CBN to fire some Bank CEOs, Chairmen over delayed reports – Business

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The Central Bank of Nigeria, CBN, issued a directive stating that it will dismiss the executive director of any bank and its chairman, who will not be able to publish his annual report 12 months after the end of the fiscal year.

Godwin emefiele, CBN Governor, signed directive in the monetary, credit, foreign trade and KBN exchange guidelines for fiscal years 2018/2019 issued over the weekend.

This policy is consistent with the provisions of the 1991 Banks and Other Financial Institutions Act (BOFIA) 1991, according to which banks must, subject to the written approval of the CBN, publish their audited financial statements — financial position and total income — in a national newspaper printed and distributed in Nigeria, no later than four months after the end of each financial year.

In addition, in order to provide consolidated supervision, the CBN sent all banks, discount houses and their subsidiaries to continue taking on December 31 at the end of the reporting year.

"CBN will continue to retain the chairman of the board and the managing director of the default bank directly responsible for any violation and imposes appropriate sanctions, which may include prohibiting the participation of the Managing Director or his / her candidate from participating in the Bankers Committee and disclosing the reasons for such suspension. ”

“It will also include the suspension of the license for the bank’s foreign exchange dealer bank and its name sent to the Nigerian Stock Exchange (in the case of a publicly traded company) and the removal of the Chairman and Managing Director / CEO from the office if the accounts remain unpublished for 12 months financial year of the bank the report says.

Here are companies that have not reached the deadline for filing financial statements.

International breweries – filed their report on April 4, 2018

Lafarge Africa Plc – released in early April, a few days after the deadline

FBN Holdings – published a report for the entire year last week, a few weeks after the deadline

Diamond bank

Fidelity bank

Strengthen ties

Abbey Mortgage Bank

Guinea Insurance

Mutual benefits and

Union Bank.

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