Three financial services regulators in the country have sanctioned 10 of the nation’s lenders to the tune of N2.5bn for committing various market infractions, findings bySpecifically, the Central Bank of Nigeria, Securities and Exchange Commission and Financial Reporting Council of Nigeria have sanctioned Guaranty Trust Bank Plc, Zenith Bank Plc, Access Bank Plc, FBN Holdings Plc, FCMB Group and five others for diverse market infractions.
The CBN in March 2019 imposed foreign exchange restriction on the importation of textile and textile materials into the country. Fidelity Bank was sanctioned five times by CBN with a sum of N446.9m in 2020. GTBank was fined a total of N237m for committing three market infractions. Access Bank paid a sum of N220m in respect of sourcing for foreign exchange from the Nigerian foreign market for the importation of textile.
While it was fined the sum of N1m in respect of operating a Tier 3 account without valid means of identification, it also got a fine of N10m for inadequate KYC. It has also fined N131.23m in respect of the contravention of the CBN foreign exchange manual and TED ACT. From GTBank’s audited results, the CBN imposed a total sanction of N237m on the bank over three market infractions.
Zenith bank paid N15m for improper classification of corporate accounts and N2m for non-compliance with anti-money laundering procedures. From the group’s audited results for the period ended December 31, 2020, the CBN imposed a penalty of N152m on the bank, following the investigation, which was conducted on foreign exchange used to import textiles in October 2019.
The CBN also fined the bank N2m for not fully complying with the directive on linking Bank Verification Number details, exchange signatures, directors and beneficial owners to their respective entity accounts . First Bank of Nigeria Limited paid a penalty of N52m in February 2020 for involvement in textile importation using foreign exchange source from the Nigerian market
As if he doesn't do it at Zenith
I true Northern nigerian nationalist should have every reason to believe this man is an IPOB agent. His policies keep sabotaging the country's financial future 😄
Banks are feeling the heat 😄
Lol. U sha dey find the money by all means.... kuku kill all businesses bcos of ur lackluster and inability to speak up to ur bosses.
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