The Central Bank of Nigeria (CBN) has fined Sterling Bank N218 million for breaching nine regulations.
This was revealed by the company’s annual financial statement for the period of 2022, released on Wednesday.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaAccording to RIPPLES NIGERIA, CBN fined Sterling Bank N62 million as payment for an infraction by defaulting bank under Nigeria Electricity Market Stabilization Facility (NEMSF).Information Guide Nigeria
CBN also charged Sterling Bank N56 million for the late rendition of regulatory returns and N52 million fine for the risk-based supervisory report 2019 – 2020.
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Sterling Bank revealed that the central bank fined it N20 million for the acquisition of property for the establishment of new branches without CBN’s prior approval.NYSC Portal
The lender was also fined N10 million for the closure of two branches in 2020 without CBN’s prior approval. In addition, Sterling Bank received a penalty of N4 million for risk asset examination failure in 2020, RIPPLES NIGERIA reports.
As reported by RIPPLES NIGERIA, Sterling Bank also incurred a CBN fine because it breached the CBN Guideline on Operations of Electronic Payment Channels in Nigeria, in June 2020 on the resolution of ATM downtime/faults, which attracted N2 million penalty.JAMB Result
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