@POLITICSNGR

Two Nigerian banks, Access Bank and Guaranty Trust Bank have been fined for violating various regulations put in place by the country's Apex bank, the central bank of Nigeria.

The two banks reportedly paid a combined N96 million in fines an analysis of the Banks' financial statements for December 2017 reveal.

Violation of Bank Charges, Late rendition of returns and Unutilized Foreign Exchange 

The penalties were paid for various offenses ranging from unutilized foreign exchange from CBN, late rendition of returns, violations of guide on bank charges, among other infractions.

Access Bank pays a staggering N78 million, GTB pays a whopping N18 million in fines

A breakdown shows that during the year, while GTB paid about N18 million as fines, Access Bank paid over N78 million to the regulatory agencies.

Details of the payments are contained in the banks’ financial returns submitted to the Nigerian Stock Exchange, NSE.

The various regulatory bodies in the banking sector routinely impose sanctions as a means of strengthening corporate governance in the financial institutions and ensuring transparency.

For Access Bank, analysis shows that N60 million was paid in respect of Bank Verification Number (BVN) registration, N6 million in respect of unutilized foreign exchange from CBN, and N2 million in respect of the implementation of external auditors’ recommendation. Similarly, the bank paid N2 million for non-compliance over Bancassurance and N2 million for CBN foreign exchange examination.

Bancassurance is the selling of life assurance and other insurance products and services by banking institutions.

For injection of capital to subsidiaries, the bank paid N4 million while a separate N2 million was paid in respect of the Know Your Customer (KYC) requirement.

GTB on its part was fined N50,000 as penalty for late rendition of returns, N6 million as penalty on infractions on Guide to Bank Charges and a separate N2 million penalty on closure of an e-branch without prior CBN approval.

For violation of Guide to Bank Charges, the bank paid N2 million; in respect of limit above Gross Aggregate Net Open Position (NOP), it paid a separate N2 million; for under-repatriation of export proceeds by two customers of the Bank, it paid N2 million; and as penalty for delay in rendition of returns, it paid N25,000.

For non-submission of draft Recovery and Resolution Plan document, it was fined N2 million and it paid a separate N2 million penalty in respect of loan accounts without BVN.

There have been concerns on why management of banks often violate the rules and regulation of banking operations, thus leading to the payment of sanctions from money that ought to accrue to shareholders as dividend.

While analysts are of the opinion that banking operations is huge and complex thus making it almost difficult to record a hitch-free operation throughout the financial year, the regulatory bodies should come up with tighter sanctions to control the infractions and make management of banks comply with the rules.

Union Bank, Fidelity and First Bank yet to release Financial statements

Although some of the banks have released their financial statements, only a few other banks have not released their financial statements despite the expiration of the March 31 deadline issued by the NSE. The affected banks include Union Bank, Fidelity, and First Bank.

https://politicsngr.com/access-bank-gtb-fined-n96-million-illegal-charges-violations/

Is this fine

This is fine but the amount is too small for all the offences listed above. An illegal deduction of just #50 from customers can raise a bank hundreds of millions. The incessant deductions of #52.5 from UBA comes readily to my mind. I don't know if this is a monthly or bimonthly charges from UBA, but I know the alert appears irregularly on my bank statement. One day I tried to imagine how much such a deduction could raise for UBA if done to just half of their customers.

Also, why are they paying the charges to the CBN? Why not ask them to return it to the customers with an interest. I know they must have invested the deductions or given them out as loans for some interest. They can still pay fines to the CBN. Paying fines of 80 or 20million is nothing for a bank. They make it from their poor customers in few days. This is my opinion.

You say

You say?

Good for them. Gtbank is the worst of all Nigeria banks. They ought to be fined 30 million dollars.
What they did to me yesterday, I can never forget.
They care only about their own. Everything from their gateman, to their cashier, and to their customer service, both online and offline, is poor.

Access bank na condemn bank na

Diamond bank should also be fined. The unnecessary deductions are outrageous.

.

How can I get a share cus am a victim.

explain..i don't understand oh

GTB should be fined more, they're cooperate 419ers.

If you take a loan from GTbank, they'll put a knife on your neck. That bank can charge!!!!!

If possible, That figured should be shared among the affected customers to serve as a deterrent to the banks GTB most especially!!!

Will the money deducted illegally be sent back to the owners of the account. If not the charges is useless.

Let those whose money was deducted illegally get back their money.

bet9ja no get joy ooo

Good job!!! Access Bank can even charge you for Sanitary pad fee.
What is Admin fee
Card maintenance fee
SMS fee
Monthly maintenance fee
Buhari fee
Idiot Bank, I had to dump their ass.

Am getting my atm maintaince fee back.. Atm wey I dey always keep my sef

76MILLION; that's staggering....the shareholders need to hold the management team accountable.

Na wa oo. Which kind charges apart from SMS, AMF and card maintenance.?

Das nice

dantyboy:
How can I get a share cus am a victim.

Just wail.... That's all

UBA should be on that list too

aminulive:
@POLITICSNGR

Two Nigerian banks, Access Bank and Guaranty Trust Bank have been fined for violating various regulations put in place by the country's Apex bank, the central bank of Nigeria.

The two banks reportedly paid a combined N96 million in fines an analysis of the Banks' financial statements for December 2017 reveal.

Violation of Bank Charges, Late rendition of returns and Unutilized Foreign Exchange 

The penalties were paid for various offenses ranging from unutilized foreign exchange from CBN, late rendition of returns, violations of guide on bank charges, among other infractions.

Access Bank pays a staggering N78 million, GTB pays a whopping N18 million in fines

A breakdown shows that during the year, while GTB paid about N18 million as fines, Access Bank paid over N78 million to the regulatory agencies.

Details of the payments are contained in the banks’ financial returns submitted to the Nigerian Stock Exchange, NSE.

The various regulatory bodies in the banking sector routinely impose sanctions as a means of strengthening corporate governance in the financial institutions and ensuring transparency.

For Access Bank, analysis shows that N60 million was paid in respect of Bank Verification Number (BVN) registration, N6 million in respect of unutilized foreign exchange from CBN, and N2 million in respect of the implementation of external auditors’ recommendation. Similarly, the bank paid N2 million for non-compliance over Bancassurance and N2 million for CBN foreign exchange examination.

Bancassurance is the selling of life assurance and other insurance products and services by banking institutions.

For injection of capital to subsidiaries, the bank paid N4 million while a separate N2 million was paid in respect of the Know Your Customer (KYC) requirement.

GTB on its part was fined N50,000 as penalty for late rendition of returns, N6 million as penalty on infractions on Guide to Bank Charges and a separate N2 million penalty on closure of an e-branch without prior CBN approval.

For violation of Guide to Bank Charges, the bank paid N2 million; in respect of limit above Gross Aggregate Net Open Position (NOP), it paid a separate N2 million; for under-repatriation of export proceeds by two customers of the Bank, it paid N2 million; and as penalty for delay in rendition of returns, it paid N25,000.

For non-submission of draft Recovery and Resolution Plan document, it was fined N2 million and it paid a separate N2 million penalty in respect of loan accounts without BVN.

There have been concerns on why management of banks often violate the rules and regulation of banking operations, thus leading to the payment of sanctions from money that ought to accrue to shareholders as dividend.

While analysts are of the opinion that banking operations is huge and complex thus making it almost difficult to record a hitch-free operation throughout the financial year, the regulatory bodies should come up with tighter sanctions to control the infractions and make management of banks comply with the rules.

Union Bank, Fidelity and First Bank yet to release Financial statements

Although some of the banks have released their financial statements, only a few other banks have not released their financial statements despite the expiration of the March 31 deadline issued by the NSE. The affected banks include Union Bank, Fidelity, and First Bank.

https://politicsngr.com/access-bank-gtb-fined-n96-million-illegal-charges-violations/

lol, this charges were illegally deducted from the citizen, will this fine be redistributed back to the citizens or it's for some Oga(s) in the government agencies pocket?

Guarantee Trust Bank, the most fined bank of the year... Keep accumulating the fines o

I'm sure they got 4times of the fine, fine them 400million. Banks tire me, if u want to confirm leave only 100naira in ur and check your balance after 3 weeks

Silvano34:
Good for them. Gtbank is the worst of all Nigeria banks. They ought to be fined 30 million dollars.
What they did to me yesterday, I can never forget.
They care only about their own. Everything from their gateman, to their cashier, and to their customer service, both online and offline, is poor.

My GTB is no longer active because I don run from those people... Na so dem go dey deduct N10, N15, N20........ Till dem help you spoil your money

Good move especially that access bank