CBN Fines Skye Bank N4bn For Failing To Render Appropriate Returns On Accounts

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Skye Bank Plc has come under the hammer of CBN for failure to comply Treasury Single Account (TSA) matters. This has drawn a fine of N4 billion from The Central Bank of Nigeria (CBN) on Skye Bank Plc for failing to render appropriate returns on accounts of some government institutions and agencies. This is contained in a statement by Skye Bank to the Nigerian Stock Exchange (NSE).

CBN Governor, Mr Godwin Emefiele

Skye Bank said that the fine imposed by CBN was misdirected since it did not conceal any information of the accounts from the central bank.

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Skye Bank said that significant portion of the money for which penalty was applied belonged to the state-owned energy company NNPC Pension Funds and National Assembly Legislative Aides account balances.

The Bank said that the sum of N40 billion for which the fine was imposed on it came from NNPC account balances it had received a communication from the oil giant excepting it from the Treasury Single Account (TSA) operations.

Skye Bank said it received “a communication from the NNPC forwarding a letter from the Accountant General of the Federation on the treatment of NNPC funds.

SKYE-Bank“By the communication, the bank is advised that an 18 business day window had been granted by the Vice-President, Yemi Osinbajo, within which a plan for the orderly withdrawal of the NNPC funds will be implemented’’.

The statement said that Skye Bank had commenced engagement with CBN with a view to bringing the issues to the attention of the banking sector regulator and seeking a review of the penalty.