CBN extends accounts submission deadline for MfBs, others

The Central Bank of Nigeria has extended the timeframe for the submission of the 2019 audited financial statements of Other Financial Institutions due to the effect of COVID-19 pandemic on their operations.

The OFIs include microfinance banks, discount houses, bureau de change, payment service banks and primary mortgage banks.

The apex bank disclosed the extension in a circular on Friday titled, ‘Extension of the timeframe for the submission of 2019 audited financial statements’, signed by Nkiru Asiegbu., the director, other financial institutions supervision department.

Part of the circular reads, “Pursuant to the provisions of Section 27 (1) (a) of BOFIA, all banks and OFIs are required to forward the audited financial statements of each financial year to the CBN for approval before the end of the fourth month following the year to which they relate.

“Accordingly, the 2019 audited financial statements should have reached the CBN on or before April 2020.

“However, we have observed that the lockdown of most cities in the country due to the coronavirus pandemic has restricted the engagement of external auditors and the daily operations of all OFIs across the country.

“Therefore, the deadline for submission has been extended by three months.

“For the avoidance of doubt, all other financial institutions are required to submit the 2019 audited financial statements on or before July 31, 2020.

The CBN said it would monitor compliance with the extended date, and defaulters would be sanctioned accordingly.