Less than 2 weeks after First Bank Plc and UBA were both fined N4bn each for concealing funds belonging to NNPC, Skye Bank has also been fined for hiding a N40bn belonging to the FG.
The money was unearthed during CBN examiners’ onsite visit to Skye Bank on October 26, thereby aggravating the offense.
The fact that it took CBN Examiner’s visit to unearthed the money is said to be unacceptable. The fine would be debited from Skye Bank’s current account with CBN. Skye Bank failed to report the money as at October 23, 2015, more than a month after the Treasury Single Account (TSA) deadline had expired.
The TSA is a bank account or a set of linked bank accounts through which the government transacts all its receipts and payments and gets a consolidated view of its cash position at any given time.
The FG had directed that balances/receipts due to the government or its agencies be paid into a TSA domiciled in the CBN except otherwise expressly approved.
No more Wayo!!
The post Treasury Single Account: CBN Slams Skye Bank With N4Bn Fine For Hiding Money Belonging To The FG appeared first on Naijaloaded | Nigeria No. 1 Online Portal.
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