BY FESTUS OKOROMADU, ABUJA
The management of Jaiz Bank Plc was fined N11.2 million for contravening the operating guidelines of both the Central Bank of Nigeria and Securities and Exchange Commission.
The Islamic bank was fined the sum of N6 million by the CBN even though the exact offense committed was not stated.
In addition another sum of N5 million was paid as penalty for breaching the Securities & Exchange Commission rules and regulations during the year.
This is contained in the bank’s annual report and financial statements for the year ended 31 December 2022 released to the public through the Nigerian Exchange Limited.
Affirming the payment of penalties to regulatory bodies during the year, the Directors report stated, “Contraventions of the Banks and Other Financial Institutions Act of Nigeria and CBN circulars 31 December 2022. In 2022 financial year, the penalties paid by the bank are; “Sum of N6.250m in respect of suspicious transaction reporting of Regulation 31(3) of the CBN AML&CFT Regulations, 2013” and “Sum of N5m in respect of renewal of 2022 registration as Capital Market Operator.”
Meanwhile, the Board of Directors has proposed a dividend of 5 kobo per share for the financial year ended December 31, 2022.
Declaring the dividend proposal the Board of Directors said the action is in pursuant to the powers vested in it by the provisions of Section 379 of the Companies and Allied Matters Act 2020.
The proposal is however, subject to approval by shareholders at the next annual general meeting and also subject to withholding tax at a rate of 10 percent in compliance with extant tax laws.
