We Would Sack Any Bank CEO That Refuses To Publish Their Bank's Accounts-CBN

Godwin Emefiele
Photo source: pulse.ng
 The Central Bank of Nigeria (CBN) has warned that it will sack any Chief Executive Officer (CEO) and Chairman of any bank that doesn't  or would refuse to publish it's financial statement within the specified preiod.



 This was contained in a statement in the Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for the 2016/2017 fiscal year.
 The CBN said "In accordance with BOFIA 2010 LFN, banks are required, subject of the written approval of the CBN, to publish not later than four months after the end of each financial year, their audited financial statements in a national newspaper printed and cirulated in Nigeria."


 Adding that "The CBN shall continue to hold the Board Chairman and Managing Director of a defaulting bank directly responsible for any breach and impose appropriate sanctions which may include the following: Barring the MD or his/her nominee from participation in the Bankers' Committee and disclosing the reason for such suspension; suspension of the foreign exchange dealership licence of the bank and it's name sent to the Nigerian Stock Exchange, and removal of the Chairman and Managing Director from office if the accounts remain unpublished for 12 months after the end of the bank's financial year."
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