Alternative Africa

Top Menu

  • Home
  • About Us
  • Privacy Policy
  • Terms of Use
  • Contact Us

Main Menu

  • Home
  • Arts & Culture
  • Business
  • Environment
  • Politics
  • Sports
  • Reports
    • Africa-Observers
      • Read Reports
      • Submit a story
  • MORE
    • Health
    • News Now
    • World
    • Technology
Sign in / Join

Login

Welcome! Login in to your account
Lost your password?

Lost Password

Back to login
  • Home
  • About Us
  • Privacy Policy
  • Terms of Use
  • Contact Us

logo

Alternative Africa

  • Home
  • Arts & Culture
  • Business
  • Environment
  • Politics
  • Sports
  • Reports
    • Africa-Observers
      • Read Reports
      • Submit a story
  • MORE
    • Health
    • News Now
    • World
    • Technology
  • France authorises first synthetic antibody treatment for severe Covid-19

  • African Breakthrough: South African firms develop two new vaccines to kill all covid variants

  • London Heathrow Airport Imposes Extra Passenger Charges to Cover Pandemic Costs

  • U.S. formally authorizes the single shot jab, J&J Covid-19 vaccine

  • British swimmer who once represented Great Britain now lives on London streets

BusinessNews Now
Home›Business›Nigeria: CBN imposes N5.8bn fine on four banks for violating Forex regulation

Nigeria: CBN imposes N5.8bn fine on four banks for violating Forex regulation

By alternativeafrica
August 29, 2018
525
0
Share:

London, August 29, 2018 (AltAfrica)-The Central Bank of Nigeria has slammed fines totalling over N5 billion on four banks “for breaching Nigeria’s forex regulations” and asked MTN Nigeria Communications Limited to refund $8.134 billion.

All four banks – Standard Chartered, Stanbic IBTC, Citibank and Diamond Bank – were fined with regards to capital repatriation by telecoms giant MTN.

The Central Bank hit Standard Chartered with a N2.4 billion fine (N2,470,604,767.13), slammed a N1.8 billion (N1,885,852,847.45) fine on Stanbic IBTC. Citibank is to pay N1.2 billion fine (N1,265,541,562.31) while Diamond Bank was handed a N0.25 billion fine (N250 million).

The CBN imposed the sanctions on the banks which are under its regulatory purview for “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”.

CBN’s Director of Corporate Communications, Mr Isaac Okorafor, explained in Abuja on Wednesday that the actions became necessary after allegations of remittance of foreign exchange with irregular Certificates of Capital Importation (CCIs) issued on behalf of some offshore investors of MTN Nigeria Communications Limited and subsequent investigations carried out by the regulator in March 2018.

“The CBN has therefore asked the managements 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,” the regulator said in a statement.

According to Mr Okorafor, the investigation took a while so that the CBN can carry out “thorough inquiry and give fair hearing to all parties involved”.

He urged banks and multinational companies in Nigeria to adhere strictly to the provisions of all extant laws and regulations of the country in their foreign exchange transactions, warning that failure to do so would lead to sanctions

SHARE ON:
Previous Article

Ghana President threatens to impose tax on ...

Next Article

Moped thugs attack British police van to ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

alternativeafrica

Related articles More from author

  • News Now

    Africa, global leaders and football world salute President George Weah

    December 29, 2017
    By alternativeafrica
  • HealthNews NowWorld

    UK to open 4000 bed emergency hospital for coronavirus patients in London

    March 25, 2020
    By alternativeafrica
  • News NowNigeria ElectionsPolitics

    Why we reject Nigerian election results-Opposition party

    February 25, 2019
    By alternativeafrica
  • AfricaHealthNews NowTechnology

    Nigerian secondary students develop robot to reduce COVID-19 infection among health workers

    September 17, 2020
    By alternativeafrica
  • News Now

    Central African Republic: Attacks Kill 1 Peacekeeper over the weekend

    June 12, 2018
    By VJ Africa
  • AfricaBusinessNews Now

    Nigeria disburses $40m World Bank empowerment fund in 5 years

    December 28, 2018
    By alternativeafrica

Leave a reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You might be interested

  • HealthNews Now

    67,763 HIV Positive Persons On Treatment Care In Lagos

  • AfricaHealthNews Now

    African Coronavirus Watch: Ugandan ministers undergo mandatory testing, over 1m lose jobs to covid-19 in Kenya

  • BusinessNews Now

    No more Tax-evasions: Mineral-rich African countries demand more from mining

Timeline

  • March 1, 2021

    France authorises first synthetic antibody treatment for severe Covid-19

  • March 1, 2021

    African Breakthrough: South African firms develop two new vaccines to kill all covid variants

  • March 1, 2021

    London Heathrow Airport Imposes Extra Passenger Charges to Cover Pandemic Costs

  • February 28, 2021

    U.S. formally authorizes the single shot jab, J&J Covid-19 vaccine

  • February 28, 2021

    British swimmer who once represented Great Britain now lives on London streets

  • Popular

  • Comments

  • Lagos govt confirms first case of deadly coronavirus infection in Nigeria

    By alternativeafrica
    February 28, 2020
  • Keynote Address of President Nana Addo Dankwa Akufo-Addo at 2018 Oxford Africa Conference

    By PSJ Africa
    May 14, 2018
  • Morocco begins regional integration by connecting Casablanca Airport with High Speed Train

    By alternativeafrica
    January 4, 2020
  • Kenyan govt pressure Facebook for data on Kenyan users

    By alternativeafrica
    November 20, 2019
  • Nigeria: 32,000 capacity Lagos rice mill to start production in 2020

    By alternativeafrica
    December 23, 2019
  • Ado zagi
    on
    January 12, 2021

    Nigeria: EFCC Academy to begin award of degree

    Diploma leave areply from
  • Ethiopia joins Africa's Artificial Intelligence revolution | Alternative Africa
    on
    October 2, 2020

    Spending on Artificial Intelligence Systems in Africa, Middle East to top $374 million in 2020

    […] Many African countries ...
  • The 5 most popular Africans 2020
    on
    September 25, 2020

    Celebrating Congolese doctor Jean-Jacques Muyembe, the man behind breakthrough of Ebola cure

    […] Dr. Jean-Jacques Muyembe ...
  • Millitants in Central Mali Set Jail Ablaze in Attack Killing Two | taktik(z) GDI (Government Defense ...
    on
    August 11, 2020

    Fifteen gendarmes killed in another attack on Mali camp

    […] attack fol­lowed a January ...
  • Millitants in Central Mali Set Jail Ablaze in Attack Killing Two
    on
    August 11, 2020

    Fifteen gendarmes killed in another attack on Mali camp

    […] attack followed a ...
AlternativeAfrica.com is an independent Pan African News Website dedicated primarily to influencing the negative narratives about Africa. We hope to do this by focusing and showcasing the many developmental strides sweeping across the continent.

Read more >>>

Contact Info

  • info@alternativeafrica.com
  • Recent

  • Popular

  • Comments

  • France authorises first synthetic antibody treatment for severe Covid-19

    By alternativeafrica
    March 1, 2021
  • African Breakthrough: South African firms develop two new vaccines to kill all covid variants

    By alternativeafrica
    March 1, 2021
  • London Heathrow Airport Imposes Extra Passenger Charges to Cover Pandemic Costs

    By alternativeafrica
    March 1, 2021
  • U.S. formally authorizes the single shot jab, J&J Covid-19 vaccine

    By alternativeafrica
    February 28, 2021
  • Lagos govt confirms first case of deadly coronavirus infection in Nigeria

    By alternativeafrica
    February 28, 2020
  • Keynote Address of President Nana Addo Dankwa Akufo-Addo at 2018 Oxford Africa Conference

    By PSJ Africa
    May 14, 2018
  • Macron in Ivory Coast to launch anti-terrorism academy

    By alternativeafrica
    December 21, 2019
  • Kenyan govt pressure Facebook for data on Kenyan users

    By alternativeafrica
    November 20, 2019
  • Ado zagi
    on
    January 12, 2021

    Nigeria: EFCC Academy to begin award of degree

    Diploma leave areply from
  • Ethiopia joins Africa's Artificial Intelligence revolution | Alternative Africa
    on
    October 2, 2020

    Spending on Artificial Intelligence Systems in Africa, Middle East to top $374 million in 2020

    […] Many African countries ...
  • The 5 most popular Africans 2020
    on
    September 25, 2020

    Celebrating Congolese doctor Jean-Jacques Muyembe, the man behind breakthrough of Ebola cure

    […] Dr. Jean-Jacques Muyembe ...
  • Millitants in Central Mali Set Jail Ablaze in Attack Killing Two | taktik(z) GDI (Government Defense ...
    on
    August 11, 2020

    Fifteen gendarmes killed in another attack on Mali camp

    […] attack fol­lowed a January ...

Photostream

    Follow us

    • Home
    • About Us
    • Privacy Policy
    • Terms of Use
    • Contact Us
    © Copyright Alternative Africa 2019. All rights reserved.