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Posted By Udokabestluv On March 7th, 2024

The Central Bank of Nigeria has threatened to sanction all primary mortgage banks, Microfinance Banks and Development Finance Institutions in the country regarding the timely submission of regulatory returns.

The apex bank issued the warning in recent separate notices signed by Valentine Ururuka for the Director of Financial Policy and Regulatory Department.

Accordingly, the CBN expressed dismay over the late and non-renewal of periodic returns related to the financial institutions’ annual reports.

The bank urged all PMBs, MFBs and DFIs to subsequently submit their monthly FinA reports on or before the 5th day after the end of the month.

CBN advised those institutions on timely rendition of all regulatory returns as future breaches shall be sanctioned.

“The Central Bank of Nigeria has observed with dismay the late and non-rendition of periodic returns- on FinA by Primary Mortgage Banks.

“All PMBs are therefore reminded of the provisions of Section 24 of the Banks and Other Financial Institutions Act 2020 and other extant regulations on timely rendition of regulatory returns.

“Consequently, all PMBs are to ensure that their monthly FinA returns are submitted on or before the 5th day after the Month’s end. Where the 5th day falls on a weekend or public holiday, returns shall be submitted the previous work day.

“You are strongly advised to ensure timely rendition of all regulatory returns as future breaches shall be sanctioned.

“In case of technical issues, you are required to notify the CBN via email OFIreturnscbn.gov.ng before the deadline, detailing with evidence the technical issue”, one of the notices reads.

Source: https://dailypost.ng/2024/03/07/submit-returns-or-face-sanctions-cbn-warns-mortgage-banks-mfbs-dfis/