Last Friday, the Central Bank of Nigeria (CBN) fined First Bank of Nigeria Limited (FirstBank) and United Bank for Africa (UBA) Plc. to the tune of N4.819 billion for failing to comply with the directives of the federal government on remittance of government revenue to the Treasury Single Account (TSA).

According to a ThisDay report, the fine, which was disclosed in a circular issued by the apex bank, read; “The CBN imposed a penalty of N1,877,409,905.12 on FirstBank, UBA was fined N2,942,189,651.45 for its failure to comply with the federal government’s policy.”

According to a report by 360Nobs, an industry source speaking under the condition of anonymity revealed that FirstBank concealed N37, 548, 198, 102.41 belonging to the Nigerian National Petroleum Corporation (NNPC) instead of remitting it to the TSA as directed by the apex bank.

READ: Commercial banks commend customers' compliance

UBA on the other hand, allegedly concealed N58,843,793,029.05, also belonging to the NNPC, all of which led to the fine issued against both companies.

The report further reveals that the fine is the equivalent of five percent of the funds which both banks failed to remit respectively.