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LequteMan
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The Central Bank of Nigeria has imposed a fine of 4 billion Naira on Skye bank for not fully complying with the Treasury Single Account directive, Vanguard reports.
CBN said Skye Bank didn't release all information needed concerning some government accounts in its possession.
In a statement sent to the Nigerian Stock Exchange, the bank however said that the fine imposed by the apex bank was misdirected since it did not conceal any information of the accounts from the central bank.
The bank said that significant portion of the money for which penalty was applied belonged to the state-owned energy company NNPC Pension Funds and National Assembly Legislative Aides account balances.
It said that the sum of N4 billion for which the fine was imposed on it came from NNPC account balances it had received a communication from the oil giant excepting it from the Treasury Single Account (TSA) operations.
The CBN had recently sanctioned First Bank N1.87 billion for refusal to remit about N37.55 billion belonging to the state-owned energy company. It also fined UBA N2.94 billion for concealing a portion of the energy corporation’s fund totalling N58.84 billion.
CBN said Skye Bank didn't release all information needed concerning some government accounts in its possession.
In a statement sent to the Nigerian Stock Exchange, the bank however said that the fine imposed by the apex bank was misdirected since it did not conceal any information of the accounts from the central bank.
The bank said that significant portion of the money for which penalty was applied belonged to the state-owned energy company NNPC Pension Funds and National Assembly Legislative Aides account balances.
It said that the sum of N4 billion for which the fine was imposed on it came from NNPC account balances it had received a communication from the oil giant excepting it from the Treasury Single Account (TSA) operations.
The CBN had recently sanctioned First Bank N1.87 billion for refusal to remit about N37.55 billion belonging to the state-owned energy company. It also fined UBA N2.94 billion for concealing a portion of the energy corporation’s fund totalling N58.84 billion.
