The Central Bank of Nigeria (CBN) has extended the timeframe for the submission of 2019 audited financial statement be Other Financial Institutions (OFI) to July 31st 2020.
The extension was communicated in a letter signed by Nkiru Asiegbu, the CBN’s Director of Other Financial Institutions Supervision Department, dated April 30, 2020. Seen by Nigerian Banker.
“Pursuant to the provisions of section 27 (1) (a) of BOFIA, all the banks and OFIs are required to forward the audited financial statements of each financial year to the CBN for approval before the end of the fourth month following the year to which they relate. Accordingly, the 2019 Audited Financial Statements should have reached the CBN on or before April 30, 2020.
“However, we have observed that the lockdown of most cities in the country due to the coronavirus pandemic has restricted the engagement of External Auditors and the daily operations of all OFIs across the country.
“Therefore, the deadline for submission has been extended by three months. For the avoidance of doubt, all Other Financial Institutions are required to submit the 2019 Audited Financial Statements on or before July 31, 2020.”
The CBN however threatened to monitor compliant and sanction defaulters accordingly.