According to statistics, in the 2022 financial year, seven deposit money banks paid over 1 billion in fines to the Central Bank of Nigeria, the Securities and Exchange Commission, the National Insurance Commission, the Pension Commission, and other agencies.
This information was included in the banks’ financial accounts for 2022, which were posted on the Nigerian Exchange Limited.
Access Holdings Plc, Wema Bank Plc, Union Bank of Nigeria, Guaranty Trust Holding Company, FCMB Group Plc, Fidelity Bank Plc, and Stanbic IBTC Holdings are the financial services companies included in this research.
The lenders were fined for a number of offenses, including posting unlawful advertisements, acting unethically, transgressing rules governing foreign currency, falsifying account information, and submitting monthly and daily returns beyond the deadline.
