The Central Bank of Nigeria imposed aggregate penalties of ₦15.42 billion on Zenith Bank Plc during the 2024 financial period for a broad range of regulatory violations spanning foreign exchange trading, anti-money-laundering compliance, cybersecurity standards, and consumer protection obligations. The figures were disclosed in the bank's 2024 Audited Financial Statement.
Zenith Bank is Nigeria's largest bank by Tier-1 capital.
BREAKDOWN OF PENALTIES ACROSS VIOLATIONS
The largest single component of the aggregate fine is ₦14.64 billion arising from a CBN foreign exchange examination, about 95% of the total. Beyond the FX fine, the CBN imposed ₦103.25 million for failure to conduct required anti-money-laundering reviews and a further ₦61 million for separate AML compliance findings. An additional ₦322 million was levied for failures in customer onboarding documentation, ₦250 million was levied for violating existing CBN regulations more broadly, ₦20 million for non-compliance with specific CBN directives, ₦14 million for failures in the reconciliation of customer charges, ₦2 million for the late resolution of customer complaints, and ₦4 million each for cybersecurity breaches and a risk-assessment examination finding.
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