BUSINESS/CRIME NEWS: CBN Fines SKYE BANK N4 Billion over TSA

Central Bank of Nigeria has ordered SKYE BANK to pay N4 Billion fine for concealing funds belong to Ministries, Departments and Agencies (MDAs). We learnt the fine represents 10% of the concealed funds belonging to Federal Government MDAs and the amount would be debited from Skye Bank’s current account with CBN.

Skye Bank failed to report MDAs’ balances amounting to N40,052,289,769.47, as at October 23, 2015, more than a month after the TSA deadline had expired.

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.

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ENDY EDESON Reporting for 

EDESON ONLINE NEWS 

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FACEBOOK COMMENTS

2 people like this.

Jesse Osayande Vucinic Ehiagwina

Them bin wan flex am na

Endy Edeson

@JESSE: how on earth did SKYE Bank think they can scam CBN

Jesse Osayande Vucinic Ehiagwina

You can never underestimate the power of stupidity. Some people don't think well enough. Whoever is responsible should be FIRED with immediate effect.

Endy Edeson

YEAH bank MD or whoever that's is involved should resign before being fired just like MTN CEO did this morning

Jesse Osayande Vucinic Ehiagwina

You expect that person to resign? For Nigeria where most of these top men lack accountability? I'd be surprised if he resigned cept forced resignation.

Olajide Young Johnson

Corruption Has Become Our Lifestyle In This Country!