First Bank of Nigeria Limited, a subsidiary of FBN Holdings, was fined N13.5 million by the Central Bank of Nigeria (CBN) in 2022 for deceptive practices and other violations.
The CBN fined First Bank N2 million for fraudulent dealings/withdrawals through the establishment of bogus accounts, according to a statement received on Saturday from FBN Holdings’ financial results, which were published on Friday.
Additionally, the lender was assessed a N11.5 million fine by First Bank Kaduna for violations of the CBN-NESI Stabilization Strategy during the month of April.
“CBN penalty for assisting the fraudulent dealings/withdrawals through the opening of fraudulent accounts – Adcose Limited N2 million,” the announcement states.
“CBN Penalty for infractions in the month of April in respect of the CBN-NESI Stabilization Strategy by First Bank Kaduna N11.5 million.”
Meanwhile, NGX Regulation Limited and the Securities Exchange Commission (SEC) sanctioned FBN Holdings for late submission of its financial statements.
NGX Regulation Limited fined FBN Holdings N8.1 million and SEC penalised the company N3.98 million for failing to meet its deadline for submission.
“During the period ended 31 December 2022, the Company paid penalty of N8.1 million and N3.98 million to NGX Regulation Limited and the Securities Exchange Commission respectively; for the late submission of audited financial statements for the period ended December 31, 2021 and unaudited financial statements for the period ended March 31, 2022,” the statement reads.
