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CBN Fine Won’t Affect Us—Diamond Bank Assures Shareholders

By Dipo Olowookere

One of the four banks slapped with a fine of N5.9 billion by the Central Bank of Nigeria (CBN) on Wednesday, Diamond Bank Plc, has assured its shareholders and investing public that the issue will not impact customers’ “ability to continue to do business with the bank.”

This assurance was given in a statement issued on Thursday by the lender to the Nigerian Stock Exchange (NSE).

The CBN imposed a fine of N250 million on Diamond Bank for its role in the illegal repatriation of about $14 billion from Nigeria to South Africa by MTN Nigeria Communications Limited.

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But Business Post reports that since the fine was imposed on the lender, its shares has appreciated by 6.92 percent as at the time of filing this report, trading at N1.39k per share after gaining 9 kobo.

In the statement issued by Diamond Bank, the lender said currently, it is co-operating with the apex regulator to ensure that the matter is resolved.

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“We wish to notify the Nigerian Stock Exchange (NSE) and the public of a fine of N250 million imposed on Diamond Bank by the Central Bank of Nigeria (CBN), following its investigation on foreign exchange remittances on behalf of MTN Communications Nigeria Limited.

“This follows yesterday’s (Wednesday August 29, 2018) announcement by the CBN on the matter.

“We note that these foreign exchange transactions occurred between 2001 and 2006 and currently, we are co-operating with the apex regulator to ensure that this matter is resolved.

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“This development does not impact your ability to continue to do business with the bank.

“Updates on any new development will be made available to all stakeholders.

“We want to assure all stakeholders that the bank complies with all regulatory policies issued,” the statement said.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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