2014-01-30 | OFI/DIR/CIR/GEN/01/107

Recognition of Investment Properties/Real Estate Development in the Financial Statement of Primary Mortgage Banks in Nigeria

This CBN circular dated October 11, 2013 addresses Primary Mortgage Banks (PMBs) in Nigeria. It highlights that as per the guidelines, real estate development is a non-permissible activity for PMBs. Consequently, PMBs must dispose of their existing real estate developments at arm's length and classify these assets as Non-Current Assets Held for Sale according to IFRS 5 standards.

Nigeria

Central Bank of Nigeria

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