Wednesday, 18 June 2014
On 1:53:00 pm by Unknown No comments
It’s no news
that most of Nigeria financial institutions have become home to fraudulent
activities. Among banks that top the list in such practices is Skye bank,
according to the newly released Central Bank of Nigeria (CBN) 2013 Annual
report.
The report stated that Skye was culprit to
various aspects of Banks and Other Financial Institutions Act (BOFIA). It was
revealed that Skye Bank was fined N6 million for failure to obtain CBN’s
approval to promote a senior staff, failure to provide insufficient data for
lodgment on credit report, and non-rendition of original certificate of capital
importation and for under-reporting of regulatory returns on public sector
deposits. It was also fined for failure to update documentation on a customer’s
account. Also, ordered to pay fine for withholding a customer’s funds for 26
days after the promoters of the customer had written the bank that they were no
longer interested in a facility.
Those vast in
financial management are of the opinion that such practices wasted
shareholders’ funds and must have robbed shareholders of enhanced dividends
during the year.
Mr. Bayo
Adeleke, secretary of Independent Shareholders Association, ISAN, commended the
CBN for its actions to ensure that commercial banks complied with rules and
regulations of engagement. Adeleke said that such penalties should not be
viewed from income generating perspective, but to enhance good corporate
governance and adherence to standards. He advised regulators to be proactive,
while banks should maintain a clean slate.
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