The Central Bank of Nigeria (CBN) on Friday extended the deadline for the submission of 2019 audited financial statements for Other Financial Institutions (OFIs) to July 31, 2020.
The extension was as a result of the lockdown of most cities in the country due to the coronavirus pandemic, which has restricted the engagement of external auditors and the daily operation of all OFIs across the country.
In a circular signed by Nkiru Asiegbu, director, Other Financial Institutions Supervision department, the CBN said all OFIs are required to submit the 2019 audited financial statements on or before July 31, 2020.
The circular noted that the CBN would monitor compliance with the extended date and defaulters would be sanctioned accordingly.
Pursuant to the provision of section 27 (1) (a) of BOFIA, all 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.