Regulatory Alerts2018-09-27 | BSD/DIR/GEN/LAB/11/019 /5Exposure draft- Guidance Notes on Disclosure Requirements
The Central Bank of Nigeria's Guidance Notes outline disclosure requirements for non-interest financial institutions (NIFIs) to promote transparency and market discipline. NIFIs must have a formal disclosure policy approved by their board of directors, addressing their approach to disclosures and internal controls over the process. Disclosures should cover core activities, risk profiles, and risk management methodologies. NIFIs are expected to make adequate disclosures based on their complexity and business type, considering internal reporting to the board and management. Disclosures should be made via websites, prospectuses, flyers, and audited financial statements, with specific frequency requirements outlined. NIFIs should adopt suitable organizational arrangements to ensure compliance with these requirements.