Mrs. Tokunbo Martins,
•Restates stance against naira devaluation
Obinna Chima
In line with its threat to sanction commercial banks that failed to comply with the federal government’s directive on the remittance of government revenue to the treasury single account (TSA), the Central Bank of Nigeria (CBN) last Friday fined First Bank of Nigeria Limited (FirstBank) and United Bank for Africa (UBA) Plc the sum of N4.819 billion.
According to a circular obtained from banking industry sources, while the CBN imposed a penalty of N1,877,409,905.12 on FirstBank, UBA was fined N2,942,189,651.45 for its failure to comply with the federal government’s policy.
An industry source explained that FirstBank concealed N37,548,198,102.41 belonging to the Nigerian National Petroleum Corporation’s (NNPC) instead of remitting it to the TSA as directed.
On the other hand, UBA concealed N58,843,793,029.05 of NNPC funds, which attracted the penalty.
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