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Nairaland Forum / Nairaland / General / Business / Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations (15290 Views)
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Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by aminulive: 9:06am On Apr 09, 2018 |
@POLITICSNGR Two Nigerian banks, Access Bank and Guaranty Trust Bank have been fined for violating various regulations put in place by the country's Apex bank, the central bank of Nigeria. The two banks reportedly paid a combined N96 million in fines an analysis of the Banks' financial statements for December 2017 reveal. Violation of Bank Charges, Late rendition of returns and Unutilized Foreign Exchange The penalties were paid for various offenses ranging from unutilized foreign exchange from CBN, late rendition of returns, violations of guide on bank charges, among other infractions. Access Bank pays a staggering N78 million, GTB pays a whopping N18 million in fines A breakdown shows that during the year, while GTB paid about N18 million as fines, Access Bank paid over N78 million to the regulatory agencies. Details of the payments are contained in the banks’ financial returns submitted to the Nigerian Stock Exchange, NSE. The various regulatory bodies in the banking sector routinely impose sanctions as a means of strengthening corporate governance in the financial institutions and ensuring transparency. For Access Bank, analysis shows that N60 million was paid in respect of Bank Verification Number (BVN) registration, N6 million in respect of unutilized foreign exchange from CBN, and N2 million in respect of the implementation of external auditors’ recommendation. Similarly, the bank paid N2 million for non-compliance over Bancassurance and N2 million for CBN foreign exchange examination. Bancassurance is the selling of life assurance and other insurance products and services by banking institutions. For injection of capital to subsidiaries, the bank paid N4 million while a separate N2 million was paid in respect of the Know Your Customer (KYC) requirement. GTB on its part was fined N50,000 as penalty for late rendition of returns, N6 million as penalty on infractions on Guide to Bank Charges and a separate N2 million penalty on closure of an e-branch without prior CBN approval. For violation of Guide to Bank Charges, the bank paid N2 million; in respect of limit above Gross Aggregate Net Open Position (NOP), it paid a separate N2 million; for under-repatriation of export proceeds by two customers of the Bank, it paid N2 million; and as penalty for delay in rendition of returns, it paid N25,000. For non-submission of draft Recovery and Resolution Plan document, it was fined N2 million and it paid a separate N2 million penalty in respect of loan accounts without BVN. There have been concerns on why management of banks often violate the rules and regulation of banking operations, thus leading to the payment of sanctions from money that ought to accrue to shareholders as dividend. While analysts are of the opinion that banking operations is huge and complex thus making it almost difficult to record a hitch-free operation throughout the financial year, the regulatory bodies should come up with tighter sanctions to control the infractions and make management of banks comply with the rules. Union Bank, Fidelity and First Bank yet to release Financial statements Although some of the banks have released their financial statements, only a few other banks have not released their financial statements despite the expiration of the March 31 deadline issued by the NSE. The affected banks include Union Bank, Fidelity, and First Bank. https://politicsngr.com/access-bank-gtb-fined-n96-million-illegal-charges-violations/ 2 Likes
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Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by OGHENAOGIE(m): 11:02am On Apr 09, 2018 |
Is this fine 2 Likes 1 Share |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by senchris(m): 11:02am On Apr 09, 2018 |
This is fine but the amount is too small for all the offences listed above. An illegal deduction of just #50 from customers can raise a bank hundreds of millions. The incessant deductions of #52.5 from UBA comes readily to my mind. I don't know if this is a monthly or bimonthly charges from UBA, but I know the alert appears irregularly on my bank statement. One day I tried to imagine how much such a deduction could raise for UBA if done to just half of their customers. Also, why are they paying the charges to the CBN? Why not ask them to return it to the customers with an interest. I know they must have invested the deductions or given them out as loans for some interest. They can still pay fines to the CBN. Paying fines of 80 or 20million is nothing for a bank. They make it from their poor customers in few days. This is my opinion. 31 Likes 2 Shares |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by Proffdada: 11:02am On Apr 09, 2018 |
Sadly, it's the customers that'll bear the brunt. No wonder access bank has started charging SMS alert again ![]() 5 Likes
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Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by IamFisherman(m): 11:02am On Apr 09, 2018 |
You say |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by IamFisherman(m): 11:02am On Apr 09, 2018 |
You say? |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by BarryX(m): 11:02am On Apr 09, 2018 |
I was thinking the illegal charges concerns me. The whole array of charges spelt out in this bulletin doesn't have anything to do with the hidden charges they perpertrate daily on my account. #Disappointed 2 Likes 1 Share |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by Silvano34: 11:03am On Apr 09, 2018 |
Good for them. Gtbank is the worst of all Nigeria banks. They ought to be fined 30 million dollars. What they did to me yesterday, I can never forget. They care only about their own. Everything from their gateman, to their cashier, and to their customer service, both online and offline, is poor. 19 Likes |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by kennosklint(m): 11:03am On Apr 09, 2018 |
Access bank na condemn bank na |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by qreem231(m): 11:03am On Apr 09, 2018 |
Diamond bank should also be fined. The unnecessary deductions are outrageous. 4 Likes |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by GentleYoung(m): 11:03am On Apr 09, 2018 |
. |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by dantyboy: 11:03am On Apr 09, 2018 |
How can I get a share cus am a victim. 5 Likes |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by crownedprinz(m): 11:03am On Apr 09, 2018 |
explain..i don't understand oh |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by dfrost: 11:03am On Apr 09, 2018 |
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Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by unimagin: 11:04am On Apr 09, 2018 |
GTB should be fined more, they're cooperate 419ers. 11 Likes |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by nobilie: 11:04am On Apr 09, 2018 |
If you take a loan from GTbank, they'll put a knife on your neck. That bank can charge!!!!! 4 Likes |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by Witsproject: 11:04am On Apr 09, 2018 |
If possible, That figured should be shared among the affected customers to serve as a deterrent to the banks GTB most especially!!! 5 Likes |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by Newpride(m): 11:05am On Apr 09, 2018 |
Will the money deducted illegally be sent back to the owners of the account. If not the charges is useless. Let those whose money was deducted illegally get back their money. 3 Likes 1 Share |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by Dutchey(m): 11:05am On Apr 09, 2018 |
bet9ja no get joy ooo |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by noble71(m): 11:06am On Apr 09, 2018 |
Good job!!! Access Bank can even charge you for Sanitary pad fee. What is Admin fee Card maintenance fee SMS fee Monthly maintenance fee Buhari fee Idiot Bank, I had to dump their ass. 6 Likes 2 Shares |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by inoki247: 11:06am On Apr 09, 2018 |
Am getting my atm maintaince fee back.. Atm wey I dey always keep my sef 6 Likes |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by fineguy11(m): 11:06am On Apr 09, 2018 |
76MILLION; that's staggering....the shareholders need to hold the management team accountable. |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by san316(m): 11:06am On Apr 09, 2018 |
Na wa oo. Which kind charges apart from SMS, AMF and card maintenance.? |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by Bustincole(m): 11:07am On Apr 09, 2018 |
Das nice |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by ZarahBuhari: 11:09am On Apr 09, 2018 |
dantyboy:Just wail.... That's all ![]() 2 Likes |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by ishowdotgmail(m): 11:10am On Apr 09, 2018 |
UBA should be on that list too 7 Likes |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by harmbhrosz(m): 11:10am On Apr 09, 2018 |
aminulive:lol, this charges were illegally deducted from the citizen, will this fine be redistributed back to the citizens or it's for some Oga(s) in the government agencies pocket? 2 Likes |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by Freelancer007(m): 11:10am On Apr 09, 2018 |
Guarantee Trust Bank, the most fined bank of the year... Keep accumulating the fines o ![]() 1 Like |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by stano2(m): 11:14am On Apr 09, 2018 |
I'm sure they got 4times of the fine, fine them 400million. Banks tire me, if u want to confirm leave only 100naira in ur and check your balance after 3 weeks |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by tosyne2much(m): 11:14am On Apr 09, 2018 |
Silvano34:My GTB is no longer active because I don run from those people... Na so dem go dey deduct N10, N15, N20........ Till dem help you spoil your money 5 Likes |
Re: Access Bank, GTB Fined N96 Million For Illegal Charges, Other Violations by abrahym(m): 11:15am On Apr 09, 2018 |
Good move especially that access bank |
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