The Central Bank of Nigeria
has imposed a N4 billion fine
on Skye Bank Plc for failing
to render appropriate returns
on accounts of some
government institutions and
agencies.
This is contained in a
statement by Skye Bank to the
Nigerian Stock Exchange.
The bank 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 the state-
owned energy company,
Nigeria National Petroleum
Corporation’s Pension Funds
and National Assembly
Legislative Aides’ account
balances.
Skye Bank said it received “a
communication from the
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 an 18
business day window had
been granted by the Vice-
President, Yemi Osinbajo,
within which a plan for the
orderly withdrawal of the
NNPC funds will be
implemented,” the bank said.
The statement said Skye Bank
had commenced engagement
with the CBN to bring the
issues to the attention of the
banking sector regulator. The
bank said it was also seeking
a review of the penalty.
The 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.
(NAN)