Skye Bank seeks review of N4bn fine

Skye Bank Plc says the N4 billion fine imposed on it by the Central Bank of Nigeria (CBN) was misdirected.

The apex bank said the sanction was given to the bank for failing to render appropriate returns on accounts of some government institutions and agencies.

But in a statement made available to the Nigerian Stock Exchange (NSE), the commercial bank denied concealing any information of the accounts.

It said 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.

Skye Bank said 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.

“We received a communication from the NNPC forwarding a letter from the accountant general of the federation on the treatment of NNPC funds,” the statement read.

“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 Skye Bank had commenced engagement with the apex bank with a view to bringing the issues to the attention of the banking sector regulator and seeking a review of the penalty.

The CBN recently sanctioned First Bank N1.87 billion for refusal to remit about N37.55 billion belonging to the state-owned energy company.

It also fined UBA N2.94 billion for concealing a portion of the energy corporation’s fund totalling N58.84 billion.

UBA was sanctioned for also refusing to remit the deposit of the energy firm into the TSA as at when directed.