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CBN hammers 10 banks, gives reason (Full LIST)
By Kayode Sanni-Arewa
The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have sanctioned 10 banks for violations of foreign exchange guidelines and other regulatory offences.
According to reports, the CBN and SEC also imposed penalties totaling N1.502 billion on the banks for breaching foreign exchange regulations within the first half of 2024.
The affected institutions include Zenith Bank, Access Bank, United Bank for Africa (UBA), Stanbic IBTC, Guaranty Trust Bank (GTB), Fidelity, Sterling Bank, First City Monument Bank (FCMB), First Bank, and VFD Bank.
Zenith Bank faced the highest penalty, paying N427 million for various infractions.
Access Bank followed with a N300 million fine, while UBA paid N279 million. Stanbic IBTC incurred a fine of N229 million, and GTB paid N188 million.
Other penalties included N30.11 million for Fidelity, N24.15 million for FCMB, N9 million for Sterling Bank, N8 million for First Bank, and N8.1 million for VFD Bank.
Zenith Bank faced the highest penalty, paying N427 million for various infractions.
Access Bank followed with a N300 million fine, while UBA paid N279 million. Stanbic IBTC incurred a fine of N229 million, and GTB paid N188 million.
Other penalties included N30.11 million for Fidelity, N24.15 million for FCMB, N9 million for Sterling Bank, N8 million for First Bank, and N8.1 million for VFD Bank.
These fines are part of ongoing regulatory efforts to enforce compliance and ensure stability within the country’s financial system.
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Just in: Tinubu exposes those behind deadly stampedes
President Bola Tinubu has accused organisers for the deadly stampedes that occurred during the distribution of relief materials in three states.
Recall in the past week, chaotic scenes in Ibadan, Anambra and Abuja led to the deaths of over 60 people, including children, as crowds scrambled for food items.
During a Presidential Media Chat on Monday, Tinubu described the events as a critical failure in planning and execution.
Condolences to those who lost a family member, but it is good to give. I have been giving out food stuff, commodities, etc. in Bourdillon.
“I am an organized person and that’s why I have been giving people food for the past 25 years and no incident has happened.
“Let this tragedy not affect us”, the Nigerian leader said.
The president also said he has no plans to reduce his cabinet or sack more ministers.
For the controversial tax reform bills, he said it has come to stay.
He also revealed he has no regrets removing fuel subsidy.
He declared utmost confidence in his security chiefs saying over the past decades, wanton killings has reduced drastically.
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Tinubu To Hold Maiden Presidential Media Chat Tonight
President Bola Tinubu will hold first presidential chat since assuming office on Monday night.
Accoding to a statement released by presidential spokesperson, Bayo Onanuga, the chat will be broadcast at 9 p.m. on the stations of Nigerian Television Authority (NTA) and Federal Radio Corporation of Nigeria (FRCN).
All television and radio stations are requested to hook up to the broadcast.
“The first Presidential Media Chat with President Bola Ahmed Tinubu will be broadcast at 9 p.m. on Monday, December 23, on the Nigerian Television Authority and Federal Radio Corporation of Nigeria.
“All television and radio stations are requested to hook up to the broadcast,” the statement.
News
‘Putin waiting to meet me as soon as possible’ to end Ukraine war – Trump
The US President-elect took to the stage AmFest in Phoenix to talk about his contact with the Russian leader.
He told the crowd: “President Putin has said he want to meet with me as soon as possible.”
Trump went on to brand the war “horrible” and stated it needed to end. It is not known whether or not this meeting will take place in person. His comments at the event in the US come as Putin met with another world leader.
Putin held talks in the Kremlin today (December 22) with Slovakia’s prime minister, Robert Fico, in a rare visit to Moscow by an EU leader since Russia’s all-out invasion of Ukraine in February 2022.
Fico arrived in Russia on a “working visit” and met with Putin one-on-one. Kremlin spokesman Dmitry Peskov told Russia’s RIA agency that the talks would focus on “the international situation” and Russian natural gas deliveries.
Visits and phone calls from European leaders to Putin have been rare since Moscow sent troops into Ukraine, although Hungary’s PM Viktor Orban visited Russia in July. Orban’s visit drew condemnation from Kyiv and European leaders.Fico’s views on Russia’s war on Ukraine differ sharply from most other European leaders. The Slovakian PM returned to power last year after his leftist party Smer (Direction) won parliamentary elections on a pro-Russia and anti-American platform. Since then, he has ended his country’s military aid for Ukraine, hit out at EU sanctions on Russia, and vowed to block Ukraine from joining NATO.
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