Sharp practices floor Access Holdings as CBN imposes N442m sanctions in H1 2025
Access Bank, the banking subsidiary of Access Holdings Plc was faced with numerous sharp business practises in first half (H1) of 2025, leading to Central Bank of Nigeria (CBN) imposing a N442 million sanctions as against the N300m million imposed in first half of 2024.
The group, however, in 2024 full financial year was sanctioned N1.21 billion by CBN and Securities Exchange Commission (SEC), for carrying out nine sharp practices in the financial sector.
From the H1 2025 audited result and accounts of the group, WESTERNPOST gathered that Access Bank in the H1 2025 under review was sanctioned a sum of N200million for failing to comply with the requirement of section 18 (c) of BOFIA 2020 regarding aggregate equity investment in foreign subsidiaries.
The CBN also imposed N150million on the banks for failing to respond to two regulatory queries within the stipulated timelines regarding inappropriate cash disbursement practices.
According to the audited result and accounts, the CBN imposed a sum of N42million penalty IRO of infractions incurred in the Risk asset examination report for the period Jan 1 to Dec 2023.
The management of Access Holdings paid a sum of N20million, each for failing to provide the account opening documentation requested by CBN examiners following an investigation into a reported fraud in First Bank of Nigeria and IRO of foreign exchange infractions incurred by authorized dealer.
In addition, a sum of N10 million penalty was also imposed on Access Bank for failing to fill two required roles by CBN.
