The Central Bank of Nigeria (CBN) has imposed a fine of N4 billion on Skye Bank for concealing funds belonging to Ministries, Departments and Agencies (MDAs).
According to Thisday, the apex bank slapped Skye Bank with a fine of N4,005,228,976.35, which it said represents 10 percent of the concealed funds belonging to Federal Government MDAs.
This was revealed in a CBN circular which showed that Skye Bank failed to report MDAs’ balances amounting to N40,052,289,769.47, as at October 23, 2015, more than a month after the TSA deadline had expired.
CBN’s hammer had earlier fallen on two major banks – First Bank of Nigeria Limited (FirstBank) and United Bank for Africa (UBA) Plc for failing to comply with the directive on TSA. While a fine of N1,877,409,905.12 was imposed on FirstBank, UBA was fined N2,942,189,651.45.
The fines imposed on the two banks represented 5% of unremitted funds.
Unlike UBA and First Bank that were sanctioned two weeks ago, a higher percentage (10%) of fine was imposed on Skye Bank because it shrouded the MDAs’ funds until the funds were uncovered by CBN examiners during a visit to the bank.