The United Bank for Africa (UBA), First Bank Nigeria and 7 other banks are the first victims of the clampdown by the Central Bank of Nigeria (CBN) for a violation of TSA.
These banks have now been barred from all foreign exchange transactions and operations.
This move was due to the banks being discovered to have hidden some $2.12 billion belonging to the nation’s oil corporation, the Nigerian National Petroleum Corporation (NNPC) and failing to remit the funds into the Treasury Single Account .
According to the Vanguard, President Buhari was briefed on the situation and also the punishment to be meted out on the defaulting banks.
The banks will now be barred until such a time when they fully remit the NNPC funds into government coffers via the Treasury Single Account (TSA)
You can check out the erring banks below.
- United Bank for Africa (UBA) -$530m;
- First Bank of Nigeria (FBN)- $469m;
- Diamond Bank Plc-$287m;
- Sterling Bank Plc-$269m;
- Skye Bank Plc -$221m;
- Fidelity Bank -$209m;
- Keystone Bank- $139;
- First City Monument Bank (FCMB) -$125m;
- and Heritage Bank-$85m.
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