The Central Bank of Nigeria has imposed a total fine of N3.2bn on four(4) commercial banks in Nigeria . United Bank for Africa Plc, Zenith Bank Plc, Guaranty Trust Bank Plc, and Sterling Bank Plc were fined for committing various kinds of regulatory infractions.
Among the four banks, United Bank for Africa (UBA) was fined the highest; will pay the sum N2.9 billion. While GTBank will pay the sum of N60million, Zenith Bank will pay N60.1million and Sterling Bank N13million.
Although the offences committed by the banks was in 2015, and the offences are :
UBA – failure to update customers’ records, failing to meet the Treasury Single Account reporting and remittance deadline, failing to review credit policy at least every three years in line with section 3.1 of the prudential guidelines 2010, bidding for export proceeds in excess of the Bankers’ Committee guidance rates and violating the CBN circular in respect of the 2015 Risk-based Examination.
GTBank – contravention of the CBN circular on prior clearance of prospective employees of banks, late rendition of returns, and delay in transmitting the list of the TSA names to the CBN.
Zenith bank – infractions arising from risk assets examination as of December 31, 2014, late rendition of fraud and forgeries returns, fraudulent instant pay from an account in the Enterprise Bank to the Valluci Properties Limited, and late rendition of returns in respect of CDL.
Sterling Bank – failure of the bank to provide reports to the Nigerian Interbank Settlement System Plc as required in the circular, not classifying customers into appropriate risk category and incomplete account opening forms and failure of its system in preventing tiered-customers from exceeding their thresholds