The Central Bank of Nigeria and the Securities and Exchange Commission have sanctioned five major banks for violating regulations bordering foreign exchange market and anti-money laundering regulations.
The banks are Guaranty Trust Holding Company Plc, United Bank for Africa Plc, Access Bank Plc, Stanbic IBTC Holdings Plc and Fidelity Bank Plc.
The five lenders reported a combined fine of N1.46bn, according to the half-year 2021 financial results filed with the Securities and Exchange Commission.
In line with regulatory rules, banks are required to include sanctions and fine imposed on them by regulatory agencies in their audited financial reports.
Among the five lenders, GTCO got the highest fine, running to over half a billion naira.
