CBN’s N5.87bn fine: Pay within 14 days, AGF orders banks, MTN

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, has demanded in writing that MTN Nigeria and four banks pay the N5.87bn fine awarded against them by the Central Bank of Nigeria (CBN). CBN issued the directive on August 29 — two days after the story was published on how Godwin Emefiele, Governor […]

Dirty details of 4 banks’ violations against CBN rules emerge

Details of how four banks violated the rules of the Central Bank of Nigeria (CBN) thereby attracting penalties from the apex bank have emerged. The four affected banks were Standard Chartered Bank (SCB), Citi Bank, Diamond Bank Plc, and Stanbic IBTC. Last week, the four banks’ infractions attracted sanctions from the apex bank of N5.87 […]

CBN penalises four banks N5.87bn over regulatory infractions

The Central Bank of Nigeria (CBN) today disclosed that it has imposed a fine of N5.87 billion on four banks under its regulatory purview. The apex bank also directed the affected lenders, namely Standard Chartered Bank, Stanbic-IBTC, Citibank and Diamond Bank to refund the sum of $8,134,312,397.63 for what it described as ‘flagrant violation of extant […]