Central Bank Suspends 9 Banks, Read Why

Central Bank Suspends 9 Banks, Read Why

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The Central Bank of Nigeria, CBN, yesterday, suspended nine banks from further dealing in foreign exchange transactions, until they remit all outstanding Nigerian National Petroleum Corporation, NNPC, funds in their vaults into the Treasury Single Account, TSA. The nine banks were barred for concealing $2.12 billion belonging to the NNPC, and failed to remit the funds into the TSA as directed by the Federal Government.
The nine banks comprise three old generation banks and another six new generation banks.

The circular addressed to the Director, Banking and Payments System Department of the CBN,dated September 14, 2015. It was signed by M. K. Dikwa for the Accountant-General of the Federation, Federal Ministry of Finance, Funds Department, Abuja. The nine banks comprise three old generation banks and another six new generation banks.

The banks, which suspension would remain in force until they remit all the funds to the TSA, are United Bank for Africa (UBA) ($530m); FirstBank of Nigeria (FBN) ($469m); Diamond Bank Plc ($287m); Sterling Bank Plc ($269m); Skye Bank Plc ($221m); Fidelity Bank ($209m); Keystone Bank ($139m); FCMB ($125m) and Heritage Bank ($85m).

 The CBN officials said further disciplinary actions awaited the erring banks after remitting the funds in full to the government’s coffers. 

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