The Central Bank of Nigeria has debited the accounts of three banks to the tune of N5.61bn, being the total amount of fines it imposed on them last week for alleged illegal repatriation of funds.
Last week, the regulator imposed N5.87bn fines on four banks for what it described as “flagrant violation of extant laws and regulations of the Federal Republic of Nigeria, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 of the Federal Republic of Nigeria and the Foreign Exchange Manual, 2006.”
The four banks are Standard Chartered Bank (N2.47bn), Stanbic IBTC Nigeria (N1.88bn), Citibank Nigeria (N1.265bn) and Diamond Bank Plc (N250m).
It also directed the banks and MTN Nigeria Communications Limited to refund to the apex bank a sum of $8,134,312,397.63, which was said to have been illegally repatriated by the company.
While Chartered Bank, Stanbic IBTC Nigeria and Citibank Nigeria had paid the fines totalling N5.06bn, according to a report by Reuters, it was not clear as of Thursday if N250m was deducted from the Diamond Bank’s account by the CBN.
“Nigeria’s central bank has debited N2.4bn ($7.9m) in fines from Standard Chartered and N1.2bn from Citigroup for allegedly helping South African telecoms firm MTN move funds abroad,” the report stated.