Regulatory agencies like Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) don hammer 10 banks with heavy fines totalling N1.502bn for violating foreign exchange guidelines and other regulatory offences.
The banks wey dem penalise include First City Monument Bank of Nigeria, Access Bank, Stanbic IBTC, Zenith Bank, United Bank of Africa, Guaranty Trust Bank, Sterling Bank, Fidelity Bank, First Bank, and VFD Bank.
According to report, Zenith Bank pay the highest fine of N427m within the review period. Access Bank follow with N300m, while UBA pay N279m for late rendition of cyber security report and contravention of CBN foreign exchange policies.
Stanbic IBTC pay N229m for various infractions including non-compliance with complaints resolution directive and alleged violations of fund management rules. GTB also pay N188m for violations during CBN’s FX Examination and other compliance issues.
Other banks like Fidelity, FCMB, Sterling, First Bank, and VFD pay smaller fines ranging from N8m to N30.11m.
Recently, some civil society organisations dey raise concerns about the financial operations of these banks, alleging secrecy in their activities. The President of Arewa Consultative Movement, Alhaji Yusuf Kabir, even sign a petition demanding forensic audit of one of the tier-one banks.
CBN respond by emphasizing their commitment to financial stability, saying they conduct regular stress tests to identify potential vulnerabilities in banks and protect depositors’ funds.
Former Minister of Information, Jerry Gana, also criticize banks for frustrating investors from doing business in Nigeria, saying they should be facilitating growth instead of creating barriers.
