The Central Bank of Nigeria (CBN) has issued a stern warning to primary mortgage banks (PMBs), development finance institutions (DFIs), and microfinance banks (MFBs) regarding the timely submission of regulatory returns. In a press release signed by Dr. Valentine Ururuka, the Director of Financial Policy and Regulation at the CBN, the apex bank expressed dismay over the late and non-rendition of periodic returns related to the financial institutions’ annual reports.
The CBN emphasized the importance of adherence to regulatory guidelines for maintaining financial stability and transparency within the banking sector. PMBs, DFIs, and MFBs were reminded of the provisions outlined in Section 24 of the Banks and Other Financial Institutions Act 2020, which specifically addresses the timely rendition of regulatory returns, including the Financial Institutions Annual (FinA) reports.
According to the directive, PMBs, DFIs, and MFBs are required to submit their monthly FinA returns on or before the 5th day after the month-end. Flexibility is provided for cases where the 5th day falls on a weekend or public holiday, with returns to be submitted on the previous workday to accommodate any disruptions.
The CBN warned that future breaches of regulatory reporting deadlines would result in appropriate sanctions, including fines, restrictions, or other disciplinary measures. Financial institutions encountering technical issues preventing timely submission were instructed to promptly notify the CBN via email, providing evidence of the technical issue to facilitate resolution.