Investors have urged financial institutions to cooperate with authorities in order to lower the fines and other fees that are paid to them.
Shareholders’ concerns regarding the sums financial firms pay to regulators and the Asset Management Corporation of Nigeria prompted the call.
The Central Bank of Nigeria, the Securities and Exchange Commission, the National Insurance Commission, the Pension Commission, and other agencies received fine payments from seven deposit money banks totaling over N1 billion in the 2022 fiscal year.
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 institutions that are impacted.
Mismatched information on accounts, breaking foreign exchange rules, and other violations were some of the offenses that lenders faced sanctions for contravention, late rendition of monthly returns, late rendition of daily returns, publication of unapproved adverts, and unethical conduct.
Punch.