Lagos - Six commercial banks paid almost N3923 million in fines to the Central Bank of Nigeria for contravening various aspects of the Banks and Other Financial Institutions Act (BOFIA).
The banks are Diamond Bank, Zenith Bank, Skye Bank, UBA, First City Monument Bank (FCMB) and Sterling Bank.
Zenith Bank paid the highest fine of N276 million for various contraventions, which included promoting top management staff without CBN approval, insufficient data for lodgement on credit report and non-rendition of original certificate of capital importation.
Sterling Bank was fined N52.97 million for promoting management officials without CBN’s approval and foreign exchange examination infraction, among others.
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