Is it a bank? Financial house? It’s a mortgage refinance coy!

By virtue of Section 43 (2) of the Banks and Other Financial Institutions Act, every bank is obliged to use the word “bank” as part of its name.  Failure to do so is a criminal offence under subsection 4 of the section (for which the sanction is a fine of N50000 in respect of each […]

By virtue of Section 43 (2) of the Banks and Other Financial Institutions Act, every bank is obliged to use the word “bank” as part of its name.  Failure to do so is a criminal offence under subsection 4 of the section (for which the sanction is a fine of N50000 in respect of each day in which the infraction persists). The Nigerian Mortgage Refinance Company, a de jure bank as aforesaid, is obviously remiss in this regard.
Abubakar Sani, Kano<[email protected]>