The Central Financial institution of Nigeria has threatened to sanction all main mortgage banks, Microfinance Banks and Growth Finance Establishments within the nation concerning the well timed submission of regulatory returns.
The apex financial institution issued the warning in latest separate notices signed by Valentine Ururuka for the Director of Monetary Coverage and Regulatory Division.
Accordingly, the CBN expressed dismay over the late and non-renewal of periodic returns associated to the monetary establishments’ annual experiences.
The financial institution urged all PMBs, MFBs and DFIs to subsequently submit their month-to-month FinA experiences on or earlier than the fifth day after the top of the month.
CBN suggested these establishments on well timed rendition of all regulatory returns as future breaches shall be sanctioned.
“The Central Financial institution of Nigeria has noticed with dismay the late and non-rendition of periodic returns- on FinA by Major Mortgage Banks.
“All PMBs are subsequently reminded of the provisions of Part 24 of the Banks and Different Monetary Establishments Act 2020 and different extant rules on well timed rendition of regulatory returns.
“Consequently, all PMBs are to make sure that their month-to-month FinA returns are submitted on or earlier than the fifth day after the Month’s finish. The place the fifth day falls on a weekend or public vacation, returns shall be submitted the earlier work day.
“You’re strongly suggested to make sure well timed rendition of all regulatory returns as future breaches shall be sanctioned.
“In case of technical points, you might be required to inform the CBN through e mail OFIreturnscbn.gov.ng earlier than the deadline, detailing with proof the technical challenge”, one of many notices reads.
