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Published On: Tue, Mar 25th, 2014

CBN to sack bank executives who fail to publish end of year accounts

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CBN bars banksBy Chris Alu

Henceforth all banks’ Chief Executives and their Chairman, who fails to publish their end of year financial institutions for the end of year, would be sack from office.

The order was contained in the CBN monetary credit, foreign trade and exchange policy guidelines of the 2014 /2015 fiscal year released yesterday.

It said that the regulatory body will continue to hold the Board Chairman and CEOs of defaulting bank directly responsible for any breach and also impose appropriate sanctions, which may also include barring the CEOs or his or her nominee from participation in the bankers committee and as well disclosing the reason for such suspension.

CBN stated that in accordance with banks and other financial institutions Act (BOFIA 2004) banks are required subjects to the written approval of the CBN to publish not later than four months after the end of each financials year, and their audited financial statement balance sheet and profit and loss account be published in a national daily newspaper.

The CBN said to facilitate the implementation of consolidated supervision, all banks, discount houses and their subsidiaries shall continue to adopt December 31 as their end of year accounting dates.

It also said that other sanctions may include suspension of the foreign exchange dealership licence of the bank and its name being sent to the Nigerian stock exchange where such offender is a public quoted company.

CBN said that it would continue to adopt the risk based supervision approach in the supervision of institutions under its regulatory purview.

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