CBN imposes N15.64bn sanction on Zenith Bank in 2024
The banking sector regulating body, Central Bank of Nigeria (CBN) in 2024 imposed N15.43 billion sanction on Zenith Bank Plc in 2024 financial year.
Zenith bank fails to comply in 10 banking rules, forcing the CBN to impose the sanctions in 2024.
A document sighted by WESTERN POST revealed that Zenith Bank was sanctioned N14.65billion infractions from the foreign exchange examination, the highest sanction last year.
The bank was also sanctioned N322 million for failure to checks on customers onboarding documentation and another N103.25 million penalty as a result of anti-money laundery reviews.
The lender was penalized N250 million for extant regulation violation and N61 million for anti-money laundering findings.
Other sanctions include: N14 million for Non-compliance with CBN directive on reconciliation of customer charges; N20 million for Non-compliance with CBN directives; N4 million Penalty as a result of infraction related to risk assessment examination; N 4 million Penalty for cyber security breaches and N2 million for late resolution of customer’s complaint.
Zenith Bank in 2024 financial year outperformed Guaranty Trust Holding Company Plc (GTCO), United Bank for Africa Plc (UBA) among others to become the most profitable financial institution in Nigeria.
Zenith Bank was imposed N427 million penalties as of June 2024, failing to comply with seven guidelines and regulations of the CBN.
The breakdown of the N427 million from the H1 2024 result and accounts revealed that Zenith bank was sanctioned N322 million for not checking on customers onboarding documentation, one of the highest in the history of the bank.
Also, Zenith bank was sanctioned N61 million for anti-money laundering and N20 million for late compliance with CBN directives.
The most profitability bank in Nigeria was sanctioned N14 million for failing to reconciling of customer charges; N2million for late resolution off customer’s complaint; N4 million for risk assessment infraction and penalty for cyber security breaches, each.
Zenith bank in 2023 financial year was sanctioned N21 million, first time in so many years and it happened when Mr Godwin Emefiele was removed as the CBN governor.
During Emefiele years as CBN, the lender in its result and accounts did not report any market infractions, according to WESTERN POST investigation.
