Alleged Illegal Repatriation: CBN Deducts N5.61bn From Three Banks

The Central Bank of Nigeria has deducted a total of N5.61 billionĀ from the accounts of three banks as fines it imposed on them last week for alleged illegal repatriation of funds for telecoms giant, MTN.

According to a report by Reuters, the three banks include Standard Chartered which was debited N2.47 billion, Stanbic IBTC N1.88 billion, and Citibank Nigeria N1.26 billion.

Although four banks were sanctioned last week by the regulator, it is not yet clear if the N250 million fine on Diamond Bank was deducted from its account by the CBN.


Meanwhile, Standard Bank and Citibank have confirmed the deductions and notified their parent companies in South Africa and the United States about the development, pledging full co-operation with the CBN to resolve the issue as soon as possible.

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