GTB, Sterling Bank, Zenith Fined By CBN

The Central Bank of Nigeria has fined three Nigerian banks for a range of infractions committed in 2015.

The United Bank for Africa, Guarantee Trust Bank, Sterling Bank and Zenith Bank have been fined N3.2 billion collectively.
The United Bank for Africa was hit with the largest fine, having been ordered to pay N2.9 billion for eight regulatory infractions in 2015.

Some of the infractions border on failure to comply with the Federal Government’s Treasury Single Account policy, failure to conduct due dilligence among others.

Zenith Bank was fine N60.1 million for five offenses while GTB and Sterling Bank were fined N60 million and N13 million respectively.