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Published On: Thu, Aug 30th, 2018

CBN penalty: Your investment is safe, Diamond Bank reassures shareholders

Uzoma Dozie, CEO, Diamond Bank

Diamond Bank has allayed fears over the impact the Central Bank of Nigeria’s (CBN) recent fine on it and three other lenders for foreign exchange infractions,  would have on its operations.

The apex bank on Wednesday penalized Standard Chartered Bank N2.4 billion, Stanbic IBTC N1.8 billion, Citibank N1.2 billion and Diamond Bank N250 million for contravening the country’s forex regulations on MTN’s illegal capital repatriation. The four lenders are to refund $8.134 billion, the regulator disclosed through its acting Director, Corporate Communications Department, Isaac Okorafor.

Diamond Bank in a release sent to the Nigerian Stock Exchange (NSE) on Thursday guaranteed its shareholders that their investment is safety despite the N250 million fine it has to pay to the regulator. It noted that it would have not any significant effect on its operations.

“We note that these foreign exchange transactions occurred between 2001 and 2006 and currently, we are cooperating with the apex regulator to ensure that this matter is resolved. This development does not impact your ability to continue to do business with the Bank. Updates on any new development will be made available to all stakeholders. We want to assure all stakeholders that the Bank complies with all regulatory policies issued,” it declared.

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