CBN Charges N3.2bn fine on Zenith, UBA, GTBank, Sterling

The Central Bank of Nigeria, CBN, has imposed a total fine of N3.2bn on United Bank for Africa Plc, Zenith Bank Plc, Guaranty Trust Bank Plc, and Sterling Bank Plc for committing various kinds of regulatory infractions.

The offences, which were committed during the 2015 financial year, were contained in the annual reports of the affected banks.

UBA had the highest fine among the four banks, paying the sum of N2.969bn as penalty to the CBN for committing eight offences.

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The offences are: failing to meet the Treasury Single Account reporting and remittance deadline, N2.946bn; failure to update customers’ records and conducting continuous due diligence on some accounts, N2m; and failing to review credit policy at least every three years in line with section 3.1 of the prudential guidelines 2010, N4m.

Others are bidding for export proceeds in excess of the Bankers’ Committee guidance rates, N4.8m; violating the CBN circular in respect of the 2015 Risk-based Examination, N2m; and inadvertent omission of two customers from the PEP returns, N2m.

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Others are errors in response to an enquiry on offshore subsidiaries, N6m; and processing import transaction for a customer, pending the receipt of the customer’s renewed NAFDAC certificate.

Zenith Bank, which had the second largest fine, paid the sum of N60.1m to the central bank for committing nine offences.

Today NG