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CBN, SEC fine 10 banks N2.5bn ..see list

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.

Specifically, 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 financial violations range from non-compliance with anti-money laundering procedures, non-compliance with ATM installation procedures, the opening of foreign branches without regulatory approval, and improper handling of customers’ accounts, among others.

In line with regulatory requirements, the various offences and the amount of fines were disclosed in the lenders’ audited results for the period ended December 31, 2020, submitted to the Nigerian Stock Exchange.

In the year under review, the CBN sanctioned FBN Holdings, GTBank, Access Bank, Stanbic IBTC Holdings and Union Bank of Nigeria, United Bank for Africa Plc, and Fidelity Bank Plc to the tune of N1.69bn for violating its policy on textile importation using foreign exchange sourced from the Nigerian market.

The CBN in March 2019 imposed foreign exchange restriction on the importation of textile and textile materials into the country.

The CBN Governor, Mr Godwin Emefiele, announced the foreign exchange restriction at a meeting with textile manufacturers, and cotton farmers.

About Younews Ng

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