|
 Daily
Independent Online.
* Wednesday, June 30, 2004.
Banks to render accounts to CBN on-line from
September
By Esan Sunday
Snr. Finance Correspondent,Lagos
From
September this year, banks operating in Nigeria are expected to render
their accounts to the Central Bank of Nigeria (CBN) on-line as part of
the measures to enhance effective supervisory roles of the regulatory
authorities.
Sources disclosed to Daily
Independent that the on-line rendition of accounts to the CBN was
a bye-product of the Project Eagle embarked upon by the CBN in October
1999.
The project, which was
introduced with the purpose of restructuring and re-engineering
operations of the apex bank, was aimed at promoting professionalism and
efficiency in the CBN�s operations.
Sources also stated
that the on-line rendition of accounts by individuals banks to CBN will
also enhance the payment system in the country.
Meanwhile, the apex
bank in its 2003 annual report, revealed that a substantial progress was
made by the CBN during the year in the reform of the payments system in
the country. The report stated that two daily clearing sessions were
introduced in the Lagos area, which reduced the local clearing cycle of
cheques from four to three days.
It further stated that
during the period under review it commenced work on the installation of
the Real Time Gross Settlement System (RTGS) to facilitate large value
transfers. The project is expected to be completed in the second quarter
of 2004.
CBN also stated that to
drive the payments system and interface with RTGS, the GLOBUS system a banking
operations application, with on-line securities trading was being put in
place. The apex bank also said it issued guidelines on electronic banking
during the year to market operators.
According to the annual
report: ‘‘A major quality service improvement is the electronic funds
transfer between all CBN locations.
‘‘This has enabled the
Bank to provide same-day funds transfer service to its customers. This
should help to considerably ameliorate the constraints imposed on the
efficient conduct of monetary policy. In the continued effort to promote
efficiency of the payments and settlements system as well as ensure
functions under the new clearing system with effect from the second
quarter of 2004.’’
It would be recalled
that bank executives had recently been mandated by the apex bank to
henceforth sign the monthly returns rendered to the CBN so as to be
abreast of all vital developments in their banks.
CBN said it would no
longer condone a situation where a bank chief would claim innocence of
any offence leveled against his banks as has always been the case.
Sources also informed Daily
Independent that the apex bank threatened to reject any returns made
to it that is not co-signed by both the chief executive of the
institution and its financial controller.
In the same vein, the
apex bank also recently to sanction bank executives whose banks failed to
publish their annual reports four months after the end of their financial
year.
The apex bank noted that most
banks have jettison section 27 of BOFI (1991) to publish not later than
four months after the end of their financial year, their audited
financial statements-balance sheet and profit and loss account, in a
daily newspaper printed and circulated in Nigeria.
|
