The Central Bank of Nigeria has imposed a N4 billion fine on Skye Bank Plc for failing to render appropriate returns on accounts of some government institutions and agencies.

This is contained in a statement by Skye Bank to the Nigerian Stock Exchange.

The bank said the fine imposed by the apex bank was misdirected since it did not conceal any information of the accounts from the central bank.

Skye Bank said that a significant portion of the money for which penalty was applied belonged to the state-owned energy company, Nigeria National Petroleum Corporation’s Pension Funds and National Assembly Legislative Aides’ account balances.

Skye Bank said it received “a communication from the NNPC forwarding a letter from the Accountant General of the Federation on the treatment of NNPC funds”.

“By the communication, the bank is advised that an 18 business day window had been granted by the Vice-President, Yemi Osinbajo, within which a plan for the orderly withdrawal of the NNPC funds will be implemented,” the bank said.

Credit: PremiumTimes