Lagos - The Central Bank of Nigeria (CBN) has threatened to sack chairmen and managing directors of banks that fail to submit their financial statements to the regulatory authorities at the end of every financial year.
The removal will also bar the Managing Director or his/her nominee from participation in the Bankers’ Committee, reports Nigeria Communications Week.
The threat is contained in the CBN’s Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal Years 2014/2015.
Other sanctions include suspension the foreign exchange dealership licence of the affected bank and also forward its name to the Nigerian Stock Exchange, NSE, if the bank in question is a public quoted company.
Read more at Nigeria Communications Week
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