The Central Bank of Nigeria (CBN) fined FBN Holdings subsidiary, First Bank of Nigeria Limited, N13.5 million for fraudulent dealings and other contraventions in 2022.
In a statement obtained on Saturday from FBN Holdings’ financial statements, released on Friday, it was revealed that the CBN penalised First Bank N2 million for fraudulent dealings/withdrawal through the opening of fraudulent accounts.
The lender was also hit with an N11.5 million fine for infractions in the month of April in respect of the CBN-NESI Stabilization Strategy by First Bank Kaduna.
The statement reads: “CBN penalty for aiding the fraudulent dealings/withdrawal through the opening of fraudulent accounts – Adcose Limited N2 million.
“CBN Penalty for infractions in the month of April in respect of the CBN-NESI Stabilization Strategy by First Bank Kaduna N11.5 million.”
Meanwhile, NGX Regulation Limited and the Securities Exchange Commission (SEC) sanctioned FBN Holdings for late submission of its financial statements.
NGX Regulation Limited fined FBN Holdings N8.1 million and SEC penalised the company N3.98 million for failing to meet its deadline for submission.
“During the period ended 31 December 2022, the Company paid penalty of N8.1 million and N3.98 million to NGX Regulation Limited and the Securities Exchange Commission respectively; for the late submission of audited financial statements for the period ended December 31, 2021 and unaudited financial statements for the period ended March 31, 2022,” the statement reads.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: Shell’s inaccurate data raises questions around efforts to control methane emissions in Nigeria
Much worse for the environment than carbon dioxide, despite global efforts to control methane, emissions continue soaring. With over a...
FEATURE…Missing Rig Workers: Tragedy, Injustice and the Depthwize cabal
The serene landscape of Ovhor in Delta State bore witness to a disaster that shook the nation’s conscience. The capsize...
FEATURE… In the shadow of kidnappers: The story of Nigeria’s albatross
For decades, Nigeria has been grappling with a problem that has threatened the safety and stability of its people: kidnapping....
FEATURE: The falling standard of education in Nigeria today: Whose Fault?
Over the years, education has proven to be the fulcrum facilitating national development in any state. Through education, knowledge is...
INVESTIGATION: Failed multi-million naira constituency water projects litter Sokoto communities
Many rural communities in Sokoto State are at the risk of an outbreak of diarrhea and other diseases due to...