2013-03-25 | OFI/DIR/CIR/GEN/01/11

Extension of the Deadline for Compliance with The Revised Guidelines for Primary Mortgage Banks

The Central Bank of Nigeria has extended the deadline for Primary Mortgage Banks (PMBs) to comply with revised guidelines from 30th April 2013 to 31st December 2013. This extension aims to give PMBs more time to consider and execute capital raising, business combination, or downscaling options outlined in previous circulars. All directors, particularly managing directors/CEOs of PMBs, are advised to conduct due diligence, consult professionals, and complete all processes before the deadline to facilitate capital verification and necessary regulatory approvals. Pursuing any disposal of assets without CBN approval may result in directors being held liable for asset stripping.

Nigeria

Central Bank of Nigeria

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