The central Bank of Nigeria CBN, has imposed heavy sanctions of about N5.87 billion on our banks under its regulatory purview and 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 received the axe of the CBN for the violations include Standard Chartered bank, Stanbic IBTC, Citibank and Diamond bank.

Making the issue known in Abuja, was the CBN’s Director, Corporate Communications, Isaac Okorafor, who said the actions on the bank became necessary following allegations of remittance of foreign exchange with irregular Certificates of Capital Importation issued on behalf of some offshore investors of MTN Nigeria Communications Limited.

CBN has also asked the management 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.

For its punishment, Standard Chartered was hit with the sum of N1.8bn, while Stanbic IBTC will have to cough out the sum of N1.2bn, then Citibank faced with N0.25bn and Diamond Bank to pay the sum of N250 million or violating extant rules. All to also refund a total of $8.134bn for breaching Nigeria’s forex regulations on MTN’s illegal capital repatriation.  

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