CBN imposes N5.8 Billion fine on four Nigerian banks | Nigerian News. Latest Nigeria News. Your online Nigerian Newspaper. f


he Central Bank of Nigeria on Wednesday said it had imposed a total fine of N5.87bn on four banks for flagrant violation of extant laws and regulation.

The apex bank announced the sanction in a statement issued in Abuja.

The banks that were sanctioned are Standard Chartered – N2.4 bn, Stanbic IBTC – N1.8 bn, Citibank – N1.2bn and Diamond Bank ​- N0.25bn.

The apex bank also asked these banks to refund the sum of $8,134,312,397.63 for what it described as “flagrant violation of extant laws and regulations of the Federal Republic of Nigeria, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 of the Federal Republic of Nigeria and the Foreign Exchange Manual, 2006.”

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  1. Very glad to find Diamond Bank on this list. Other bank missing is GTB.

  2. The question is why should the CBN penalize those banks? Didn't they violet the laws as a step to secure there lives or the lives of the banks. After all, does the protection of life not supersede the rule of law in Nigeria going by the Buhary's system of government? Someone should take this CBN to court for this helpless banks for being victimized.


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