UBA, Access Bank, GTBank and Fidelity Bank Come Under CBN Hammer

Godwin Emefiele
CBN Governor
Photo credit: Punch

The Central Bank of Nigeria and Financial Reporting Council of Nigeria sanctioned four commercial banks between January and June for various infractions, our correspondent has learnt.

It was learnt that the apex bank imposed a number of sanctions on the banks for failure to comply with its Know-Your-Customers guidelines and in the anti-money laundering requirement.

The banks disclosed the sanctions in their audited financial statements for the six months ended June.

For its infractions, GTBank Plc was asked to pay N10m while the United Bank for Africa Plc and Access Bank Plc were asked to pay N8m each. Fidelity Bank Plc was sanctioned N4m by the regulating body.

GTBank disclosed in its audited financial statement for six months ended June 30 that it was sanctioned N2m for Anti-Money laundering/ Combating the Financing of Terrorism regulation on three-tiered KYC and N8m for 2018 risk- based examination findings.

The bank explained that it was committed to fight all forms of financial crime including money laundering, terrorist financing, bribery and corruption.

It said, “To this end, the bank has continually implemented a framework for AML/CFT and the prevention of the financing and proliferation of weapons of mass destruction.”

Access Bank was sanctioned N4m over failure to comply with anti-money laundering requirement and additional N4m in respect of failure to comply with the apex bank’s manual of operations for fund transfer.

UBA, on the other hand, was sanctioned N2m for late resolution of customer compliants and N6m for deficiency in account documentation/late records retrieval. Read more here PUNCH

Source: Punch

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Fidelity Bank Donates Laboratory To Correctional Home

Fidelity Bank Donates Laboratory To Correctional Home

LASG Commends Lender For CSR projects

Fidelity Bank Plc, top Nigerian lender has handed over a well-equipped, state-of-the-art Kitchen/Catering Laboratory for the use of students at the Girls Correctional Home, Idi-Araba, Lagos. The project, according to the bank, is a clear demonstration of its unwavering support towards enhancing the lives and wellbeing of less privileged members of the society.

L-R: Head HRBP & Recruitment/CSR & Sustainability, Chris Nnakwe; Reps of the Governor of Gombe State, Perm Sec Ministry of Health, HRH Hassan Ibrahim; Branch Leader Gombe, Umar Bappi; Reps of the Speaker, Haruna Wambai; District Head of Lubo, Usman Mohammad during the official commissioning of the renovated Primary Healthcare Centre, Lubo in Gombe State.

Speaking at the commissioning ceremony in Lagos recently, the bank’s Managing Director/Chief Executive Officer, Nnamdi Okonkwo said that the decision to embark on the project is borne out of a deep-seated realisation that vocational education remains vital to the development of any society.

Okonkwo who was represented the bank’s Head of Legal Division, Kingsley Ohiri thanked the Ministry of Youth & Social Development for giving them the opportunity to partner with the State and hoped to do more in the future. He also mentioned the bank had, in the past, carried out some CSR projects in the State such as the Correctional Centre for Boys, Birrel Avenue, Yaba where vocational training tools were provided for the use of wards at the centre.

L-R: Reps of the Governor of Gombe State, Perm Sec Ministry of Health, HRH Hassan Ibrahim reads the text on the plaque during the official commissioning of the renovated Primary Healthcare Centre, Lubo in Gombe State as Head HRBP & Recruitment/CSR & Sustainability, Chris Nnakwe looks on.

While commissioning the project, the Commissioner for Youth and Social Development, Olusegun Dawodu said that the kitchen would provide the children the means to learn a new vocation which they would use to benefit themselves and the society at large.

Dawodu also reiterated the resolve of the State Government to prioritise the needs of the teeming youth saying, “The Lagos State Government would continue to support and empower the children and youth in the State with relevant skills in order to play active roles in the Nigerian economy, thereby creating wealth and reducing the rate of unemployment and criminal activities among the youths and children”.

He specifically thanked Fidelity Bank for supporting the Government and especially the youths in the State by initiating and extending their Corporate Social Responsibility (CSR) to ensure that the society is impacted positively.

On her own part, the Permanent Secretary in the Ministry, Yewande Falugba, emphasised the need for well-meaning Nigerians and organisations to emulate Fidelity Bank by partnering with the State Government in ensuring the social well-being of the youths and children.

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