The Central Bank of Nigeria (CBN) has directed four banks to refund N5.87 billion — two days after SaharaReporters published an exclusive report on how Godwin Emefiele, Governor of the bank, was blocking the imposition of fines amounting to $6.5billion on banks that exported forex illegally.
Making the announcement in Abuja on Wednesday, CBN also said MTN had been asked to refund $8 billion to the apex bank.
Citibank, Diamond Bank, Stanbic IBTC Nigeria and Standard Chartered Bank are the affected banks, with Standard Chartered Bank receiving the highest fine of N2.4 billion.
While Stanbic IBTC Nigeria was fined N1.8 billion, Citibank Nigeria was fined N1.2 billion and Diamond Bank was directed to pay N250 million for violating extant rules.
Isaac Okorafor, CBN’s Director of Corporate Communications, said the fine became necessary following allegations of “remittance of…
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