The Central Bank of Nigeria (CBN) has levied a total fine of N15.42 billion on Zenith Bank Plc for failing to comply with banking regulations during the 2024 financial period.
The penalties stem from various infractions, including non-compliance with anti-money laundering (AML) regulations, foreign exchange violations, deficiencies in risk assessment, cybersecurity breaches, and other regulatory lapses. Notably, the bank failed to meet prescribed standards for maintaining adequate controls against money laundering activities.
An analysis of Zenith Bank’s audited financial results for the 2024 financial year, presented to the Nigerian Exchange (NGX), revealed additional fines for the late resolution of customer complaints and non-compliance with CBN directives on the reconciliation of customer charges.
According to the report, the highest fine—N14.64 billion—was imposed due to infractions related to foreign exchange examinations. Additionally, the bank incurred a penalty of N322 million for failing to conduct proper checks on customer onboarding documentation. Another fine of N250 million was levied for violating CBN regulations.
Under the leadership of CBN Governor Olayemi Cardoso, the apex bank has intensified efforts to stabilize the banking sector amid internal and external challenges. His administration has prioritized regulatory enforcement, inflation control, financial inclusion, and enhanced foreign exchange management.
The CBN continues to maintain strict supervision over financial institutions, ensuring adherence to global banking standards, including capital adequacy and liquidity requirements. In alignment with global best practices, Governor Cardoso has reinforced the bank’s commitment to AML and combating the financing of terrorism (CFT). Nigerian banks are under increased scrutiny to prevent illicit financial activities, reinforcing the nation’s stance against financial crimes and fraud.
The CBN’s proactive approach underscores its resolve to uphold the integrity of Nigeria’s financial system and ensure compliance with international banking regulations.
