CBN To Sanction Mortgage, Microfinance Banks, Others Over Late, Non-submission Of Returns

The Central Bank of Nigeria has warned all primary mortgage banks, microfinance banks and development finance institutions in the country against the late and non-rendition of statutory monthly returns.

The apex bank gave the warning in three separate statements issued on Wednesday and signed by Valentine 0. Ururuka for the Director, Financial Policy and Regulation Department.

In a press release with reference number FPR/DIR/PUB/LET/001/022, the apex bank said it had “observed with dismay the late and non-rendition of periodic returns on FinA by Primary Mortgage Banks (PMBs)”.

It said, “Al PMBs are therefore reminded of the provisions of Section 24 of the Banks and Other Financial Institutions Act (BOFIA) 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 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 to OFIreturns@cbn.gov.ng prior to the deadline, detailing with evidence the technical issue.”

In another statement, the CBN also expressed dismay at the late and non-rendition of periodic returns on FinA by Microfinance Banks (MFBs).

It said, “Al MFBs are therefore reminded of the provisions of Section 24 of the Banks and Other Financial Institutions Act (BOFIA) 2020, and other extant regulations on timely rendition of regulatory returns.

“Consequently, all MBs are to ensure that their monthly FinA returns are submitted on or before the 5th day after the month 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 another release with reference number FPR/DIR/PUB/LET/001/021 titled, ‘Letter To All Development Finance Institutions,’

The apex bank also expressed dismay at the late and non-rendition of periodic returns on FinA by Development Finance Institutions (DFIs).

It said, “Al DFIs are therefore reminded of the provisions of Section 24 of the Banks and Other Financial Institutions Act (BOFIA) 2020, and other extant regulations on timely rendition of regulatory returns.

“Consequently, all DFls are to ensure that their monthly FinA returns are submitted on or before the 5th day after the month 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.”