Submit Returns or Face Sanctions, CBN Warns Mortgage Banks, Others

The Central Bank of Nigeria has warned all primary mortgage banks in the country regarding the timely submission of regulatory returns.

This was as it also issued a stern warning to Development Finance Institutions and Microfinance Banks.

In a press release issued on its website dated March 5 with reference number FPR/DIR/PUB/LET/001/022, and signed by its Director, Financial Policy and Regulation, Valentine Ururuka, the CBN expressed dismay over the late and non-rendition of periodic returns related to the Financial Institutions’ Annual reports.

According to CBN, “Primary Mortgage Bank shall be construed as any company that is licensed to carry out primary mortgage banking business in Nigeria.”

The apex bank emphasised that adherence to regulatory guidelines is crucial for maintaining financial stability and transparency within the banking sector.

PMBs play a vital role in the real estate and housing finance industry, and their 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.

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