The banks were mainly fined for contravening rules provided for in the Banks and Other Financial Institutions Act (BOFIA).
Apex bank fines 5 banks N312m over regulatory violations
The Central Bank of Nigeria (CBN) has imposed fines of about N312 million on five Deposit Money Banks for various regulatory violations.
The affected banks are Zenith Bank, Guaranty Trust Bank (GTB), First City Monument Bank (FCMB), Access Bank and Sterling Bank, the National Mirror reports.
Access Bank paid the highest after being fined N184 million for failing to obtain the CBN’s approval for additions to investment in properties totalling N5.15 billion as well as non-compliance to implementation of the recommendations of a financial services provider, PricewaterhouseCoopers (PwC).
Sterling Bank paid a fine of N50 million, Zenith Bank, N48 million, GTB, N24 million and FCMB, N6 million.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Fresh reaction trails court's reinstatement of Ganduje as APC chair
The unveiling of a refreshed Four Points by Sheraton Hotel, Lagos
Kia driver who caused accident involving Ghana’s new train reports himself to Police
FG seeks German government cooperation to reform Nigeria Police
Inside story of how Ghana’s new train got involved in accident on a test run
Petrol price stands at ₦696.79 in March – Report
Iran threatens to trigger powerful missiles should Israel attack its nuke sites
Diesel price stands at ₦1341.16 in March 2024 – Report
FCCPC seals 4U supermarket in Abuja for concealing price information
Pulse Sports
Lionel Messi's son breaks the internet after scoring five goals for Inter Miami
Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe
Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024
ADVERTISEMENT