CBN Sanctions 9 Banks For Failing To Remit $2.3bn NNPC Funds. See List Of The Banks

Determined not to tolerate any further breach of
extant financial regulations, the Central Bank of
Nigeria (CBN) has barred nine banks from all
foreign exchange transactions.

The banks, THISDAY exclusively gathered this
afternoon, were barred for failing to remit the
Nigerian National Petroleum Corporation (NNPC)
dollar funds to the federal government’s Treasury
Single Account domiciled in the CBN as directed by
the presidency last year.

The banks, whose suspension would remain in force
until they remit all the funds to the TSA are:

United Bank for Africa (UBA) $530m;

First Bank of Nigeria (FBN) $469m;

Diamond Bank Plc ($287m);

Sterling Bank Plc ($269m);

Sky Bank Plc ($221m);

Fidelity Bank ($209m);

Keystone Bank ($139);

First City Monument Bank (FCMB) $125m; and
Heritage Bank ($85m).

The CBN sources told THISDAY that further
disciplinary actions awaited the erring banks after
remitting the funds in full to the government’s
coffers.

http://www.thisdaylive.com/index.php/2016/08/23/
no-nonsense-cbn-bars-eight-banks-from-all-forex-
transactions-for-concealing-2-125bn-nnpc-funds/