Connect with us

Business

CBN fines Sterling Bank N218m for breaching nine rules

Published

on

Sterling Bank was fined N218 million for breaching nine regulations of the Central Bank of Nigeria (CBN), the company’s annual financial statement for the period of 2022, released on Wednesday, revealed.

CBN fined Sterling Bank N62 million as payment for an infraction by defaulting bank under Nigeria Electricity Market Stabilization Facility (NEMSF).

The financial regulator also charged Sterling Bank N56 million for the late rendition of regulatory returns and N52 million fine for the risk-based supervisory report 2019 – 2020.

READ ALSO: MTN Nigeria faces N1.48bn lawsuits over electrocution, others

Sterling Bank reported the central bank fined it N20 million for the acquisition of property for the establishment of new branches without CBN’s prior approval.

The lender was also fined N10 million for the closure of two branches in 2020 without CBN’s prior approval. In addition, Sterling Bank received a penalty of N4 million for risk asset examination failure in 2020.

Another contravention by Sterling Bank that incurred a CBN fine was a breach of the CBN Guideline on Operations of Electronic Payment Channels in Nigeria, in June 2020 on the resolution of ATM downtime/faults, which attracted N2 million penalty.

Join the conversation

Opinions

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.

Donate Now