Regulatory Alerts2024-03-05 | FPR/DIR/PUB/LET/001/021Letter to all Development Finance Institutions - Late and Non-Rendition of Statutory Monthly Returns to the Central Bank of Nigeria through the FinA Application
The Central Bank of Nigeria has expressed concern over Development Finance Institutions' (DFIs) failure to submit timely periodic returns. All DFIs are reminded of the legal requirement to submit monthly FinA returns by the 5th of the following month, or the previous workday if the 5th falls on a weekend or holiday. Valentine /O. Ururuka, Ph.D., emphasizes the importance of timely submissions and encourages institutions to report any technical issues promptly to avoid sanctions for non-compliance.
Central Bank of Nigeria Financial Policy & Regulation Department Plot 33, Abubakar Tafawa Balewa Way Central Business District P.M.B. 0187, Garki, Abuja - Nigeria.
Email: fprd@cbn.gov.ng Website: www.cbn.gov.ng Phone: 09-462-37402, 09-462-37404 FPR/DIR/PUB/LET/001/021 March 5, 2024 LETTER TO ALL DEVELOPMENT FINANCE INSTITUTIONS LATE AND NON-RENDITION OF STATUTORY MONTHLY RETURNS TO THE CENTRAL BANK OF NIGERIA THROUGH THE FinA APPLICATION The Central Bank of Nigeria has observed with dismay the late and non-rendition of periodic returns on FinA by Development Finance Institutions (DFIs). All DFIs are therefore reminded of the provisions of Section 24 of the Banks and Other Financial Institutions Act (BOFIA) 2020, and other extant regulations on timely rendition of regulatory returns. Consequently, all DFIs are to ensure that their monthly FinA returns are submitted on or before the 5th day after the month end. Where the 5th day falls on a weekend or public holiday, returns shall be submitted the previous work day. You are strongly advised to ensure timely rendition of all regulatory returns as future breaches shall be sanctioned.
In case of technical issues, you are required to notify the CBN via email to OFIreturns@cbn.gov.ng prior to the deadline, detailing with evidence the technical issue.
VALENTINE /O. URURUKA PhD FOR: DIRECTOR, FINANCIAL POLICY AND REGULATION DEPARTMENT