If indications coming from the Central Bank of Nigeria are anything to go by, the Chairmen and Chief Executive Officers (CEOs) of some banks in the country may soon be sanctioned or even removed by the apex bank.
This is following their alleged flouting of a directive by the nation’s number one bank to publish their financial statements not later than four months after the end of a financial within 12 months or risk penalties.
This is as contained in the Banks and Other Financial Institutions Act (BOFIA).
According to Thisday, the bank chiefs likely to be affected are those of Union Bank of Nigeria Plc, Skye Bank Plc, Diamond Bank Plc, Unity Bank Plc, Heritage Bank, Keystone Bank, Suntrust Bank and Providus Bank.
The report stated that some of the affected banks have missed the deadline by up 28 months.
It remains to be seen if the apex bank will carry out the order as stated in the Act.