CBN extends deadline for OFIs’ submission of 2019 audited financial statements

THE Central Bank of Nigeria (CBN) has extended by three months, the deadline for submission of the 2019 Audited Financial Statements by Other Financial Institutions (OFIs).

A circular to this effect on Friday signed by the Director, Other Financial Institutions Supervision Department, CBN Nkiru Asiegbu stated that all Other Financial Institutions are required to submit the 2019 Audited Financial Statements on or before July 31, 2020.

Pursuant to the provisions of Section 27 (1) (a) of Banks and Other Financial Institution Act  (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.

“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.

“Please note that the Central Bank of Nigeria will monitor compliance with the extended date, and defaulters will be sanctioned accordingly,” the circular read in part.

Some OFIs include Microfinance Banks, Mortgage Institutions among others.

It should be remembered that the Nigerian Stock Exchange (NSE) had also extended the time for quoted companies to submit their audited financial statements for the year ended December 31, 2019.

This was contained in a circular, which was addressed to Dealing Member Firms (DMFs) on March 24, and signed by the Head, Broker Dealer Regulation of the Nigerian Stock Exchange.

According to the NSE, the decisions outlined in the circular, are part of measures taken by The Exchange to reduce the business and economic impacts on the activities of the Dealing Member Firms.

This decision means that the NSE has approved a temporary suspension of the provisions of Rule 7.4 (Submission of Financial and Non-Financial Reports to the Exchange) of the Rulebook of the Exchange, 2015 as amended.

The Rule states that, ‘Every Dealing Member shall submit to the Exchange its audited financial statements, within ninety (90) calendar days of the end of the fiscal, and its quarterly returns within thirty (30) calendar days of the end of the quarter; and any other periodic report within the period stipulated by the Exchange’.

As part of its statement in the circular, the NSE appreciates the fact that some of the internal governance, auditing and other processes including the engagement of external auditors to carry out the audit of Dealing Member Firms, may have been negatively affected by the outbreak of the coronavirus pandemic.

It therefore decided to grant all DMFs an additional sixty (60) day grace period for the submission of their audited financial statement for the year ended December 31, 2019 which was supposed to be due for submission on Monday, March 30, 2020.

It means that the deadline date for submission of the audited financial statement for all the DMFs was now extended to Friday, May 29, 2020.

 

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