The Central Bank of Nigeria has issued guidelines to the Advisory Committees of Experts of non-interest banks in supervising and monitoring the disposal of Non-permissible Income by the institutions.<br />The CBN explained that the move was part of efforts aimed at standardising the treatment and disposal of NPI by the NIB.<br />The apex bank noted that the NPI was not an object of ownership of the NIB and does not confer any ownership rights on it.<br />The CBN stated that the NPI shall be put in a dedicated NPI account and shall not be commingled with the funds of the NIB.<br />The apex bank added that the NIBs were under obligation to dispose of any NPI that accrues to it, pointing out that disposing the NPI to a charitable cause is regarded as proper disposal on certain conditions.