FG fined more than 1 billion guilds for suspected fraudulent violations.
Nigeria News Nalin Reported by the federal government of Nigeria Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC)one of Nigeria’s largest financial institutions has fined one of the largest financial institutions, gaining more than 1 billion guilds in several breaches of regulators as of 2024.
The disclosure has been included in the company’s most recent full-year 2024 financial results, uploaded to the Nigeria Group Exchange seen by NewsOnline Nigeria.
The bank generated highlighted amounts from April 2024 to December 2024, indicating a regulatory directive breach by the access holder.
According to the report:
- In April 2024, 300 million guilds were paid for the wrong warehouse of funds received from government agencies, with a fine for fine for violation of AML regulations, with a fine for violation of the orders of the borrower in violation of the Consumer Protection Regulations, with a fine for fine for fine for violation of the orders of the borrower.
- The sum of 5 million guilds paid was a fine for violating regulations against targeted financial sanctions and solutions related to bank databases.
- Payment of 5 million guilds for fines against the mysterious shopping regulations of confiscated Naira bills
- The sum of n5 million is a fine for violating targeted financial sanctions regulations and solutions related to bank databases.
- The fine for the regulations for breach of regulations reporting cyber incidents occurring in banks is 69 million guilds.
- The fine for unauthorized sale of securities and the fine of 561 million violation of AML regulations is a fine of N1006M.
Overall, the company violated the Banking and Other Financial Institutions Act in 2020, with a total fine of 1.21 billion guilds for violations of the Banking and Other Financial Institutions Act in the year ended December 59, 2024.
Recall that in 2023, the total payment for violation was 38 million n. This is a huge negative difference for institutions compared to 2024’s 1.21 billion guilds.
at the same time, Nigeria News Nalin Report The Group’s total revenue increased by 88% year-on-yearfrom N2.594 trillion in 2023 to US$44.878 trillion in 2024. Strong revenue driven by diversified revenue, with interest income growing 110% to 4.348 billion N3.480 trillion, while non-focused revenues increased 47.8%, up 47.8% to 397 trillion N1.397 trillion US dollars, and supported a stable strategy with a digital model strategy.
