Nigeria In One Minute
Chairmen, CEOs of Union, Skye, Diamond, Others Risk Sanctions, Removal
The recent Central Bank of Nigeria’s (CBN) announcement that the chairmen and chief executives of any licensed bank who fail to publish their financial statements will face sanction or be removed has put eight banks at risk.
Findings by THISDAY Tuesday showed that the chairmen and CEOs of Union Bank of Nigeria Plc, Skye Bank Plc, Diamond Bank Plc, Unity Bank Plc, Heritage Bank, Keystone Bank, Suntrust Bank and Providus Bank risk immediate sanctions or even removal if their accounts remain unpublished for up to 12 months.
The eight banks have failed to meet the April 30 deadline provided by the Banks and Other Financial Institutions Act (BOFIA) requiring banks to publish their audited financial accounts not later than four months after the end of each financial year, with Skye Bank, in breach of the Act by 28 months.
A top official of Skye Bank told THISDAY Tuesday that the central bank was still considering the bank’s recapitalisation proposal.
THISDAY, May 2, 2018
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