The Central Bank of Nigeria (CBN), apex banking authority of the Nigeria, has appointed Vinod Kothari Consultants Pvt. Ltd. (VKC) for review and drafting their domestic law to govern securitisation transactions. The initiative by the apex authority is a part of their Financial System Strategy 2020.
VKC is expected to facilitate enactment of the legislation and regulatory framework for deployment of Asset Backed Securities in banking and capital markets in Nigeria.
VKC has more than two decades of experience in structured finance in and outside India. Vinod Kothari, Director of the firm, is internationally recognised as a trainer, consultant and author on structured finance. In the past, VKC was appointed by the regulatory authorities of Sri Lanka and South Africa to assist them in drafting their law on securitisation.
Vinod Kothari quoted:
Nigeria is rich in natural resources, and is, therefore, a potential issue of future flows based securities. Additionally, the country is an emerging economic force, and therefore, needs to have world-class infrastructure of financial laws in place. In light of this, it is so heartening to get a chance to contribute to the development of securitisation in Nigeria.