The Central Bank of Nigeria (CBN) has imposed N4 billion fine on Skye Bank Plc for failing to render appropriate returns on accounts of some government institutions and agencies, the deposit money bank said in a statement to Nigerian Stock Exchange (NSE).
It said the fine imposed by the apex bank was misdirected since it did not conceal any information of the accounts from the central bank.
Skye Bank said that a significant portion of the money for which penalty was applied belonged to NNPC Pension Funds and National Assembly Legislative Aides’ account balances.
It said N40 billion for which the fine was imposed on it came from NNPC account balances and it had received a communication from the oil giant exempting it from the Treasury Single Account (TSA) operations.
Skye Bank said it received “a communication from NNPC forwarding a letter from the Accountant General of the Federation on the treatment of NNPC funds.
“By the communication, the bank is advised that 18 business days’ window had been granted by Vice-President Yemi Osinbajo within which a plan for the orderly withdrawal of the NNPC funds will be implemented.’’
Skye Bank has commenced engaging with the apex bank with a view to bringing the issues to the attention of the banking sector regulator and seeking a review of the penalty.
It will be recalled that CBN recently sanctioned First Bank N1.87 billion for refusal to remit about N37.55 billion belonging to the state-owned energy company. It also fined UBA N2.94 billion for concealing a portion of the energy corporation’s fund totalling N58.84 billion.
UBA was sanctioned for also refusing to remit the deposit of the energy firm into the TSA as at when directed.
-Vanguard
