By Dipo Olowookere
The Central Bank of Nigeria (CBN) has debited the sum of N250 million from the account of Diamond Bank Plc.
This amount was for the fine the apex regulatory agency in the banking sector slammed on the financial institution.
Diamond Bank and three other lenders received regulatory sanction for their alleged role in the repatriation of funds from Nigeria to South Africa by MTN Communications Nigeria Limited for nearly a decade.
The four banks were asked to pay the total sum of N5.9 billion as fine for the alleged illegal transfer of foreign exchange from the country.
A statement issued by Diamond Bank disclosed that the central bank debited its account for the sanction, but said it “will continue to engage, and co-operate with the CBN, and furnish it with every information necessary to reaffirm our stand that the bank carried out the subject transaction in full compliance with all rules, regulations and guidelines.”
In the statement, Diamond Bank emphasised that “the payment of this fine does not impact our capacity to offer normal banking services, nor our clients’ ability to access these, including transactions that have to do with capital importation.
“The bank will continue to uphold its high standard of compliance with the laws of the land. Thank you.”
more recommended stories
Union Bank, Mama Moni Launch Training Scheme for Low-Income Women
By Modupe Gbadeyanka As part of.
Access Bank Threatens to Publish Names of Debtors in Newspapers
**Bar Them from Banking System, Forex,.
No Plan to Remove Paul Usoro from Board—Access Bank
By Modupe Gbadeyanka Last year, the.
Stanbic IBTC Wins Regional Awards in Pension, Wealth Management
Stanbic IBTC Holdings PLC’s entities have.
How Distressed Oil Sector Loans Damaged Diamond Bank
More facts have emerged on the.
First Bank, Zenith Bank, Five Others Grant MTN Nigeria N200bn Loan
By Dipo Olowookere A seven-year credit.
Development Bank of Nigeria MD Becomes CIBN Fellow
Managing Director of the Development Bank.
Stanbic IBTC: Banking Industry Compliance, Corporate Governance Practices
At a recent function in Abuja,.