Zenith Bank, UBA, GTBank and Sterling Banks have been axed by the CBN for violating CBN regulations to the tune of N3.2bn.
According to a report by Punch Newspaper, the apex bank has imposed a total fine of N3.2bn on the banks for the offences, which were reportedly committed during the 2015 financial year.
With UBA getting the highest fine of N2.969bn for committing eight different offences, which include failing to meet the Treasury Single Account reporting and remittance deadline, failure to update customers’ records and conducting continuous due diligence on some accounts, and failing to review credit policy at least every three years in line with section 3.1 of the prudential guidelines 2010, N4m.
Zenith Bank follows closely with a fine of N60.1m for committing nine offences that include infractions arising from risk assets examination as of December 31, 2014, late rendition of fraud and forgeries returns, fraudulent instant pay from an account in the Enterprise Bank to the Valluci Properties Limited, and late rendition of returns in respect of CDL.
GTBank was axed with the sum of N60.05m for committing three offences in the 2015 financial year that include delay in transmitting the list of the TSA names to the CBN, late rendition of returns, and contravention of the CBN circular on prior clearance of prospective employees of banks.
Sterling Bank comes last with a fine of only N13m for committing five offences that include failure of its system in preventing tiered-customers from exceeding their thresholds, not classifying customers into appropriate risk category and incomplete account opening forms, and failure of the bank to provide reports to the Nigerian Interbank Settlement System Plc as required in the circular.