Diamond Bank Plc, has sent a notice to the Nigerian Stock Exchange (NSE) and the public of a fine of N250,000,000.00 (Two Hundred and Fifty Million Naira Only), imposed by the Central Bank of Nigeria (CBN), following its investigation on foreign exchange remittances on behalf of MTN Communications Nigeria Limited.
The bank disclosed that the foreign exchange transactions occurred between 2001 and 2006 and it was co-operating with the apex regulator to ensure the matter was resolved.
The bank also stated that the development would not impact on customers ability to do business,
Any updates on any new development will be made available to all stakeholders. It also reiterated that it had complied with all regulatory policies issued.
Diamond Bank is currently trading at N1.27 in today’s session on the NSE, down 8.63%
Results for the half year ended June 2018 show gross earnings increased from ₦97.9 billion in 20171 to ₦98.5 billion in 2018.
Profit before tax was ₦2.9 billion for the period ended June 2018, a 69% decrease compared to a profit of ₦9.5 billion reported for the period ended June 2017.
The company’s profit after tax for the half year ended 30th June 2018 was ₦1.80 billion, a 78% decrease compared to a profit of ₦8.02 billion recorded in H1 2018.
Stanbic Ibtc had earlier today, released its own statement denying any form of complicity.
The Central Bank of Nigeria (CBN) yesterday disclosed it had fined four banks Stanbic Ibtc, Diamond Bank, Standard Chartered, and Citibank a total of ₦5.86 billion for breaching Nigeria’s extant laws and forex rules when they facilitated illegal repatriation of funds to South Africa on behalf of MTN.
CBN’s Director of Corporate Communications, Mr Isaac Okorafor said in the statement that the decision to sanction the banks became necessary after evidence emerged about how they used irregular Certificates of Capital Importation (CCIs) to remit funds on behalf of MTN’s offshore investors.