2012-12-20 | OFI/DIR/CIR/GEN/01/08

RE: Circular on Compliance with the Revised Guidelines for Primary Mortgage Banks

The Central Bank of Nigeria (CBN) issues a reminder to primary mortgage banks (PMBs) about the upcoming deadline for compliance with the Revised Guidelines, which includes a capital requirement of N5.0 billion for national PMBs and N2.5 billion for state PMBs. The CBN provides information on options for meeting these requirements, including capital raising, business combination, and downscaling, and outlines the documentation and regulatory approvals needed for each option. The CBN also emphasizes the responsibility of directors in ensuring compliance and warns against unauthorized asset disposal.

Nigeria

Central Bank of Nigeria

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