TSA: CBN Imposes N4bn Fines Against Skye Bank

The Central Bank of Nigeria (CBN) has fined Skye Bank to the tune of N4 billion for concealing funds owned by Ministries, Departments and Agencies (MDAs).According to a circular from the Apex bank addressed to the Chairman, Board of Directors of Skye Bank, CBN specifically slammed the financial institution to the tune of N4,005,228,976.35, which represents 10 percent of the concealed funds belonging to Federal Government MDAs.The CBN indicated that the said fine would be debited from Skye Bank’s current account with it.