Fakoyejo OlalekanThe Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) fined Unity Bank N17 million for breaching their regulations.
Unity Bank was fined N8 million by the central bank during the 2022 financial year for various offences, the company’s earnings record for last year showed.
Prime Business Africa gathered that Unity Bank was fined for contravening CBN directive on loan offer agreement, late response to customer complaints and penalty for IRO 2020 Risk Assets Exam.
A breakdown of the fine showed CBN fined Unity Bank N2 million for the late response to customer complaints, and another N2 million for contravening CBN directive on loan offer agreement.
Also, the commercial bank was penalised N4 million by the regulator of the banking industry for the IRO 2020 Risk Assets Exam.
Furthermore, in the capital market, the Securities and Exchange Commission charged Unity Bank N9 million for the late filing of the 2017 Statement & 2018 first quarter (Q1), second quarter (Q2) and third quarter (Q3) accounts.
Unity Bank has continuously violated the listing rules of the capital market regulator, as the company was also penalised for failing to meet the deadline to submit its financial statement in 2021.
Prime Business Africa previously reported that Unity Bank was fined N3.6 million in 2021, as the management of the company failed to submit its Full Year financial results for that year.
Meanwhile, Unity Bank failed to make the top five list of the best-performing banks in Nigeria for 2022, with Fidelity Bank, Stanbic IBTC, Wema Bank, First City Monument Bank (FCMB) and Union Bank occupying the list.
Unity Bank didn’t make the list as the company’s profit after tax dropped by N2.23 billion or 70.3% to close last year with N941.37 million net profit, failing to surpass the N3.17 billion profit after tax reported during the corresponding period in 2021.
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