The banks were mainly fined for contravening rules provided for in the Banks and Other Financial Institutions Act (BOFIA).

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.