Regulatory Alerts2015-09-08 | BSD/DIR/GEN/LAB/08/048Deadline for Transfer of Federal Government Funds to Treasury Single Account
The Federal Government of Nigeria has set a deadline of September 15, 2015, for all banks to transfer government funds to the Treasury Single Account. Banks are directed to ensure compliance or face severe sanctions from the Central Bank of Nigeria. The letter, signed by 'Tokunbo Martins, Director of Banking Supervision, emphasizes the importance of timely remittance of funds.
09-462-36418 BSD/DIR/GEN/LAB/08/048 September 7, 2015 LETTER TO ALL BANKS DEADLINE FOR TRANSFER OF FEDERAL GOVERNMENT FUNDS TO TREASURY SINGLE ACCOUNT The Federal Government of Nigeria recently gave a deadline of September 15th 2015 for all balances/receipts due to the Government or its agencies to be paid into the Treasury Single Account (TSA) maintained with the Central Bank of Nigeria.
Banks are therefore directed to ensure that all such funds are remitted in line with the directive on or before the given deadline.
Please note that the Central Bank of Nigeria will impose severe sanctions on any bank that fails to comply on or before the deadline of 15th September, 2015.
Yours faithfully, 'Tokunbo Martins (Mrs.) Director of Banking Supervision