The Central Bank of Nigeria (CBN) says it has imposed heavy
sanctions totaling N5.87 billion on four banks under its regulatory purview
and asked same to refund the sum of $8,134,312,397.63 for what it
described as ‘flagrant violation of extant laws and regulations of the Federal
Republic of Nigeria, including the Foreign Exchange (Monitoring and
Miscellaneous Provisions) Act, 1995 of the Federal Republic of Nigeria and
the Foreign Exchange Manual, 2006’.
The four banks that have come under the sledge hammer of the CBN for the
violations are Standard Chartered Bank, Stanbic-IBTC, Citibank, and
Announcing the decision in Abuja on Wednesday, August 29, 2018, CBN’s
Director, Corporate Communications, Isaac Okorafor, said that the actions of
the Bank became necessary following allegations of remittance of foreign
exchange with irregular Certificates of Capital Importation (CCIs) issued on
behalf of some offshore investors of MTN Nigeria Communications Limited
and subsequent investigations carried out by the apex bank in March 2018.
The CBN has therefore asked the Managements of the banks and MTN
Nigeria Communications Limited to immediately refund the sum of
$8,134,312,397.63, illegally repatriated by the company to the coffers of the
Central Bank of Nigeria.
Figures obtained from the CBN on Wednesday, August 29, 2018, indicate
that the highest fine of N2,470,604,767.13 was slammed on Standard
Chartered Bank, while Stanbic IBTC Nigeria was fined the sum of
N1,885,852,847.45. For its punishment, Citibank Nigeria was penalized in
the sum of N1,265,541,562.31, just as Diamond Bank was directed to pay
the sum of N250 million for violating extant rules.
The CBN Spokesman further disclosed that the decision of the Bank followed
thorough investigations by it into the allegations of remittances by the four
banks of forex with irregular certificates of Capital Importation (CCIs) issued.