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CBN, SEC Sanction 10 Banks For Forex Violations, Zenith Bank To Pay Over 400million Naira Fine
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Regulatory agencies overseeing Deposit Money Banks in Nigeria have imposed sanctions on 10 banks for breaching foreign exchange guidelines and other regulatory offenses.
These agencies, including the Central Bank of Nigeria and the Securities and Exchange Commission, levied fines totaling N1.502 billion during the first half of 2024.
These violations underscore the ongoing challenges financial institutions face in meeting compliance standards set by regulatory bodies.
The banks that received penalties include First City Monument Bank, Access Bank, Stanbic IBTC, Zenith Bank, United Bank for Africa, Guaranty Trust Bank, Sterling Bank, Fidelity Bank, First Bank, and VFD Bank.
An analysis of the financial statements submitted to the Nigeria Exchange for the period ending June 30, 2024, revealed the amounts paid to the Central Bank of Nigeria and the Securities and Exchange Commission.
Zenith Bank incurred the highest fine at N427 million, followed by Access Bank at N300 million.
United Bank for Africa paid N279 million, while Stanbic IBTC was fined N229 million for various violations.
Other penalties included N188 million from Guaranty Trust Bank, N30.11 million from Fidelity Bank, N24.15 million from FCMB, N9 million from Sterling Bank, N8 million from First Bank, and N8.1 million from VFD Bank.
Notably, Access Bank paid N300 million to the CBN on April 30, 2024, for the improper warehousing of funds received from a government agency. Additionally, Stanbic IBTC paid N229 million in penalties to the CBN, National Pension Commission, and the Securities and Exchange Commission, an increase from the N159 million it paid in 2023.
#cbn #zenithbank #accessbank #edostate #government #poverty #fg #povertyalleviation #povertyscheme #cashtransfer #hungeralleviation #yourviewtvc #libya #nigeria #supereagles #football #sports #newspaperreview #airplane #news #tvc
Watch TVC on GOTV Ch. 27, StarTimes Ch. 121, PLAY TV Ch. 801, UHF Ch. 49
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These agencies, including the Central Bank of Nigeria and the Securities and Exchange Commission, levied fines totaling N1.502 billion during the first half of 2024.
These violations underscore the ongoing challenges financial institutions face in meeting compliance standards set by regulatory bodies.
The banks that received penalties include First City Monument Bank, Access Bank, Stanbic IBTC, Zenith Bank, United Bank for Africa, Guaranty Trust Bank, Sterling Bank, Fidelity Bank, First Bank, and VFD Bank.
An analysis of the financial statements submitted to the Nigeria Exchange for the period ending June 30, 2024, revealed the amounts paid to the Central Bank of Nigeria and the Securities and Exchange Commission.
Zenith Bank incurred the highest fine at N427 million, followed by Access Bank at N300 million.
United Bank for Africa paid N279 million, while Stanbic IBTC was fined N229 million for various violations.
Other penalties included N188 million from Guaranty Trust Bank, N30.11 million from Fidelity Bank, N24.15 million from FCMB, N9 million from Sterling Bank, N8 million from First Bank, and N8.1 million from VFD Bank.
Notably, Access Bank paid N300 million to the CBN on April 30, 2024, for the improper warehousing of funds received from a government agency. Additionally, Stanbic IBTC paid N229 million in penalties to the CBN, National Pension Commission, and the Securities and Exchange Commission, an increase from the N159 million it paid in 2023.
#cbn #zenithbank #accessbank #edostate #government #poverty #fg #povertyalleviation #povertyscheme #cashtransfer #hungeralleviation #yourviewtvc #libya #nigeria #supereagles #football #sports #newspaperreview #airplane #news #tvc
Watch TVC on GOTV Ch. 27, StarTimes Ch. 121, PLAY TV Ch. 801, UHF Ch. 49
Follow TVC on social media: @TVCconnect
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