2008-05-16 | TED-FEM-FPC-GEN-01-048-08

Circular To All Banks and Discount Houses on Common Accounting Year End

In light of banking sector reforms, all banks and discount houses in Nigeria have been advised to adopt a common accounting year-end of December 31. As per the Companies and Allied Matters Act (CAMA), directors must pass resolutions and inform relevant agencies regarding this change. Banks with varying fiscal year-ends need to submit their accounts accordingly, either for full-year approval or pro-rated period approval by March 31 of the following year, failing which appropriate sanctions will be enforced.

Nigeria

Central Bank of Nigeria

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