Business
TSA: CBN slams N4bn fine on Skye Bank
In from Timothy Enietan-Matthews (Nation’s capital) . . .
Skye Bank Plc has become the latest victim of the non compliance with the Treasury Single Account, TSA, as the Central Bank of Nigeria, CBN, has imposed a N4 billion fine on it for not rendering appropriate account of some government institutions and agencies.
This was contained in a statement Skye Bank made to the Nigerian Stock Exchange (NSE).
According to the bank, the fine, as imposed by the Central Bank, was misdirected since it did not conceal any information of the accounts from the central bank, adding that a substantial part of the money it was fined for belonged the NNPC Pension Funds National Assembly Legislative Aides account balances.
The bank disclosed that the sum of N40 billion for which the fine was imposed on it came from NNPC account balances for which it had received a communication from the corporation that it was excepted from the Treasury Single Account (TSA) operations.
Read also: TSA fine: First Bank, UBA lobby CBN
According to Skye Bank, 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 also further disclosed that it had commenced an interface with the CBN so as to bring to the issues involved to its attention and also seek a review of the fine.
The CBN had wielded the big stick on two other banks recently, when it fined First Bank N1.87 billion for refusal to remit about N37.55 billion belonging to the NNPC. Also fined was UBA to the tune of N2.94 billion for concealing a portion of NNPC’s fund totaling N58.84 billion.
RipplesNigeria …without borders, without fears
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.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...