Compliances

12.4.When IFRS is adopted in Nigeria, Banks would be required to make provisions for loans as prescribed in the relevant IFRS Standards. (a) Provisions for loans recognized in the profit and loss account should be determined based on the requirements of IFRS. However, the IFRS provisions should be compared with provisions determined under prudential guidelines and the expected impact/changes in general reserve should be treated as follows: (i) Prudential Provisions is greater than IFRS provisions; transfer the difference from the general reserve to a non-distributable regulatory reserve. (ii) Prudential Provisions is less than IFRS provisions; the excess charges resulting should be transferred from the regulatory reserve account to the general reserve to the extent of the non-distributable reserve previously recognized. (b) The non distributable reserve should be classified under Tier 1 as part of core capital.

(1) All papers, documents and information required to be filed with the Commission pursuant to the provisions of the Act or any subsidiary legislation made thereunder shall be filed at the headquarters of the Commission. (2) Such papers, documents or information may be filed by delivery to the Commission by hand, postal communication, electronic mail, facsimile, licensed courier companies or such other modes of communication as may be prescribed from time to time by the Commission. (3) The date of filing of any paper, document or information shall be the date such paper, document or information is received by the Commission, provided that all the requirements for filing have been complied with and the required fee paid, provided also that the original paper, document or information of filings through electronic mail, facsimile or other mode of communication required by the Commission shall thereafter be forwarded to the Commission within 14 days. (4) Any paper, document or information filed with the Commission that contains false or misleading statements shall be subject to a penalty of N100,000.00 in the first instance and N5000.00 per day for every day the violation continues. (5) (i) All correspondence to the Commission by securities exchanges, other self-regulatory organisations (S.R.O’s) and capital market operators shall be signed by the authorised signatories; (ii) All securities exchanges, other S.R.O’s and capital market operators shall furnish to the Commission the names and specimen signatures of the authorised signatories from time to time.

Failure to comply with this law would attract a penalty of N100,000.00 in the first instance and N5,000.00 per day for every day the violation continues.

13.0.(a) Banks are required as part of their risk management framework to institute a process for computing financial ratios and financial soundness indicators for checking financial health of each institution. (b) Benchmarks should be set and actual results computed and compared to set benchmark at least on a quarterly basis. The report should be presented to the Board of Directors or appropriate Board Committees for deliberation and remedial actions as considered necessary;

Except as otherwise specified, any person who violates any provision of these Rules and Regulations shall be liable to a fine not exceeding ₦5,000 for every day of default.

A fine not exceeding N5,000 for every day of default

3.19.(a)All entries outstanding in the Inter-Branch Accounts (by whatever name called) and / or suspense Account must be reconciled / cleared and taken to the proper head of account within 3 months from the date the entry is made in the above-named accounts. (b).All outstanding items in the Inter-Branch Accounts which are not reconciled/ cleared within 3 months shall be classified in accordance with section 12.9. (c).Banks shall institute an effective internal control system for the operations of Inter-Branch and Suspense Accounts, which ensures reconciliation / clearing of the entries in shortest possible time and also clearly fixes the responsibilities on the official(s) for neglecting the timely reconciliation and clearance