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
Nursing mothers lament high cost of diapers, mulls alternative
PDP wins chairmanship seats in all 33 LGs in Oyo State
Air Force strikes terrorists in Niger and economic saboteurs in Niger Delta
Thunderstorms will rumble across Nigeria in the next 3 days, NiMet warns
Nestle's sugar-coated infant milk not registered, sold in Nigeria – NAFDAC
Gov Otu inaugurates 50,000-hectare rice farm in Cross River
Enugu community conducts mass burial for 8 victims of communal clashes
I can easily get Atiku and Wike to work together - PDP chairmanship aspirant, Suswam
Prices of foodstuff drop in Adamawa, Borno, Yobe
ADVERTISEMENT