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Regulatory Compliance: Banking Groups Pay N678 Million In Fines, Demonstrating Improved Governance
Regulatory Compliance: Banking Groups Pay N678 Million In Fines, Demonstrating Improved Governance....KINDLY READ THE FULL STORY HERE▶
In 2023, nine financial institutions faced penalties totaling N678 million for various regulatory violations, marking a significant decrease from the N6.31 billion fines imposed in 2022, as reported by The PUNCH. The decline underscores a trend towards enhanced regulatory compliance within the banking sector……CONTINUE READING
The financial entities subject to fines included FBN Holdings, Access Holdings, Guaranty Trust Holding Company, Zenith Bank Plc, United Bank for Africa Plc, Fidelity Bank, Wema Bank, Stanbic IBTC Holdings, and FCMB Group. These penalties were levied by regulatory bodies such as the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), National Insurance Commission, NGX Regulation Limited, FMDQ, and the National Pension Commission.
Zenith Bank, previously penalty-free in 2022, incurred N21 million in fines in 2023. FBN Holdings saw a reduction in penalties to N17.26 million, while Access Holdings’ penalties decreased from N604 million to N81.60 million. GTCO also experienced a decline in fines to N73.98 million.
However, FCMB Group witnessed an increase in penalties, rising to N145.10 million from N70.30 million in 2022. Notably, UBA Group maintained a zero-tolerance approach to compliance infractions, emphasizing the integration of compliance into business practices.
The decrease in penalties reflects improved corporate governance, risk management practices, and ethical standards within the banking sector. Tightened regulatory oversight and emphasis on compliance have contributed to the reduction in infractions. Additionally, initiatives such as compulsory ethics programs for bankers have fostered a culture of professionalism and ethical behavior.
While instances of anti-money laundering infractions persist, the overall volume and value of infractions are declining. Despite these positive trends, stakeholders emphasize the importance of ongoing regulatory review to promote ease of doing business while ensuring robust compliance standards. Collaborative efforts between regulators and industry players are essential for fostering economic development and enhancing regulatory effectiveness in Nigeria.
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“They Didn’t Even Want To See Me” — Atiku Opens Up On PDP Coalition Snub.
Former Vice President Atiku Abubakar has revealed that his push for an opposition coalition was initially rejected by members of the Peoples Democratic Party (PDP).....KINDLY READ THE FULL STORY HERE▶
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Atiku Opens Up On ADC 2027 Game Plan, Says Consensus Candidate Comes First.
Former Vice President Atiku Abubakar has said the African Democratic Congress (ADC) will first pursue a consensus arrangement before considering a primary election for its 2027 presidential ticket.....KINDLY READ THE FULL STORY HERE▶
Atiku made this known during an interview on Arise Television on Wednesday while discussing the party’s leadership and strategy ahead of the next general election.
He said he is open to backing a consensus candidate if that becomes the party’s collective decision, stressing that such support should not be interpreted as stepping aside.
“It is not about stepping aside, but whether I am willing to support, and yes, I will,” Atiku said.
According to him, the ADC’s first priority is to build internal unity and reach an agreement among stakeholders before considering a competitive primary process.
“Our first option will be to work out a consensus. If that doesn’t happen, then of course we will explore other options. And yes, I will support whoever eventually emerges,” he stated.
Atiku also expressed confidence in the political experience within the party, saying he believes a consensus is achievable and may make a full-scale primary contest unnecessary.
“That remains our preferred path. We will go for primaries if consensus fails, but I honestly do not expect it to get to that stage because we are dealing with mature and experienced politicians,” he added.
His comments come amid growing political consultations and coalition talks as parties begin to position themselves ahead of the 2027 general elections.
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2027: I Stand A Better Chance To Win Presidency Than Anyone Else – Atiku.
Former Vice President Atiku Abubakar has said the opposition coalition under the African Democratic Congress (ADC) has significantly strengthened his chances of winning the 2027 presidential election.....KINDLY READ THE FULL STORY HERE▶
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