The Central Bank of Nigeria has issued a stern warning to primary mortgage banks, Microfinance Banks, and Development Finance Institutions in the country regarding the timely submission of regulatory returns. In separate notices signed by Valentine Ururuka for the Director of Financial Policy and Regulatory Department, the apex bank expressed disappointment over the late and non-renewal of periodic returns related to the financial institutions’ annual reports.

The CBN has urged all PMBs, MFBs, and DFIs to ensure that they submit their monthly FinA reports on or before the 5th day after the end of the month. Failure to comply with this directive may result in sanctions being imposed on the institutions.

“The Central Bank of Nigeria has observed with dismay the late and non-rendition of periodic returns on FinA by Primary Mortgage Banks. All PMBs are reminded of the provisions of Section 24 of the Banks and Other Financial Institutions Act 2020 and other extant regulations on the timely rendition of regulatory returns,” the notice stated.

In order to avoid sanctions, all PMBs are required to submit their monthly FinA returns promptly. If there are any technical issues preventing the submission of these returns, the institutions are advised to notify the CBN via email before the deadline, providing evidence of the technical issue.

It is crucial for all primary mortgage banks, Microfinance Banks, and Development Finance Institutions in Nigeria to adhere to the CBN’s regulations regarding the submission of regulatory returns. Failure to do so may result in severe consequences for these financial institutions.