Unity Bank Plc was fined N7 million by the Central Bank of Nigeria and the Security and Exchange Commission in 2018, according to details of the bank’s annual report.
The bank’s annual report reviewed by PREMIUM TIMES showed that the bank was fined for sundry reasons within the year ended December 2018.
A breakdown of the report showed that it was fined N5 million as penalty for reporting deficiencies in the 2015/2016
annual report.
Similarly, as sanction in respect of excess charges and interest on customer, the bank was fined N2 million.
The 2018 sanction was lower when compared to the sanction the bank faced from regulators in the 2017 financial year.
In 2017, the bank was fined a total of N18.5 million for sundry infractions.
Details showed that the sanction included penalty for no credit bureau report; penalty for non display of account in branch; penalty for failure to notify CBN of exit of Acting Chief Internal Auditor; penalty for late filing of the audited account for two days; penalty for inability to provide ATM footage; penalty for contravening various AML/CFT; and penalty for non performing loan.
On non-display of account in its branch, the bank was fined N108,000; as penalty for no credit bureau report, it received sanction of N4 million; for failure to notify CBN of exit of Acting Chief Internal Auditor, the bank was fined N4 million.
As penalty for late filing of the audited account for two days, the bank was fined N400,000 while as penalty for inability to provide ATM footage; penalty for contravening various AML/CF, the bank was fined N8 million.
Similarly, as penalty for non-performing loans, the bank was fined N2 million.
The two regulatory bodies involved in the monitoring and sanction of the bank are the Central Bank of Nigeria, CBN, and the Security and Exchange Commission, SEC.
