The Central Bank of Nigeria (CBN) has issued a warning to all primary mortgage banks (PMBs) in the country regarding the timely submission of regulatory returns. The press release, dated March 5 and referenced as FPR/DIR/PUB/LET/001/022, was published on the CBN's website and signed by Dr. Valentine Ururuka, the Director of Financial Policy and Regulation.

Expressing concern over the late and non-rendition of periodic returns related to the Financial Institutions’ Annual reports, the CBN emphasized the importance of adherence to regulatory guidelines for maintaining financial stability and transparency within the banking sector.

PMBs, defined as companies licensed to carry out primary mortgage banking business in Nigeria, play a crucial role in the real estate and housing finance industry. Compliance with reporting requirements is essential for effective oversight.

The CBN reminded all PMBs of the provisions outlined in Section 24 of the Banks and Other Financial Institutions Act 2020, specifically addressing the timely rendition of regulatory returns, including the Financial Institutions' Annual (FinA) reports.

PMBs are required to submit their monthly FinA returns on or before the 5th day after the month-end to ensure the CBN receives accurate and up-to-date information about their financial health.

In cases where the 5th day falls on a weekend or public holiday, PMBs are instructed to submit their returns on the previous workday, providing flexibility to accommodate non-working days.

The CBN issued a stern warning that future breaches of regulatory reporting deadlines will result in appropriate sanctions, such as fines, restrictions, or other disciplinary measures.

The statement emphasized the importance of timely rendition of regulatory returns and instructed PMBs encountering technical issues preventing timely submission to promptly notify the CBN via email, including evidence of the technical issue to facilitate resolution.

Naijamatta is a social networking site,

download Naijamatta from Google play store or visit www.naijamatta.com to register. You can post, comment, do voice and video call, join and open group, go live etc. Join Naijamatta family, the Green app.