CBN, others impose N1.58bn sanction on GTCO in 2024
Central Bank of Nigeria (CBN), among others have imposed a sum of N1.58 billion sanctions on Guaranty Trust Holding Company Plc (GTCO) in 2024 financial year.
A document obtained by WESTERN POST from the bank’s 2024 financial year statement, showed that the lender failed to comply in 10 banking rules, most especially in Nigeria, Ghana and Rwanda.
The lender was sanctioned N1.58 billion in Ghana for breaching foreign exchange market operational guidelines.
In Rwanda, GTCO was sanction in three market infractions that include, N579,000 for non compliance noted with respect to the Bank taking fees which are not allowed by the regulator; N324,000 for non compliance with the exchange rate applied by commercial banks; N579,000 sanction on submitting of erroneous report to the Credit Reference Bureau regarding a bounced cheque and another N579,000 for non-compliance of the charged prohibited fees relating to Financial Service Consumer Protection.
Out of the N1.58 billion sanctions in 2024, the financial institution was imposed N383.65 million in Nigeria by CBN.
The sanctions are: N18 million penalty paid in respect of 2023/2024 CBN’s FX Examination on the Bank and N56 million penalty paid in respect of Consumer Protection Regulations.
GTCO also paid CBN N149.25million penalty in respect of 2024 Compliance Related/Bank e-Mail Returns and N160.4 million penalty paid in respect of 2024 CBN’s Mystery Shopping Exercise on the Bank.
However, the N1.58billion sanction imposed on GTCO is about 0.2per cent of the total profit generated in 2024.
GTCO had announced N1.02trillion profit in 2024 financial year, about 88.6 per cent increase over N539.65 billion declared in 2023.
