The Central Bank of Nigeria (CBN) has issued a stern warning to primary mortgage banks (PMBs), development finance institutions, and microfinance banks regarding the timely submission of regulatory returns.
In a press release dated March 5, the CBN expressed concern over the late or non-rendition of periodic returns related to the Financial Institutions’ Annual reports. The CBN emphasized that adherence to regulatory guidelines is crucial for maintaining financial stability and transparency within the banking sector. Primary Mortgage Banks, as defined by the CBN, are companies licensed to carry out primary mortgage banking business in Nigeria.
PMBs are essential players in the real estate and housing finance industry. Their compliance with reporting requirements, particularly the submission of monthly FinA returns by the 5th day after the month-end, is vital for effective oversight and monitoring of their financial health.
Source: PUNCH