Thank you for joining us for this week’s edition of Compliance Updates. Our aim is to keep you informed about the latest compliance developments across the globe. Our team of professionals has conducted extensive research and carefully curated the most significant news for you.
CBN Sacks Boards and CEOs of Three Banks Over Non-Compliance and Corporate Governance Failures.
Nigeria’s central bank has sacked the boards and management of Union Bank, Polaris Bank, and Keystone Bank for non-compliance with banking regulations and corporate governance failures. The move comes ahead of an expected regulatory-induced capital hike to support Nigeria’s economic growth ambitions. The infractions of the banks vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability. Union Bank was recently sold to privately held Titan Trust Bank, and the sacking of the boards of the three banks could be linked to the outcomes of the investigation into the central bank.
FCT-IRS Sets Ultimatum for Annual Returns Filing by Labour Employers in January.
The Federal Capital Territory Internal Revenue Service (FCT-IRS) has issued a deadline of January 31, 2024, for employers of labour to file their annual returns, failing which they may face penalties. The directive applies to all Ministries, Departments, Agencies, and other employers of labour in the FCT. Non-compliance with the Personal Income Tax Act could result in penalties, and the FCT-IRS is committed to enforcing these regulations. Employers can file online or manually using prescribed forms, and it is advised to file before the deadline to avoid any legal action.
SEC Shuts Down Unregistered Investment Firm Over Fraudulent Operations.
The Securities and Exchange Commission (SEC) has shut down Ready Finance Investors Limited for engaging in illegal investment activities. The firm was allegedly running a Ponzi scheme that promised fixed returns on investment to clients. The SEC has warned the public against conducting any business with the company and emphasized its commitment to crack down on fraudulent operations in the capital market. The matter is currently under investigation by law enforcement agencies, and the SEC has amended its Anti-Money Laundering and Countering the Financing of Terrorism Financing (AML/CFT/CPF) Regulation 2022 to curb the operations of illegal capital market operators in Nigeria. The SEC is also implementing new frameworks to ensure the supervision of Politically Exposed Persons (PEPs) and the implementation of Targeted Financial Sanctions (TFS).
NGX slaps Multi-Trex and Infinity Trust Mortgage with Sanctions for Compliance Breaches.
Two prominent firms, Multi-Trex Integrated Foods Plc and Infinity Trust Mortgage Bank Plc, have been hit with sanctions by the Nigerian Exchange Limited (NGX) for non-compliance with some post-listing requirements. The NGX Regulations’ latest X-Compliance report cites Multi-Trex for breaching Rule 19.6, while Infinity Trust Mortgage violated Rule 17.5. Both firms have been ordered to undergo Mandatory Compliance Training.
The NGX board has also approved the placement of Multi-Trex on its Delisting Watchlist. Meanwhile, Guinea Insurance Plc faced a fine of N 453,600 for non-compliance with Issuers’ Portal Rules. NGX emphasized that every listed company must provide timely information to the exchange to maintain an orderly market.
We hope you found the latest compliance developments informative and useful. We are committed to providing you with the most relevant news.
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Last modified: April 3, 2024
