The Central Bank of Nigeria, CBN, has threatened to suspend bank CEOs and MDs if they fail to publish their audited financial statements within the stipulated period.
In accordance with BOFIA 2010 LFN, CBN said banks are required to publish not later than four months after the end of each financial year, their audit. The Central Bank of Nigeria, CBN, has threatened to suspend bank CEOs and MDs if they fail to publish their audited financial statements within the stipulated period.
In accordance with BOFIA 2010 LFN, CBN said banks are required to publish not later than four months after the end of each financial year, their audited financial statements in a national newspaper printed and circulated in Nigeria.
“To facilitate the implementation of consolidated supervision, all banks, discount houses and their subsidiaries shall continue to adopt December 31, as their accounting year-end,” a statement from the apex bank said.
“The CBN shall continue to hold the Board Chairman and Managing Director (MD) of a defaulting bank directly responsible for any breach and impose appropriate sanctions which may include the following: Barring the MD or his/her nominee from participation in the Bankers’ Committee and disclosing the reason for such suspension; suspension of the foreign exchange dealership licence of the bank and its name sent to the Nigerian Stock Exchange (in the case of a public quoted company); and removal of the chairman and managing director from office if the accounts remain unpublished for 12 months after the end of the bank’s financial year,” the statement added. ted financial statements in a national newspaper printed and circulated in Nigeria.
“To facilitate the implementation of consolidated supervision, all banks, discount houses and their subsidiaries shall continue to adopt December 31, as their accounting year-end,” a statement from the apex bank said.
“The CBN shall continue to hold the Board Chairman and Managing Director (MD) of a defaulting bank directly responsible for any breach and impose appropriate sanctions which may include the following: Barring the MD or his/her nominee from participation in the Bankers’ Committee and disclosing the reason for such suspension; suspension of the foreign exchange dealership licence of the bank and its name sent to the Nigerian Stock Exchange (in the case of a public quoted company); and removal of the chairman and managing director from office if the accounts remain unpublished for 12 months after the end of the bank’s financial year,” the statement added.
