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.
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