Nigeria’s central bank plans to introduce regulations that will enable it to remove bank executives if they fail to publish audited annual accounts during the following 12 months.
The apex bank said it would also bar the executives from industry meetings and suspend the lender from the forex market if its annual accounts were not published during the 12 months after its financial year-end.
Nigerian banks had adopted a common year-end of December, which would help facilitate its supervision.
And the Banks and Other Financial Institutions Act (BOFIA) requires banks to publish their audited financial accounts not later than four months after the end of each financial year.
