Regulatory Alerts2015-06-30 | BSD/DIR/GEN/LAB/08/032Re: Public Sector Revenue Accounts With Deposit Money Banks
The letter, addressed to all banks, expresses dismay that most banks have not fully complied with the directive to transfer all revenue accounts collected on behalf of the Federal Government and its agencies to the CBN account within 24 hours. Banks are directed to ensure strict compliance to avoid severe financial and administrative sanctions, with June 30, 2015, as the final deadline.
09-46236403 June 30, 2015 BSD/DIR/GEN/LAB/08/032 LETTER TO ALL BANKS RE: PUBLIC SECTOR REVENUE ACCOUNTS WITH DEPOSIT MONEY BANKS Our circular referenced BSD/DIR/GEN/LAB/08/003 dated January 14, 2015, refers. We have observed with dismay that most banks are yet to comply fully with the provisions of the circular directing banks to transfer ALL revenue accounts collected on behalf of the Federal Government and its Agencies to CBN account within 24 hours of the value date of such collections with effect from February 28, 2015. Banks are therefore, by this circular, directed to ensure strict compliance with effect from the date of this circular, failing which severe financial and administrative sanctions will be imposed. For emphasis, June 30, 2015 shall be the FINAL deadline. Please be guided accordingly. A.O. IDRIS For: DIRECTOR OF BANKING SUPERVISION