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CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts - Business - Nairaland

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CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by Laredojohn(m): 5:59am On Jun 28, 2016
LAGOS — The Central Bank of Nigeria (CBN) has said it will sack chief executive officer and chairman of any bank that fails to publish its financial statement within the regulatory period.

This was contained in the Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for the 2016/2017 fiscal year released by the apex bank, yesterday.

According to the CBN, all banks must publish their financial statements latest four months after their financial year or risk severe sanction, including removal of the chief executive officer and the chairman.

The CBN stated: “In accordance with BOFIA 2010 LFN, banks are required, subject to the written approval of the CBN, to publish not later than four months after the end of each financial year, their audited financial statements (statement of financial position and statement of comprehensive income) in a national newspaper printed and circulated in Nigeria.

“To facilitate the implementation of consolidated supervision, all banks, discount houses and their subsidiaries shall continue to adopt December 31, as their accounting year-end.

“The CBN shall continue to hold the Board Chairman and Managing Director (MD) 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 its name sent to the Nigerian Stock Exchange (in the case of a public quoted company); and removal of the chairman and managing director from office if the accounts remain unpublished for 12 months after the end of the bank’s financial year.”

Naira depreciates N281.5/$

Meanwhile, the naira depreciated in interbank and parallel segments of the foreign exchange market yesterday.

At the interbank market, the naira depreciated marginally by 35 kobo as the interbank exchange rate for spot transactions rose to N281.49 per dollar from N281.14 per dollar. But at the parallel market, the naira depreciated by N10 or 3.2 percent as the parallel exchange rate rose sharply to N351 per dollar from N340 per dollar on Monday.

A bureau de change operator, who spoke on condition of anonymity, said the sharp depreciation was due to resurgence of demand for dollars, while supply has declined.

Last week, the naira appreciated significantly in the parallel market due to panic selling of dollars which boosted supply. The BDC source, however, said the appreciation was due to panic reaction to the commencement of the revived interbank foreign exchange market under the new flexible foreign exchange policy introduced by the CBN two weeks ago.


http://www.vanguardngr.com/2016/06/late-publication-accounts-cbn-sack-banks-ceos-chairmen/
Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by Ezedon(m): 6:13am On Jun 28, 2016
They promised us Jobs, but people are loosing their jobs on daily basis

7 Likes

Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by Okijajuju1(m): 10:35am On Jun 28, 2016
This Government is not smiling at all... grin grin grin grin grin



President Buhari be like...


26 Likes 2 Shares

Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by brunofarad(m): 10:35am On Jun 28, 2016
The system seems to be getting more dilligently organised,
I pray it transforms to better economic conditions for the average Nigerian.

11 Likes 1 Share

Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by garlicrey(m): 10:35am On Jun 28, 2016
Pls folks download my song...https://www.datafilehost.com/d/47f29d5e
Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by wasco24: 10:36am On Jun 28, 2016
Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by januzaj(m): 10:37am On Jun 28, 2016
Ezedon:
They promised us Jobs, but people are loosing their jobs on daily basis
Especially people whose jobs are not well tightened grin grin grin

8 Likes 1 Share

Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by Lanre4uonly(m): 10:37am On Jun 28, 2016
Ok. This is indeed a trying time for our Nation's economy.

3 Likes 1 Share

Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by Alvinnado(m): 10:39am On Jun 28, 2016
Abeg make them sack and come very quick and employ me
Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by Nobody: 10:40am On Jun 28, 2016
Ezedon:
They promised us Jobs, but people are loosing losing their jobs on daily basis

Well, the reason why there are job losses is because the jobs market was dependent on the high number of dollars coming into the economy on high oil prices. And most of them jobs were in Service-type jobs....not in the real industrial sector where real growth takes place.

And our industrial sector was suffering because we were overimporting the things we should have been producing.

Now that oil prices have gone down...the cash from oil has gone down....and the jobs have gone.

In other words....2010-14 was a time of FAKE growth.(And we were there before...in the 1970's and early 80's).

What this government should be doing (and what you should be judging them on, instead of waiting for oil prices to rise again...which is what you wailers and your friends the zombies have in common)....is to spend money on power , transport and technical education.

Things which stimulate industrial....and therefore real growth....not oil , agric, and mining revenues stimulated growth that at the end of the day means our money goes abroad in the name of importation.

Wailer and Zombie...leave that oil alone. Real countries are industrial and innovation dependent.

19 Likes 2 Shares

Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by ajasa4link: 10:40am On Jun 28, 2016
sack kwa?
Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by Alvinnado(m): 10:40am On Jun 28, 2016
My swt sister was sacked last month for no just reason,so why shouldn't anyone be sacked Mitcheeeeew
Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by adedapa(m): 10:40am On Jun 28, 2016
Sack and put politicians abi? Continue.....
Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by chimah3(m): 10:41am On Jun 28, 2016
Sack sack everywhere

A pee cee
Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by Anyi3(m): 10:44am On Jun 28, 2016
And then replace them with kids of politicians undecided
Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by Mikehell(m): 10:44am On Jun 28, 2016
Can some1 pls tell those oniranu dat 365days of jamboree is over...... grin grin
Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by AccessME(m): 10:45am On Jun 28, 2016
it a pity Nigerians of all Africans still conform on government bigotry incompetence, WE DON'T fight for our RIGHT
Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by ademusiwa5: 10:46am On Jun 28, 2016
F
Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by Flexherbal(m): 10:47am On Jun 28, 2016
They will soon go and settle.
Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by eleojo23: 10:48am On Jun 28, 2016
ademusiwa5:
F
Hmm...even Ademusiwa, the self-acclaimed Emperor of Western Nigeria has decided to take some time off his busy schedule to comment on this matter.

May we all prostrate before the emperor! grin

3 Likes

Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by omogidi234(m): 10:55am On Jun 28, 2016
Okijajuju1:
This Government is not smiling at all... grin grin grin grin grin



President Buhari be like...



This memes is new on Nairaland.
Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by Nobody: 10:57am On Jun 28, 2016
This is a good excuse to fire the Zenith bank excos. We know as e dey go. Zenith bank had better be on point.
Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by epospiky(m): 11:01am On Jun 28, 2016
seriously?
Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by Ofemmanu1: 11:05am On Jun 28, 2016
If you check well, those affected were pdp members. Daura govt is a joke.
Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by 735i(m): 11:06am On Jun 28, 2016
Noise.
Emefiele gat no balls. Who is he going to sack? Tony Elumelu? Or Uzoma Dozie?
Mtchew... CBN should just stop embarrassing itself. It's been compromised and can't carry out its regulatory oversight.

1 Like

Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by EbukaLive(m): 11:08am On Jun 28, 2016
Quakertellicus1:


Well, the reason why there are job losses is because the jobs market was dependent on the high number of dollars coming into the economy on high oil prices. And most of them jobs were in Service-type jobs....not in the real industrial sector where real growth takes place.

And our industrial sector was suffering because we were overimporting the things we should have been producing.

Now that oil prices have gone down...the cash from oil has gone down....and the jobs have gone.

In other words....2010-14 was a time of FAKE growth.(And we were there before...in the 1970's and early 80's).

What this government should be doing (and what you should be judging them on, instead of waiting for oil prices to rise again...which is what you wailers and your friends the zombies have in common)....is to spend money on power , transport and technical education.

Things which stimulate industrial....and therefore real growth....not oil , agric, and mining revenues stimulated growth that at the end of the day means our money goes abroad in the name of importation.

Wailer and Zombie...leave that oil alone. Real countries are industrial and innovation dependent.
Best comment on the Nigerian Economy in Narialand ever! I really wish I don't love Buhari and APC that much.

1 Like

Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by blazetitov: 11:14am On Jun 28, 2016
Okijajuju1:
This Government is not smiling at all... grin grin grin grin grin



President Buhari be like...




grin grin grin grin grin grin grin grin
Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by carbony4red(m): 11:22am On Jun 28, 2016

Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by omowolewa: 11:29am On Jun 28, 2016
That is 4months after March 31 (July 31st, still enough time).

We likely see much of foreign currency gains, reduced depositors' fund, reduced interest income, more cost of running business, increased bad loans.

It take proactive management team to declare profit this year.
Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by TS2(m): 11:51am On Jun 28, 2016
People are just commenting, nobody knows the underlying reasons for these decisions.

Dem go soon sack my guy be dat.
Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by Iko5000: 12:07pm On Jun 28, 2016
Yes it is but The FG can't sack staff of a private company, you can only fine them or remove their licence.
brunofarad:
The system seems to be getting more dilligently organised,
I pray it transforms to better economic conditions for the average Nigerian.
Re: CBN To Sack Banks’ CEOs And Chairmen Over Late Publication Of Accounts by Nobody: 12:18pm On Jun 28, 2016
good

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