[CAUGHT] UBA & First Bank Fined N4.8 billion For “Concealing” TSA Belonging To NNPC

UBA and First Bank have been fined a total sum of N4.8 billion for not remitting all Government funds in their coffers in line with the TSA requirements, Thisday reports. According to the paper, First Bank got a penalty of N1,877,409,905.12 and UBA a penalty of N2,942,189,651.45 for failure to comply. The fines were based on a ‘concealment’ of N37,548,198,102.41 and N58,843,793,029.05 both belonging to the Nigerian National Petroleum Corporation’s (NNPC) by First Bank and UBA respectively.

The report quotes a source which explained that both banks did not deliberately fail to remit, but instead, the failure was due to a miscommunication and that both bank were still very much liquid. First Bank is yet to release their 9 months to September earnings. UBA released its earnings showing deposits was essentially flat between September 2015 and December 2014 at N2.17 trillion.