Zenith Bank Fined For Contravening Banks And Financial Institutions Act

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zenith bankThe axe of The Central Bank Of Nigeria ( CBN ) has fallen on Zenith Bank for major Banking as well as financial contraventions. The CBN fined Zenith Bank of Nigeria recently up to the sum of N48Million for contravening the Banks and Other Financial Institutions Act in 2014.

Solid information reaching Omega News reveals that, Zenith bank was fined for a good number of reasons and or financial offences committed by the bank.

Firstly, the Central Bank Of Nigeria had to fine Zenith Bank for non disclosure of date of last lodgment on credit print out, which is a contravention of the banks and financial act,

Secondly, Zenith bank was fined by CBN for appointment of a deputy general manage, it appears due process was not followed.

Thirdly, Zenith Bank was fined for incomplete or partial reporting of all transactions of politically exposed persons and or group.

Fourthly, Zenith bank was also fined for partial or incomplete reporting of international funds transfer, partial or incomplete reporting of some currency transactions.

The bank was also fined for the offence of wrong classification, or misclassification of some public sector deposit among others. The total sum of the fines CBN placed on Zenith bank comes to about N48Million.