CBN Extends Deadline for the Submission of 2019 Audited Statements

• CBN Extends Deadline for the Submission of 2019 Audited Statements

The Central Bank of Nigeria has extended the deadline sets for submission of audited financial statements of all Other Financial Institutions (OFIs).

In a statement released by the apex bank and signed by Nkiru Asiegbu, the Director, Other Financial Institutions Supervision Department, CBN, the bank said in “pursuant to the provisions of Section 27 (1) (a) of BOFIA, all banks and OFIs are required to forward the audited financial statements of each financial year to the CBN for approval before the end of the fourth month following the year to which they relate.

“Accordingly, the 2019 Audited Financial Statements should have reached the CBN on or before April 30, 2020.

“However, we have observed that the lockdown of most cities in the country due to the coronavirus pandemic has restricted the engagement of External Auditors and the daily operations of all OFIs across the country.

“Therefore, the deadline for submission has been extended by three months for the avoidance of doubt, all Other Financial Institutions are required to submit the 2019 Audited Financial Statements on or before July 31, 2020,” the bank stated.