Soludo consolidating nigerian banking
(2) Every bank shall submit such other information, documents, statistics or returns as the Bank may deem necessary for the proper understanding of the statements supplied under subsection (1) of this section.(3) Any bank which fails to comply with any of the requirements of subsection (1) or (2) of this section is, in respect of each such failure, guilty of an offence under this Decree and liable on conviction to a fine of N5,000 for each day during which the offence continues. (1) The statements and information submitted by each bank under section 25 of this Decree shall be regarded a confidential: (2) Notwithstanding anything in this section, the Bank may prepare and publish consolidated statements aggregating the statements furnished under section 25 of this Decree for each category of banks. (1) Subject to the prior approval in writing of the Bank, a bank shall not later than 4 months after the end of its financial year- (a) Cause to be published in a daily newspaper printed in and circulating in Nigeria and approved by the Bank; (b) Exhibit in a conspicuous position in each of its offices and branches in Nigeria; and (c) Forward to the Bank, copies of the bank’s balance sheet and profit and loss account duly signed and containing the full and correct names of the directors of the bank.(2) For the purpose of subsection (1) of this section, proper books of account shall be deemed to be kept with respect to all transactions if such books as are necessary to explain such transactions and give a true and fair view of the state of affairs of a bank are kept by the bank and are in compliance with the accounting standard as may be prescribed for banks.(3) The books of account shall be kept at the principal administrative office of a bank and at the branches of each bank in the English language or any other language approved by the Federal Government.
STATEMENT OF PROBLEMS The focal point is centred on providing the framework as stipulated by the Bank and Other Financial Institution Act (BOFIA) on the legal and regulatory requirements for the banking industry.
The population of study consists of the twenty four (24) deposit money banks. (2001): Ownership Structure, Corporate Governance and Corporate Performance: The Case of Nigerian Quoted Companies. A Thesis in the Department of Accounting, Submitted to the School of Postgraduate Studies Covenant University, Ota, Ogun State.
Time series data for the post-reform period (2006-2014) were generated from the Central Bank of Nigeria (CBN) Statistical Bulletin and annual financial reports of the various banks in Nigeria and was analyzed with descriptive and inferential statistical tools. Unpublished Final Report presented at the AERC biannual research workshop, Nairobi, May.
Part one, section 3 (Books of Account) shall provide these details as follows: Section 3: BOOKS OF ACCOUNT 1.
(1) Every bank shall cause to be kept proper books of account with respect to all the transactions of the bank.