Central Bank of Nigeria
Expression of Interest by Prospective Consultants For Post-Examination Monitoring Of Microfinance Banks (MFBS) in Nigeria
The Central Bank of Nigeria (CBN), in furtherance to its mandate of ensuring sound and stable financial system in Nigeria, seeks to engage the services of consultants to carry out post-examination monitoring of micro-finance banks (MFBs).
Objective
The main objective of the post-examination monitoring of MFBs by consultants is primarily to complement the existing supervisory arrangement by the CBN for MFBs, particularly in ensuring strict compliance with existing rules, regulations, guidelines or administrative directives made, given or issued by the CBN. In pursuance of this objective, the Bank hereby invites applications from suitably qualified consultants/Audit firms to carry out the post-examination monitoring of MFBs.
Scope
Prospective consultants will be selected based on the under-listed criteria and all successful consultants will be required to undergo a short training/programme to ensure uniformity in practice and standardization of procedures in reporting. The successful consultants will subsequently be required to perform the following assignments during the year 2013, in accordance with the approved timetable for the post-examination monitoring exercise.
i) Monitor and report on follow-up actions on the implementation of Examiners’ recommendations contained in the Routine/Maiden Examination Reports of MFBs;
ii) Review MFBs loan portfolios and confirm the adequacy of loan loss provisions made by the MFBs;
iii) Review and verify loan recoveries reportedly made by MFBs;
iv) Analyze and assess the financial position of MFBs based on the established prudential standards stipulated in the Revised Regulatory and Supervisory Guidelines for MFBs in Nigeria; and
v) Complement the existing supervisory arrangement by the CBN and the Nigeria Deposit Insurance Corporation (NDIC).
Selection Criteria
The prospective consultants must meet the following selection criteria and conditions for engagement:
i) Incorporation/registration by the Corporate Affairs Commission as a Partnership or as a limited liability company.
ii) Possession of relevant expertise or experience in auditing of microfinance banks and/or bank examination spanning a period not less than ten (10) years.
iii) The firm should have in its employment a minimum number of three (3) professional staff available for the assignment, who should possess a minimum of a relevant first degree, or equivalent and/or relevant professional qualification as a Chartered Accountant, or a commissioned Bank Examiner.
iv) Strong flair for report writing and fluency in both oral and written expressions in English language are desirable qualities.
v) Previous experience as an auditor or examiner to MFBs or having good understanding of the operations of MFBs will be an advantage.
General Requirements
Prospective consultant will be required to submit a proposal on or before 8th April, 2013 supported by the following:-
- Evidence of incorporation/registration with Corporate Affairs Commission.
- Non-refundable application fee of N50.000.00 in bank draft payable to the Central Bank of Nigeria.
- Evidence of payment of tax for the last three years with the tax Identification Number (TIN) clearly indicated.
- Comprehensive company profile including the main business address and the profile of each key staff, track record and list of at least five (5) MFBs previously audited/examined, functional contact e-mail address, and mobile phone number(s).
- Detailed curriculum vitae (CV) of each professional staff available for the assignment with a copy of the academic and/or professional qualifications listed in the CV.
- Evidence of registration with the Financial Reporting Council of Nigeria (FRC).
Method of Application
Applications or Expression of Interest (EOI), accompanied by a non-refundable commitment fee of N50.000.00 in bank draft in favour of the Central Bank of Nigeria with the above listed documents/information enclosed in a wax-sealed envelope boldly marked at the top left corner.
Expression of Interest to Carry out Post-Examination Monitoring of Microfinance Banks (Ref: CBN/OFISD/MON/001/2.
The sealed envelopes should be addressed to:
The Director,
Other Financial Institutions Supervision Department
4th Floor Wing A,
Central Bank of Nigeria
Abuja.
E-mail: OFIDeptMailing@cbn.gov.ng
Telephone: 09-46235439
Or
The Head,
Monitoring and Data Management Group,
Other Financial Institutions Supervision Department
9th Floor, Central Bank of Nigeria
Tinubu, Lagos.
Closing Date
All submissions must be received not later than April 05, 2013. For the avoidance of doubt, any submission after the deadline will be ignored,
IMPORTANT NOTICE
a) Nothing in this publication shall be construed to be a commitment on the part of the CBN.
b) The decision of the CBN in this selection process is final.
c) Only the successful consultants shall be formally notified.
Signed
Management
