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CBN Fines Skye Bank For Flouting TSA Regulations

The Central Bank Of Nigeria (CBN) has reportedly fined Skye Bank over irregularities relating to the recently implemented Treasury Single Account.

The TSA policy mandates all Federal Government agencies and parastatals to be remitted to a single account maintained by the Central Bank of Nigeria. The policy did not bode well for commercial banks, some of which have maintained accounts for federal agencies.

First Bank of Nigeria as well as the United Bank of Africa were hit by heavy fines two weeks ago for failing to remit the funds to the CBN and now Skye Bank has been fined 4 billion Naira for holding on to funds belonging to MDA’s.

The deadline for remitting the MDA funds was September 15 and Skye Bank was reportedly fined after a CBN audit on October 26 and a CBN letter stated, “For the avoidance of doubt, the CBN shall continue to frown at incidences of non-rendition of returns, late or false/inaccurate returns, other false/inaccurate information or any infraction whatsoever. The CBN shall, in such instances, impose sanctions as appropriate,”

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