Skye bank has been fined N4billion for concealing funds belonging to Ministries, Departments and Agencies (MDAs).
According to ThisDay newspapers, the fine of N4,005,228,976.35 is contained in a circular from the Central Bank of Nigeria (CBN) to the Chairman, Board of Directors of Skye Bank. The fine represents 10 percent of the concealed funds belonging to Federal Government MDAs. The circular stated that the amount would be debited from Skye Bank’s current account with CBN.
Apparently the Federal Government had directed that balances/receipts due to the government or its agencies be paid into a TSA domiciled in the CBN except otherwise expressly approved. The TSA is a bank account or a set of linked bank accounts through which the government transacts all its receipts and payments and gets a consolidated view of its cash position at any given time. A September 15 deadline was given for full compliance with the directive.
This fine comes after two banks (First bank and United bank For Africa) also came under the hammer. Both banks were fined N1,877,409,905.12 and N2,942,189,651.45 respectively
Unlike the cases of First bank and United Bank For Africa where they paid 5% fine of the unremitted funds, Skye Bank was hit with 10% because it tried to hide the MDAs’ funds until CBN examiners uncovered the funds during a visit to the bank.
The fines imposed on the two banks represented 5% of unremitted funds.
Unlike UBA and First Bank that were sanctioned two weeks ago, a higher percentage (10%) of fine was imposed on Skye Bank because it shrouded the MDAs’ funds until the funds were uncovered by CBN examiners during a visit to the bank.
