CBN screens banks’ financial reports for infractions

The Central Bank of Nigeria (CBN) has strengthened its pre-emptive surveillance of banks to unearth infractions and ensure compliance with extant rules and guidelines.

The banks have been under intense criticism in recent periods for alleged complicity in economic crimes.

The Economic and Financial Crimes Commission (EFCC) estimated that some 70 per cent of financial crimes in the country could be traced to the banking sector.

Financial industry sources yesterday said the apex bank has rejigged its surveillance mechanism to appropriately focus on banks’ financial statements and audit reports.

They told Checkout that each report will pass through multiple-level examinations.

One of the sources said the delay in the submission of the audited reports and accounts of many of the banks for last year might not be unconnected with the rigorous screening of the banks’ financial statements.

Banks that had approved their audited results and submitted the same for onward examination and approval by the CBN since the end of January 2024 are still awaiting final approval of the apex bank.

Banks cannot make public their audited reports and accounts without prior and final approval of the CBN.



Please enter your comment!
Please enter your name here