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CBN, SEC Fine Access Holdings N1.2bn For Contravening Anti-Money Laundering, Trading Regulations

June 6, 2025
by
My Takeaways From Access Holdings AGM  

Access Holdings was fined N1.20 billion by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) in 2024, more than the N38 million penalty paid in 2023.

According to the company’s consolidated and separate financial statements for the year ended December 31, 2024, the CBN accounted for N1.10 billion of the fine paid by Access Holdings this year.

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The breakdown of the penalty showed that Access Holdings paid the sum of N300 million to the CBN as a penalty for the wrongful warehousing of funds received from a government agency.

CBN also fined Access Holdings N157.5 million for contravening the anti-money laundering (AML) regulations on July 16, 2024, and N2 million for contravening the consumer protection regulation in respect of the wrong renewal of debit cards on August 9, 2024.

Access Holdings was also sanctioned by the CBN for contravening the regulations on targeted financial sanctions and screening solutions relating to the bank’s database on October 29, 2024, and was made to pay N5 million.

The lender also paid N5 million for contravention of regulations on mystery shopping for
confiscated naira notes on October 29, 2024, and another N5 million for contravention of regulations on targeted financial sanctions and screening solutions relating to the Bank’s database on December 11, 2024.

CBN also imposed a N69 million penalty on Access Holdings for contravention of regulations on the reporting of cyber incidents that occurred in the bank and a N561 million fine for contravention of the AML regulations on December 19, 2024.

In addition, the SEC fined Access Holdings N100.6 million for unauthorised sale of securities on December 12, 2024.

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