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BREAKING: Fidelity Bank, Access Bank, Five Others Slammed With N6.73bn Fine For Regulatory Infractions

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Deposit Money Banks (DMBs) in Nigeria have been slammed with N6.73bn fines and penalties over alleged regulatory infractions among other defaults in the 2023 financial period....CONTINUE READING

The affected financial institutions are United Bank for Africa Plc (UBA), Stanbic IBTC, Guarantee Trust Holding Company Plc (GTCO), Fidelity Bank Plc, Zenith Bank Plc, First Bank of Nigeria Holdings Plc (FBNH) and Access Bank Holdings Plc.

An investigation into the 2023 financial statement of the lenders conducted by THE WHISTLER, reveals that some of the fines were paid to the Central Bank of Nigeria, (CBN), the Security and Exchange Commission, (SEC) and the Nigerian Exchange Group, (NGX).

The infractions ranged from violation of Retirement Savings Account registration, failure to obtain CBN prior approval before staff employment, 2023 Bank returns rendition, and late submission of fit and proper person’s test amongst others.

Some of the fines were also a result of legal awards.

UBA was the worst hit by the sanctions after paying 94.43 per cent of the total fine.

UBA paid a whooping N6.46bn penalty which was charged against the bank. However, the bank did not pay a penalty to the Central Bank of Nigeria in 2023.

Stanbic IBTC was fined N125m by the CBN, National Pension Commission (PENCOM) and SEC for different infractions.

The SEC imposed a fine of N6.78m on Stanbic IBTC Asset Management (SIAML) for failure to obtain its approval for a Privately Managed Portfolio- investment product.

PENCOM imposed a fine of N600,000 on Stanbic IBTC Pension Managers Limited, for alleged violation of RSA Registration.

PENCOM also imposed a fine of N77.64m on Stanbic IBTC Pension Managers Limited, being alleged administrative sanction for each funded RSA which was not recaptured as of 31 May 2023.

The CBN on its part fined the bank N5m for alleged failure to obtain CBN’s prior approval before staff employment.

The apex bank also imposed a fine of N35m on Stanbic IBTC Bank Limited for alleged failure to file STR/SAR to the Nigerian Financial Intelligence Unit (NFIU).

Access Bank Plc paid N81.6m fine over several infractions ranging from N10m slammed on the lender by the CBN for employment of prospective employees without its approval; N2m penalty for the delay to customers as directed by the apex bank; N15m for late rendition of monthly, quarterly and semi-annual returns for June 2023 and N6m IRO risk-based examination as of June 30, 2022.

Regulatory Fines, Others Paid By Deposit Money Banks In 2023
Regulatory Fines, Others Paid By Deposit Money Banks In 2023
Aside from these fines, Access Bank also paid N5m as fine on anti-money laundering, combating the financing of terrorism & countering proliferation financing.

In the same light, PENCOM fined Access Bank N2m for the use of unauthorized advert material; N200,000 for violation of the revised guidelines for retirement savings account and N39.4m for data recapture sanction.

The lender also paid N2m fine to the NGX for the late filing of 2022 Audited Financial Statements.

In 2023 GTCO, another alleged offender paid regulators N73.97m as penalties for regulatory infractions. The lender paid fines to CBN, SEC, PenCom and other parties.

In its books, the lender admitted that it paid a penalty in respect of the 2020 Risk Assets Examination to the tune of N12m.

The bank paid another N2m penalty in respect of the 2023 Consumer Protection Exercise on the Bank while N11m was paid in respect of the 2023 Bank Returns Rendition.

GTCO paid a N30m fine for the 2021-2022 AML/CT Examination on the bank while its Gambian subsidiary, GT Gambia, was fined N919,384 over the submission of Fit and Proper Person’s Test.

GT Rwanda paid N3.91m for Breach on AML reporting among others.
The report also said the company paid N2m as fine for Infraction related to the inadequacy of its minimum paid-up capital.

Fidelity Bank paid N26.26m for the NEMFS infraction to CBN; fined N4m for late returns to the apex bank; N10m as a fine for contravention of AML/CFT/CPT to CBN and N2.7m over report filing to NGX.

In total, the lender paid N42.71m for infractions.

Zenith Bank Plc paid the least fine of N21m. The amount include N5m paid to the CBN for late rendition of returns and N10m as penalty for employment of prospective employees before CBN approval.

Part of the amount also include a N2m payment for outstanding auditor’s recommendations and N4m to spot checks on compliance on politically exposed persons.

Nigeria’s oldest lender, First Bank of Nigeria Holdings paid N17m as fines and penalties during the period under review.

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Iran’s atomic chief: Tehran ready to transfer nuclear capabilities to other countries

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Mohammad Eslami said this is a time when the world is facing climate change and the collective will of nations to reduce carbon emissions to zero has become a covenant....CONTINUE READING

Esmali added that Iran will also work faster to boost its nuclear technology capabilities to achieve clean and sustainable energy.

He noted that Iran intends to produce 20,000 megawatts of nuclear power by 2040 and will implement its plans in the northern and southern coasts of the country.

The Iranian atomic chief added that although bullying powers aim to not let Iran realize its goals as it pushes ahead with its nuclear energy program, the country’s International Nuclear Science and Technology Conference was welcomed by high-profile figures and they participated in the event despite the obstacles.

“Our goal is to show the achievements of Iran’s nuclear technology to the world, and we are ready to transfer its capabilities to other countries so that a different scientific system is created”, Eslami said.

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‘Are We On Autopilot?’— Atiku Raises Serious Concern Over Absence Of Tinubu, Shettima

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The presidential candidate of the Peoples Democratic Party (PDP) in the 2023 general elections, Atiku Abubakar has raised serious concern about who’s piloting the affairs of Nigeria following the absence of President Bola Tinubu and his Vice, Kashim Shettima....CONTINUE READING

While Tinubu is yet to return to Nigeria one week after his official trip to Saudi Arabia, his vice, Shettima is also out for the 2024 US-Africa Business Summit at the Kay Bailey Hutchison Convention Center in Dallas, Texas, where he will be representing the President.

Reacting to this development, the former vice president said “it is unprecedented that the two leaders will be absent from the country at the same time.” The leader of the PDP said it’s more troubling that the two leaders of the country are out a time Nigeria is facing many challenges.

“I have been inundated by reports of the absence of the president and vice president from the country. “It is unprecedented that the two leaders will be absent from the country at the same time, especially now that the nation is faced with daunting challenges.

“The question that readily comes to mind is who is in charge of government at this point, or is it right to assume that we are on autopilot?” Atiku asked in a post made via his official X account.

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You Clowns Are Still Walking Freely Because Fubara Has Decided To Obey Tinubu – G-60 Blast 27 Rivers Lawmakers

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A group of federal lawmakers identified as G-60 have stated that members of the Rivers State House of Assembly lack the legitimacy to amend the State Public Procurement law....CONTINUE READING

The legislators stated this while reacting to the alleged overriding of assent of Governor Siminialayi Fubara to pass the 2024 Rivers State Public Procurement (Amendment) Bill.

They argued that the purported veto of the powers of 27 persons parading themselves as Rivers lawmakers was nothing but legislative madness taken too far by some clowns.

Speaking via a statement by its spokesperson and the member representing Ideato North South Federal Constituency of Imo State in the House of Representative, Ikenga Imo Ugochinyere, the group described the veto as legislative rascality.

They maintained that the ‘Abuja based lawmakers’ who operates from a two room self contain in Emohua and Abuja are still moving on freely parading themselves on account of the mercy of Fubara in obedience to the peace accord orchestrated by President Bola Ahmed Tinubu.

Ugochinyere said, “These clowns as far as we are concerned are still moving about freely parading themselves freely because of Governor Fubara’s Mercy and largely in obedience to the peace accord brokered by President Bola Ahmed Tinubu to end the political crisis in the state.

“However, while the Governor has stick the accord, his predecessor and Federal Capital Territory, FCT, Minister, Chief Nyesom Wike has not with what his loyalists are doing.

“One of such evidence is the purported veto of Rivers procurement law which is an unenforceable legislative madness by impostors who scared of impact of Fubara’s infrastructure revolution.

“If not, how can people worth calling lawmakers even think that mobilisation fee of not more than 20 per cent of any contract sum is enough for suppliers or contractors to move to site or provide good and service in the present economic quagmire masterminded by their allies in the federal government?

“It is also on notice that these persons who seat in some hotel rooms in Abuja or anywhere their paymasters take them to make such pronouncements have lost the status of lawmakers ever since they dumped the party, the PDP which was a vehicle that brought them to power and joined APC.

“The action violated Section 109 (1) (g) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) which states that; Section 109 (1) of the 1999 Constitution provides that ‘a member of a House of Assembly shall vacate his seat in the House if … (g) being a person whose election to the House of Assembly was sponsored by a political Party, he becomes a member of another political party before the expiration of the period for which that House was elected.

“To this end, these person are not lawmakers and the Independent National Electoral Commission (INEC) should rise to the occasion and conduct election to fill those vacant seats and save Rivers from this continuous illegality and Nigeria the embarrassment that non-existing lawmakers are causing too often.”

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