Five banks lose N312m to CBN’s sanctions

The shareholders funds of five commercial banks dipped by N312 million following fines they paid to the Central Bank of Nigeria (CBN) for contravening the Banks and Other Financial Institutions Act last year.

The banks are GT Bank, Zenith Bank, First City Monument Bank (FCMB), Access Bank and Sterling Bank.

A breakdown of the figure as contained in the banks’ annual reports showed that Access Bank paid the highest fine of N184 million for various contraventions in the period under review.

The bank was fined N184 million for not obtaining approval from CBN for the additions to investment in property of N5.15 billion, non-compliance to implementation of the recommendations of a financial services provider, PricewaterhouseCoopers.